SWITZERLAND Law and Practice Contributed by: Nicolas Béguin, Joseph Merhai, Thomas Pasquier and Benjamin Vignieu, Aegis
SICAFs may invest in the same asset classes authorised for other funds for traditional invest- ments (Article 115, para 2 CISA). 3.3.2 Requirements for Non-Local Service Providers Please see 2.3.2 Requirements for Non-Local Service Providers , which also applies to retail funds. 3.3.3 Local Regulatory Requirements for Non- Local Managers Please see 2.3.3 Local Regulatory Require- ments for Non-Local Managers , which also applies to retail funds. 3.3.4 Regulatory Approval Process Please see 2.3.4 Regulatory Approval Process , which also applies to retail funds. 3.3.5 Rules Concerning Pre-Marketing of Retail Funds Please see 2.3.5 Rules Concerning Pre-Market- ing of Alternative Funds , which also applies to retail funds. 3.3.6 Rules Concerning Marketing of Retail Funds Please see 2.3.6 Rules Concerning Marketing of Alternative Funds , which also applies to retail funds. 3.3.7 Marketing of Retail Funds In theory, all Swiss CIS (except LPCIs and L-QIFs) can be marketed to all investors (quali - fied and non-qualified investors). In practice, Swiss CIS limit themselves to qualified inves - tors, notably when they seek exemptions from certain provisions of CISA from FINMA (Article 10, para 5 CISA).
Foreign CIS must be approved by FINMA before they can be offered to non-qualified investors in Switzerland (Article 120, para 1 CISA). 3.3.8 Marketing Authorisation/Notification Process No authorisation or notification is required by FINMA prior to the marketing of Swiss CIS. How - ever, foreign CIS must be approved by FINMA before they can be offered to non-qualified inves - tors in Switzerland (Article 120, para 1 CISA). 3.3.9 Post-Marketing Ongoing Requirements There are no post-marketing ongoing require - ments for financial services providers that have marketed a CIS in Switzerland. For foreign CIS, please see 2.3.6 Rules Con- cerning Marketing of Alternative Funds regard - ing the duty to appoint a Swiss representative and paying agent. 3.3.10 Investor Protection Rules Please 2.3.10 Investor Protection Rules , which also applies to retail funds. 3.3.11 Approach of the Regulator Please see 2.3.11 Approach of the Regulator , which also applies to retail funds. 3.4 Operational Requirements Please see 2.4 Operational Requirements , which also applies to retail funds. 3.5 Fund Finance Subject to specific regulatory restrictions, retail funds may take out loans and grant securities over the fund’s assets to support their invest - ment strategies. The CISO prescribes leverage limits as a percentage of the fund’s net assets, varying based on the type of CIS, as outlined below.
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