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 distribution.
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 distributed in Switzerland.
- There is a cooperation and information exchange agreement between FINMA and the foreign supervisory authorities responsible for distribution.
- Foreign collective investment schemes may not be distributed in Switzerland unless and until the fund management company has appointed a representative to assume the obligations set out in Article 124 CISA.
Information and templates
The following documents are available for foreign collective investment schemes: