The Swiss Financial Market Supervisory Authority FINMA has recognised two industry guidelines on collective investment schemes as a minimum standard. Following the revision of the provisions on collective investments schemes, the Swiss Funds & Asset Management Association (SFAMA) has adapted its guidelines on distribution and transparency in collective investment schemes.
On 1 March 2013, the revised versions of the Collective Investment Schemes Act (CISA) and the Collective Investment Schemes Ordinance (CISO) came into force. The legal basis for collective investments schemes thus changed with regard to their distribution, disclosure of fees and costs charged, as well as the purpose of their use. The Swiss Funds & Asset Management Association (SFAMA) has incorporated those changes into its guidelines on distribution and transparency in collective investment schemes, which have subsequently been recognised by FINMA as a minimum standard. The guidelines come into force on 1 July 2014 and will set out the transitional provisions.
