SFA News. 4/10 Winter Editorial. Latest news. Fund markets. Domestic environment. International environment. Interesting reading.

Transcription

1 1 / 18 SFA News 4/10 Winter 2010 Editorial As the year draws to a close 2 Latest news New member on SFA Board of Directors 3 Deadlines coming up! 3 Fund markets Key data on the international fund business 4 Swiss financial accounts 6 Swiss fund market in Slight increase in assets under management in Q3 7 How the affluent invest their money 8 Domestic environment Distribution rules 10 FINMA Newsletter 16/ European Parliament passes AIFM Directive 11 Foreign Account Tax Compliance Act 12 International environment RSS feed for 12 New members 12 Executive Board strengthened 13 Specialist committees 13 Swiss Funds & Asset Management Forum 14 Interesting reading Friends of Funds 15 Friends of Funds: anniversary in Zurich 15 Friends of Funds: public event diary 16 Revised Lugano Convention 16 FINMA publications 16 UCITS IV and Asset Servicing 17 The Changing Shape of European Investment Management 17 ETF Landscape 17 Banking & Finance in Switzerland 17 The Chartered Institute for Securities & Investment 17 Impressum Useful informations and adresses 18

2 2 / 18 Editorial As the year draws to an close Dear readers... In most places, 2009 is likely have been a year dominated by implementing the corrective measures taken in response to the financial crisis. Companies have concentrated on identifying issues regarding their ranges of products and services, clarifying their own positioning in the market and laying the groundwork for strategies to take them forward. Another key aspect is going to be focusing on the initial impact of the new EU regulations, and taking account of this properly. The UCITS IV and AIFM Directives have now taken clear form, but it is up to every player to assess for themselves what implications these will have on their specific business area. But for the moment it is time to take a break from the hustle and bustle of our daily business to recharge our batteries for the many challenges that await us. We at the Swiss Funds Association SFA would like to wish you all a restful festive season with your friends and families and many interesting and pleasing moments in the New Year. All the very best! The Board of Directors and Executive Board of the SFA

3 3 / 18 Latest News New member on SFA Board of Directors Petra Reinhard Keller At its November meeting, the SFA Board of Directors decided to coopt Petra Reinhard Keller as a new member. Petra Reinhard Keller (44), who holds a degree in law (lic. iur.), is a Managing Director and Head Fund Solutions & Client Services as well as Deputy CEO of Credit Suisse Asset Management Funds AG. She replaces Dr. Raoul- Philip Bachmann, who has left Credit Suisse and has thus stepped down from the SFA Board of Directors. Petra Reinhard Keller has been active in the fund business for ten years, most of this time in executive functions. The SFA looks forward to working together with her on the Board, and would like to thank Raoul-Philip Bachmann for his committed efforts. Deadlines coming up! Reminder 31 December January July 2011 In this section we highlight any significant deadlines coming up over the short term. This is aimed at assisting your planning, but it is by no means an exhaustive list. Code of Conduct for the Swiss Fund Industry / Code of Conduct for Asset Managers of Collective Investment Schemes Carrying out the necessary implementation work to amend existing contracts. Contracts here is used as a generic term, and thus also includes directives, regulations, etc. Given that all amendments resulting from the codes of conduct require corresponding documentation, it can be taken as read in our view that the transitional period (to the end of 2010) refers to the entire text of the code of conduct (and not just to the amendment of existing contracts in the narrower sense). EU savings tax / threshold to be lowered from 40% to 25% Article 7.5 of the agreement between the Swiss Confederation and the European Community on the taxation of savings income of 26 October 2004 envisages the threshold value for determining a fund s tax status falling to 25% from 1 January 2011 (previously 40%) (cf. margin note 127 W-EUZ). EU savings tax / increase in tax retention rate The agreement between the Swiss Confederation and the European Community of 26 October 2004 in respect of the taxation of savings income in the form of interest payments envisages that the tax retention

4 4 / 18 Fund markets Key data on the international fund business EUR trillion in fund assets worldwide as of end-june 2010 US holds on to top spot There has been a nearly steady rise in fund assets for several quarters now, and this continued in Q Thanks to favorable exchange rate developments, the total stood at EUR trillion as of the end of June, clearly up on the EUR trillion recorded at the beginning of April (+3.00%). The high of EUR trillion from Q is slowly drawing nearer, although money market funds posted net outflows (EUR 194 billion) for the fifth quarter running. In local currency terms and taking into account funds of funds, the decline recorded in the US in Q was much more severe than that in Europe (-5.9% vs -0.6%). Japan, Canada, and Australia also posted declines in volumes in local currency terms (their currencies were also able to appreciate markedly against the EUR in some cases, which explains the clear differences between the numbers and the bars in the chart). As of the end of June 2010, fund assets overseas totaled some EUR 9.2 trillion. According to the latest EFAMA report, a total of around EUR 5.6 trillion were invested in funds in Europe. Geographical trends in investment fund assets in Q2/10 (in EUR billions) - 5.9% - 0.6% - 5.8% - 1.2% - 3.7% USA Europe Australia Japan Canada 1st quarter nd quarter 2010 Changes measured in local currencies Source: EFAMA International Statistical Release, October 2010 US the clear leader on the international front Comparing the data gathered, the US accounted for an unusually high proportion of the global assets invested in funds as of the end of second quarter (around 48.8%). Europe came in second place, lagging well behind with 29.9%. Brazil now holds third spot with a share of 5.3%, putting it ahead of Australia (4.9%) for the first time (see chart on top of page 5). If non-ucits assets were also taken into account, Europe

5 5 / 18 would have a market share of around 36.3% compared with some 44.4% for the US. Geographical trends in investment fund assets by end of June 2010 (in EUR billions) USA (48.8%) Others (3.2%) Brazil (5.3%) Japan (3.7%) Canada (2.9%) China (1.3%) Australia (4.9%) Europe (29.9%) Source: EFAMA International Statistical Release, October 2010 Global fund universe of funds A look at Europe By the end of June 2010, the fund universe covered by EFAMA stood at a total of 68,820 different products. This corresponds to an increase of 3,514 funds since the start of the year, or 2,348 since the beginning of April As regards the types of fund, around 40% can be described as equity funds, 22% as mixed products, and 18% as bond funds. The money market fund category accounts for just 5%, while 15% of the products can be allocated to the other funds category. The net outflows in Europe amounted to EUR 28 billion in Q2 2010, following on from inflows of EUR 48 billion in the first three months of the year. This result was primarily attributable to the change in the case of money markets funds, which posted total outflows of EUR 51 billion in Q2. Equity funds also posted a negative result for the first time in a year, and were down EUR 12 billion. Mixed funds continued to enjoy positive inflows (EUR 21 billion), as did bond funds (EUR 10 billion). Of the European countries with higher volumes, Ireland (+14.2%), Sweden (+9.6%), and Liechtenstein (+9.4%) posted the most sizeable increases in the first half of the year. Luxem bourg followed close behind, up 8.2% in EUR terms. However, it was Switzerland that led the way with an increase of more than 54%, this also being attributable to the stronger CHF. Greece (-23.2%), Portugal (-14.9%), and Spain (-8.0%) suffered the heaviest net outflows in 2009.

6 6 / 18 Net sales into UCITS in Europe since mid Equity Bonds M. Market Balanced Equity Bonds Money Market Balanced Source: EFAMA International Statistical Release, September 2010 (annual figures in EUR billions) Swiss financial accounts Volumes of assets and liabilities for 2003 to 2009 In mid-november 2010, the Swiss National Bank (SNB) again presented financial accounts for Switzerland, showing the volumes and structure of the financial assets and liabilities in the individual sectors of the economy. The results for 2009 show financial assets of private households at CHF 1,883 billion, which translates into a rise of CHF 151 billion or around 8.7%. However, much of these reported assets are not directly disposable as they are tied into pension provision. Structure of private households (as of end-2009) Currency and deposits (16.1%) Real estate (41.9%) Debt securities (4.2%) Shares (6.5%) Collective Investments (5.6%) Struktured products (0.9%) Insurance / techn. reserves (24.8%) Source: (Publications)

7 7 / 18 For the fund industry, the weighting of funds in private household assets is of special interest. While this weighting was around 9% until 2003 and rose to 11.7% from 2004 to 2007, in 2008 it had fallen back to 9.4%. In 2009 it rose slightly to 9.6% (CHF billion vs CHF billion in 2008). While the weighting of structured products stood at 2.7% in 2007, it was 1.6% in 2008 and around 1.5% in The corresponding holdings remained stable at just over CHF 28 billion. Swiss fund market in 2010 More funds under Swiss law again While the number of investment funds established under Swiss law edged back by 5 products to 1,372 in Q2 2010, the long-term uptrend took hold again in Q3. 1,393 Swiss-law products are now registered with FINMA, including ten limited partnerships for collective investment. This translates into a net increase of 21 funds. Development of number of funds by type of fund / fund location (in brackets: funds for qualified investors) Fund type / Fund location Swiss funds Limited Partnerships f. coll. inv. Securities funds Other funds for tradit. invest. Other funds for altern. invest. Real estate funds Non-Swiss funds Luxemburg Ireland Other countries Total Swiss and Non-Swiss As of end- December (573) (7) (0) (543) (11) (12) (573) Source: FIMNA (data at beginning of October 2010) As of end- September (595) (10) (0) (560) (12) (13) (595) Change in the year (22) (3) (0) (17) (1) (1) (22) Further increase in foreign-domiciled funds authorized in Switzerland As at the end of September, the number of funds authorized for public sale stood at 7,026, thus breaking through the 7,000 mark for the first time. This represents a rise of 170 funds quarter-on-quarter, or 644 year-on-year. This was primarily due to foreign funds (above all those domiciled in Luxembourg and Ireland), the number of which increased by 149 in Q3 this year alone. Both Luxembourg and Ireland were thus once again able to clearly extend their lead among the domicile locations. Slight increase in assets under management in Q3 Securities totaling CHF 4.31 trillion held in Swiss custody accounts According to the latest SNB statistics, the securities holdings in client custody accounts at Swiss banks had risen to CHF trillion as of end-september Although this represents a drop of 1.05% in the year to date, it is 0.91% up on the level set in mid-year. According to the SNB Monthly Statistical Bulletin for November 2010, the securities holdings of non-resident clients have decreased by

8 8 / % in the year to date to CHF 2.31 trillion. Meanwhile, the corresponding figure for resident custody account holders was up 2.57% at CHF 2.00 trillion. Non-resident clients thus now account for just 53.7% of securities holdings (a drop of 1.6% over the year to date). Comparison of fund holdings Varying trends in weightings of funds A comparison of fund holdings shows differing trends in the volumes for resident and non-resident custody account clients. Between the beginning of the year and the end of September 2010, the fund assets held by resident custody account clients rose by CHF 42 billion to CHF 659 billion (+6.8%), while the corresponding figure for non-resident clients fell by CHF 20 billion to CHF 661 billion (-2.9%), hence the figures are now roughly on a par. It is still primarily resident clients who hold funds under Swiss law in their custody accounts; at around CHF 386 billion these holdings make up almost 59% of the corresponding total. Non-resident investors holdings in collective investment schemes under Swiss law long remained steady at 9-10%, but the figure has stood at 12% for two years now. There have been differing trends in fund weightings over the course of the year. That of resident custody account clients rose from 31.7% at the beginning of the year to 33.0% as of the end of September. In the case of non-resident custody account clients, meanwhile, the weighting is currently just 28.5% (end-2009: 28.3%). The weighting of fund holdings in custody accounts of resident clients has been rising steadily since the beginning of the year. How the affluent invest their money Degree of skepticism and disillusionment discernible Different investment spectrum compared with retail investors A study on the investment behavior of private banking clients in Germany, Austria, and Switzerland has shown that they are holding very high amounts of cash in light of the heightened uncertainty following the financial crisis. Asset allocations also show that, despite a rally in the meantime, trust in the stock markets has still to return across a broad front, and many private banking clients have not yet invested in higher-risk asset classes. Another striking aspect is the great importance being attached to commodities (including gold and other precious metals). This can be interpreted on the one hand as a response to inflationary fears, on the other to a general desire for protection against worst case scenarios particularly in the case of gold. The preference for cash and gold probably expresses a certain degree of disillusionment and skepticism. Experience shows that this disenchantment with the stock markets could continue to shape investor behavior for some time yet, and lethargy could set in to some extent. According to the study, affluent clients more frequently hold asset classes such as equities, derivatives or alternative investments, and they also invest a bigger proportion of their assets in these. On average, the private banking clients surveyed said they hold five different asset classes, which points to a much broader diversification than among retail clients. Surprisingly, the focus on the home market is virtually the same in both these client segments.

