Skip to main content

A-22-01 CISA

Collective Investment Schemes Act

Articles en relation

The L-QIF is coming!

The revised CISA and CISO come into force on 1 March 2024

At its meeting on 31 January 2024, the Federal Council adopted the amendments to the CISO and decided that the amendments to the CISA relating to the limited qualified investor fund (L-QIF), adopted on 17 December 2021, would enter into force. As a reminder, the L-QIF is a collective investment reserved for qualified investors within the meaning of the CISA that is not subject to approval or authorisation by FINMA (art. 118a CISA). It may take the form of a[...]


What kind of reimbursement is due on investments in a fund of funds ?

In its decision 4A_350/2023 of 21 November 2023, the Swiss Federal Supreme Court upheld a partial ruling by the Zurich Handelsgericht (HG190111-O), ordering an asset manager to account to a BVG/LPP pension fund for retrocessions received in connection with investments in target funds via two funds of funds. This commentary focuses on the question of the foundation's right to information regarding the retrocessions received by the fund manager (for a description of the facts and the issue of informed approval[...]

Conflict of interest

Foundation did not validly approve the investment

Members of the Board of Trustees must recuse themselves from all decisions in which they have a conflict of interest. Their knowledge cannot therefore be imputed to the foundation. This is one of the conclusions reached by the Swiss Federal Supreme Court in ruling 4A_350/2023 of November 21, 2023. A securities dealer (now called a securities firm, cf. art. 41 LEFin) provides asset management services for private and institutional clients. In particular, it manages the assets of a BVG pension[...]

Plus d'articles en relation