Newsletter 80 from February 24, 2009 Suppression of "Swiss Finish" for Collective Investment Schemes

Newsletter 80 - Suppression of "Swiss Finish" for Collective Investment Schemes – Adaptation of the Guidelines – News: Following the decision to suppress the "Swiss Finish" as of March 1st, 2009, the Financial Market Supervisory Authority FINMA has adapted the Guidelines for collective investment schemes. The suppression of the "Swiss Finish" for collective investment schemes, as communicated by FINMA on January 29th, 2009, will come into force on March 1st, 2009. Hence, the Guidelines for Swiss and foreign collective investment schemes have been adapted: Guidelines for Swiss collective investment schemes - The Annex I "Name and Investment Policy" of the Guideline for requests for the approval of contractual investment funds has been abolished.-The references to the said Annex I have been withdrawn from all relevant guidelines for Swiss collective investment schemes - Guidelines for foreign collective investment schemes - FINMA reminds that the public distribution of euro-compatible (UCITS) and non-euro-compatible (NON-UCITS) collective investment schemes in or from Switzerland is subject to the approval of FINMA. The amendments of the collective investment schemes’ documents are also subject to the approval of FINMA. In this respect: - The Guidelines for requests for the approval of UCITS and NON-UCITS as well as the Guidelines for the obligations of representatives of foreign collective investment schemes have been adapted in order to take the suppression of "Swiss Finish" into consideration. - The Guideline for requests for the approval of UCITS includes a reference to the model document concerning the specific information for the investors in Switzerland, established by the Swiss Funds Association (SFA). FINMA recommends the use of that document. - FINMA informs the applicants that due to the suppression of "Swiss Finish", UCITS collective investment schemes will no longer be pre-approved, as is already the case for NON-UCITS. LINK: http://www.finma.ch/d/beaufsichtigte/kapitalanlagen/Documents/wl_fondsleitung_d.pdf