In general, FINMA welcomes the changes to the Collective Investment Schemes Act proposed by the Federal Department of Finance (FDF). Accordingly, FINMA has confined its opinion to three areas. First, a new authorisation concept for contractual investment schemes will be submitted to the FDF for examination. Further, FINMA rejects the changes relating to real estate funds which would diminish their liquidity. Finally, FINMA gives its own view on the proposal made by the FDF regarding the concept of a collective investment scheme and what it understands by "collective".
