Foreign collective investment schemes

Authorisation from FINMA is required before a foreign collective investment scheme can be offered in Switzerland to non-qualified investors.

The key documents for a foreign collective investment scheme (e.g. the sales prospectus, articles of association and fund contract) must be submitted to FINMA for approval prior to being offered to non-qualified investors in Switzerland.


Foreign collective investment schemes that are offered to qualified investors in Switzerland do not require authorisation. If foreign collective investment schemes are offered to high-net-worth retail clients in Switzerland who declare that they wish to be treated as professional clients (Art. 5 para. 1 FinSA), these collective investment schemes do not require authorisation, but must first designate a paying agent and a representative (Art. 120 para. 4 CISA).

Approval requirements

The main approval requirements are (Art. 120 CISA):

  • The collective investment scheme, the company / fund management company, the asset manager of the collective investment scheme and the custodian are subject to public supervision with a focus on investor protection.
  • In terms of organisation, investor rights and investment policy, the company/ fund management company and custodian are subject to regulation which is equivalent to the provisions of this law.
  • The collective investment scheme must not be described in such a way so as to deceive or confuse.
  • A representative and paying agent are designated for units offered in Switzerland.
  • There is a cooperation and information exchange agreement between FINMA and the foreign supervisory authorities responsible for the offering.

Information and templates

Application templates for foreign collective investment schemes are available on FINMA's survey and application platform (EHP). The following unfolded application template serves as a guide and cannot be used as an application.


The following documents are available for foreign collective investment schemes: