Distribution Focus

Author: Clerkin Lynch LLP

Date Published 12/07/2022

Swiss Market Update

Switzerland has been one of the top jurisdictions for the distribution of Irish authorised UCITS for many years and Swiss based asset managers have consistently been in the top 5 home domiciles for investment managers providing portfolio management services to Irish domiciled funds.

Local requirements for fund sales have of course changed since the new Swiss Financial Services Act brought in a revised regime in January 2020. However the transition period for the application of this legislation expires for foreign funds in January 2023 and new provisions will apply from that date. The relevant provisions will require non-Swiss funds which are registered with FINMA or offered to certain categories of qualified investors in the jurisdiction. Such funds will be obliged to prepare either a Swiss Key Information document or an EU PRIIPs KID. In the latter case a Swiss supplement will also be required and this must be both filed in Switzerland and provided to local investors.

A recording of the webinar we held with Francois Rayroux of Lenz & Staehelin, Switzerland, and Arnaud GĂ©rard of FundRock in Geneva on the evolving relationship between Switzerland and EU in the financial services context earlier this year is available on the Alternative Investment Management Association website for those interested in the topic.