News

14 April 2010
News

Updating of the guidelines on foreign collective investment schemes

The public distribution in or from Switzerland of foreign collective investment schemes corresponding to Directive 85/611/EEC (UCITS) amended by both Directives 2001/107/EC and 2001/108/EC, of non-eurocompatible foreign  collective investment schemes (NON-UCITS), and any changes made to key documents are subject to the approval of FINMA.

In this respect, certain formal aspects of the relevant guidelines (available in German and French) have been updated:

  • the guidelines on the approval of UCITS and the corresponding changes to the relevant documents;
  • the guidelines on the approval of NON-UCITS and the corresponding changes to the relevant documents;
  • the guidelines relating to the duties of a representative of foreign collective investment schemes.

This updating concerns the enclosures to be included with requests forwarded to FINMA. The requirements on the enclosures attached have now been simplified, i.e. only one legally signed original copy of the fund contract or the regulations must be submitted. This document must not be notarised. In addition, it now suffices to include copies of the last annual and half-yearly reports and a legally signed power of attorney, if the request is being submitted by a legal representative. (Previously the original documents had been requested.) Moreover, please note that the original certification of approval from the foreign supervisory authority must not be older than 6 months.