Swiss Federal Council opens a consultation on the introduction of a new fund category
The draft law aims to strengthen the competitiveness of the Swiss investment fund market, which currently does not have any type of unregulated collective investment scheme. The draft law provides thus for the introduction of a type of fund, a Limited Qualified Investor Fund (L-QIF), which is neither authorised, approved or supervised by the Swiss Financial Market Supervisory Authority (FINMA). The characteristics of the L-QIF are mainly based on the Luxemburg legislation governing Reserved Alternative Investment Funds (RAIF). Therefore, the proposed regulations for the L-QIF largely overlap with regulations for RAIF’s. Both products can take different legal forms (investment funds or incorporated fund), and neither is subject to approval or supervision by the supervisory authority. Both products are reserved for a limited circle of qualified investors. The administration (portfolio and risk management) of a RAIF must be ensured by an AIF manager who holds an authorization in accordance with the directive GFIA and subject to prudential supervision. This regime is similar to the one that is intended for L-QIF. In both cases, the provisions of the money laundering and the supervision provided for therein also apply.
The consultation procedure will last until 17 October 2019. For further details, please refer to the Explanatory Report of the Federal Council:
There is some doubt that this new fund category will really improve the Swiss investment fund market, which is less than a quarter of the size of the Luxemburg market. In particular it does not solve the issue related to the 35% withholding taxes on the distributed or hoarded profits, but it is certainly a positive sign of the willingness of the Federal Council to show initiatives to enhance and promote the Swiss financial market. For further information on the proposals, or how the regulations of RAIF’s currently operate, please speak to your regular contact at Charles Russell Speechlys in either Switzerland or Luxembourg.
For more information please contact Olivier Cavadini via email@example.com or by calling +41 (0)22 591 18 44.
Phase out of temporary restrictions on use of winding up petitions
Hannah takes a look at the recent UK Government announcement on statutory demands and the presentation of winding up petitions
Charles Russell Speechlys Swiss lawyers contribute to Private Wealth Chambers Global Practice Guide
This definitive global law guide offers a comparative analysis on Private Wealth law and practice from top-ranked lawyers.
Preparing your company for sale
We set out here some initial steps to consider in anticipation of a sale.
Overhaul of London's stock market listing regime set to significantly boost capital raising opportunities for founder led UK tech businesses
Charles Russell Speechlys advises discoverIE on its acquisition of Antenova
discoverIE is a leading international designer, manufacturer and supplier of customised electronics to industry.
Charles Russell Speechlys advises Acora on acquisition of Westgate IT
Westgate IT specialises in providing IT support to businesses in the South West.
Charles Russell Speechlys advises Grape Paradise on the acquisition of a fine wine business
Charles Russell Speechlys has advised Grape Paradise on the acquisition of the Sarment Group in the China Mainland territories.
Ongoing supply chain crisis looms large over upcoming allergen law change
The Business Magazine and The Surrey Chambers of Commerce report on the firm's involvement in the sale of Online Fuels Limited to DTN
The firm advised the shareholder management team on the sale of shares in Online Fuels to global data, analytics, and technology group, DTN.
Charles Russell Speechlys advises Appital Ltd on £2.5m Investment led by Frontline Ventures
Appital is an Equity Capital Marketplace which aims to bring innovation to Equity Capital Markets.
The Business Magazine, Insider Media, Business South and The Surrey Chambers of Commerce report on the firm's involvement in Appital's £2.5m growth capital investment
The injection will accelerate the development of Appital’s technology infrastructure, integration with financial institutions.
Healthcare team advises Country Court Care on £57m sale of three care homes
Country Court Care Group Ltd has been active almost 35 years as a nursing and care home operator.
Pei Li Kew
B[re]aking up is never easy... a lesson from the Oetker business split
Charles Russell Speechlys advises Metier on US$39m investment into Africa Mobile Networks
AMN builds, owns, operates and maintains mobile network infrastructure in Africa.
Charles Russell Speechlys advises Apposite Capital on acquisition of i2a Diagnostics
i2a is a leading provider of laboratory instruments, software and reagents for the clinical microbiology market in France.
Brace yourselves: dentists could be liable for actions of self-employed staff
Private companies and public interest – a new approach to corporate governance?
Record success for Charles Russell Speechlys’ Private Wealth practice in Chambers HNW 2021 directory
We are delighted to have once again been recognised as a leader in our field in the Chambers High Net Worth 2021 Guide.
Untangling the UK/Swiss Knot: Dealing with a cross border estate
What do the family need to think about following the death of a Swiss person with some UK connections?