9 9 / 18 Differences also among clients of different banking groups Variations in trading intensity Risk tolerance rather moderate Loss of confidence contrasts with attitude toward banking world Clients of the big banks may have much greater appetite for risk than private bank clients. Of course, this poses the question as to whether the differing preferences of these clients led to a different choice of bank, or whether the banks influence their clients preferences. A reciprocal effect cannot be ruled out. Asked the question as to how they had reacted to heavy share price losses, 38% of those surveyed answered that they had done nothing. 31% said they had bought more shares, and 31% said they had sold part or all of the equity positions affected. Private banking clients in particular seem to be rather willing to act in this regard. While the study shows that the very affluent are focusing primarily on preserving value, private banking clients with medium-sized portfolios (CHF 1-4 million) are more willing to take on risk: they are evidently striving to achieve (even) more, and place less importance in the downside risk. Trust in the financial system in Switzerland seems to have been hit particularly hard (57% of the Swiss surveyed noted a loss of confidence, compared with 44% of Germans). However, the critical stance on the financial market and the banking world in general stands in contrast with respondents relatively high degree of satisfaction with their own bank. Source: Finanz und Wirtschaft ( , page 4)

10 10 / 18 National environment Distribution rules FINMA launches discussion on ways to improve client protection Consultation In its investigation into the distribution of capital-protected structured products to retail clients at the start of this year, FINMA identified shortcomings in relation to client protection. The law as it stands does not adequately protect the interests of clients when financial products are bought and marketed. FINMA is now putting forward various proposals on how the protection of retail clients could be improved. Implementation of the proposed measures would make a major contribution to strengthening the protection of clients and of Switzerland s reputation as a financial center. FINMA invites all interested parties to give their views on this topic. Comments on the issues raised in the discussion paper Regulation of the production and distribution of financial products to retail clients status, shortcomings, and courses of action can be submitted until 15 April FINMA Newsletter 16/2010 Supervisory authority practice At the beginning of December 2010, the Markets division of FINMA published FINMA Newsletter 16 Collective Investment Schemes. This newsletter covers the following themes in particular: collective investment schemes covering real estate for families, the conversion of in-house funds, transparency in the case of investments in other collective investment schemes, and audits of representatives. There is also a special feature focusing on limited partnerships in the real estate sector. (About FINMA / Publications / FINMA Newsletters)

11 11 / 18 International environment European Parliament passes AIFM Directive Clear majority The key new facets The SFA s statement The European Parliament passed the Directive on Alternative Investment Fund Managers (AIFMs) by a clear margin on 11 November 2010, with 513 votes for and 92 against. This finally draws a line under the debates and negotiations of the past 18 months, some of them controversial, and more than 1,700 proposed amendments. Numerous undefined legal terms will be set down in more specific detail by the European Commission in the coming months. While it was thus far only UCITS retail funds that were harmonized across Europe, a new fund type has now been added, namely the Alternative Investment Fund (AIF). AIF managers can also apply for an EU passport. Besides private equity funds and hedge funds, all non- UCITS funds qualify as AIFs if they are aimed at professional investors as defined under MiFID (i.e. institutional investors and high-net-worth individuals). In keeping with the times and in contrast to UCITS, however, these regulations are centered on the managers rather than the products. Anyone wanting to sell an AIF in the EU will have to meet strict requirements and register with the national supervisory authority responsible, not with the new European Securities and Markets Authority ESMA. However, the latter will have an overarching supervisory and coordination role. For example, the funds will in future have to disclose their investment strategies and valuation methods to investors and the supervisory authority. Fund managers will have to have a certain minimum capital, and they will have to ensure that their funds assets are held in safekeeping properly. For the first time, there are also EU regulations governing remuneration systems and the monitoring of any systemic risks relating to these managers. The SFA welcomes this decision by the European Parliament. Compared with the draft presented in April 2009, the Directive in its present form contains two significant improvements from the Swiss perspective: 1. Under the AIFM Directive, there remains the possibility for portfolio management and/or risk management for an Alternative Investment Fund established in the EU to be delegated to a Swissdomiciled manager, provided the latter is subject to FINMA supervision. 2. Swiss asset managers may at a later date acquire marketing authorization for one or more EU member states, or even an EU passport. For this, however, they must comply with comparable requirements to those applying to EU managers. In addition to this, Switzerland will also have to meet certain conditions, e.g. concluding supervisory cooperation agreements and double taxation treaties (OECD 26). This will also require certain amendments to the Collective Investment Schemes Act, which the SFA actively supports. The Swiss authorities responsible should now implement the necessary measures as quickly as possible in close cooperation with the industry associations.

