July 2014

The revised Swiss Collective Investment Schemes Act (“CISA”) and the revised Swiss Collective Investment Schemes Ordinance (“CISO”) entered into force on March 1, 2013. This revision led to the issuance of a new circular of the Swiss financial regulator, the FINMA Circular “Distribution of Collective Investment Schemes” (FINMA-Circ. 2013/9). The FINMA Circular entered into force on October 1, 2013.

In this context, the Swiss Funds & Asset Management Association (“SFAMA”) issued on May 22, 2014 its revised Guidelines on the Distribution of Collective Investment Schemes (“Distribution Guidelines”) as well as its revised Guidelines on Duties Regarding the Charging and Use of Fees and Costs (“Transparency Guidelines”) that specify certain requirements regarding the distribution of funds and investors information (collectively the “Guidelines”). The purpose of this Newsflash is to inform you of the main requirements deriving from the Guidelines.