Distribution of German UCITS in or from Switzerland

Incoming cases are cases in which German UCITS are distributed in or from Switzerland under the simplified notification procedure.

A notification letter based on the template in Appendix I of Ordinance (EU) No. 584/2010 must be used. The documents specified in Article 120 ff. CISA and Article 127 ff. CISO, in particular the representative and paying agent agreement, must be included.

Notes on the requirements for these documents can be found in the "Guidelines on the distribution in or from Switzerland of units in German collective investment schemes" ("Wegleitung für den Vertrieb von Anteilen deutscher kollektiver Kapitalanlagen in oder von der Schweiz aus") (in German and French), which equate to Directive 2009/65/EC (UCITS IV). The notification is sent to BaFin, which then forwards it to FINMA by email.

Both FINMA and the representative must be informed immediately about any changes to key fund documents. Both parties must also be sent an updated copy of the fund documents along with a version showing the changes made. The representative is responsible for ensuring that the documents are published in the official German UCITS publications.

Notifications of changes must be in German and should be sent to deutsche-ucits-update@finma.ch. Further information can be found in the guidelines.

The following are possible reasons for discontinuing the distribution of a German UCITS (or sub-fund in the case of an umbrella fund) in or from Switzerland:

  • liquidation or merger;
  • decision not to distribute in or from Switzerland.

This intention must be reported immediately to the representative so that the obligations under Article 124 CISA can be fulfilled.

The representative and paying agent must seek permission from FINMA before they can terminate their mandate (Art. 120 para. 2bis CISA).

Informations

The following guidelines are available: