SFA welcomes revisions of Collective Investment Schemes Act

The Swiss Funds Association said it welcomed the decision by the Swiss Council of States to approve most of the amendments to the Collective Investment Schemes Act (CISA) proposed by the Committee on Economic Affairs and Taxation.

The amendments affect the CISA text put forward by the Swiss Federal Council.

“We welcome the amendments that have been passed, and are pleased to note that the Council of States and the Federal Administration have taken on board various points we put forward. The present solution represents a sensible compromise between investor protection, market access, and competitiveness. We hope the National Council will also support this,” said Martin Thommen, president of the SFA.

“The Council of States’ decision brings improvements with regard to management and distribution, and also for Switzerland as a production location. This will make it possible to bolster asset management as the third mainstay of the Swiss financial center,” added SFA CEO Matthäus Den Otter.

The Committee on Economic Affairs and Taxation of the National Council will deal with the draft bill on 18 June 2012. The matter will then be put before the National Council at its autumn session.

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