IRELAND: CBI Cooperation Agreement with FINMA on the Distribution of Irish Funds in Switzerland

Tuesday November 26 2013

The Swiss Financial Market Supervisory Authority (FINMA) has concluded an agreement on cooperation and the exchange of information with the Central Bank regarding the distribution of foreign collective investment schemes in Switzerland to non-qualified investors (retail investors).

The revised Federal Act on Collective Investment Schemes (CISA) that came into force on 1 March 2013 requires, as of 1 March 2014, the existence of a cooperation agreement with the relevant foreign supervisory authorities in order for foreign collective investment schemes to be approved for distribution to retail investors. The intention of the legislator was to improve cooperation with foreign authorities and reinforce the protection of retail investors. The agreement signed in November 2013 is one of the conditions to be fulfilled in order for Irish Collective Investment Schemes to be distributed to non-qualified investors in Switzerland from March 2014.

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