12 12 / 18 Future timetable EU-wide licenses for managers domiciled in the EU will come into effect in 2013, those for managers from third countries in The current country-specific private placement regimes will remain in force until 2018 but will expire thereafter. Foreign Account Tax Compliance Act Details on the collective investment schemes business still pending The SFA is representing the interests of its members as part of a working group set up by the European Fund and Asset Management Association (EFAMA). We are also coordinating closely with the Swiss Bankers Association, which is in turn working together with the European Banking Federation and the Institute of International Bankers. These two European umbrella associations will be holding further direct talks with the IRS in December It is also expected that details on the fund business will probably not be made public until Q SFA internal business RSS feed for The SFA website features an RSS feed, which you can subscribe to easily by clicking on the icon at the bottom of the website or directly via this address: New members New members admitted The Board of Directors and the Executive Board were pleased to welcome additional members to the SFA in Q4 2010: Valiant Holding AG, Bern Jabre Capital Partners Ltd, Geneva

13 13 / 18 Executive Board strengthened Markus Fuchs joins the SFA At the beginning of November 2010, Markus Fuchs took up his new position as Senior Counsel with the SFA. A graduate in economics (lic. oec. publ.), he supports the Executive Board in the fields of alternative investments and asset management in particular. Markus Fuchs has a long-standing track record and is a seasoned expert in the funds and asset management business. Latterly a Managing Director and Head of Product Management at UBS, he also knows the needs of the individual client segments. Markus Fuchs is a graduate of the Swiss Banking School Executive Programme and holds an Executive MBA from the International Institute for Management Development (IMD) in Lausanne. His career spans positions with Credit Suisse Group and Swiss Life as well as UBS. Specialist committees Highly active Alternative Investments Hans-Jörg Baumann ETF Frank Müsel Real Estate Funds Markus Graf International Affairs Sven Rump Products & Operations Martin Thommen The specialist committees essentially undertake the preparatory work for decisions relating to their specific areas, which they then submit to the Board of Directors and the Executive Board. The individual committees were/are actively involved with the following issues. Projects to improve data quality with a view to drawing up hedge fund market statistics Identifying industry trends and their consequences for Swiss hedge fund managers and corresponding service providers UCITS wrapper ( newcits ) Implications of the AIFM Directive for SFA members Evaluation of possible implications of FATCA for alternative investments Constitution Revision of the specialist information factsheet on key figures of real estate funds passed and published Work on the investment yield index for Swiss real estate funds in the home stretch Sustainability and valuation in the case of real estate investments in Switzerland as a current issue Free trade agreements FINMA recognized by the supervisory authority in Hong Kong (accredited inspection regime/air) International promotion of Switzerland as a fund location CESR s Guidelines on a common definition of European money market funds Active investment infringements

14 14 / 18 Legal & Compliance Dr. Markus Steiner Taxes Stephan Heckendorn Distribution & Marketing Markus Signer Work of the class actions working group nearly complete (possibly adding more specific detail to the corresponding provisions in the SFA Code of Conduct) Discussion of legal and operational issues relating to KIID for foreign UCITS and setting up a KIID working group Discussion of implementation of the AIFM Directive in Switzerland Acknowledgement of current issues being discussed with FINMA (implementation of the CESR Guidelines for money market funds in Switzerland, dealing with active investment infringements, notification obligation for collective investment schemes pursuant to Art. 17 SESTO-FINMA, SFA-CoCs amended to govern asset management activity as a whole) Foreign Account Tax Compliance Act VAT Sector Brochure No. 14 Financial Industry (2011 issue) Declaration of domicile (affidavit) Holding a pilot training event on the subject of Everything you ever wanted to know about investment funds... for end-investors on 15 November 2010 in Küssnacht a.r. Discussing and defining the form and scope for the continuation of the SFA image campaign and increasing the appeal of the website Swiss Funds & Asset Management Forum A date for your diaries Thursday, 31 March 2011 in Bern More detailed information will be published on the Internet in due course.

15 15 / 18 Interesting reading Friends of Funds In partnership with the Swiss Funds Association The Swiss Funds Association SFA has been in a partnership with the neutral discussion forum Friends of Funds since February The dates and topics for the events through to the end of the year are as follows: Events in Zurich (cycle 15/16) Schweizer Fondsanbieter: Marktauftritt im Ausland Neuste Entwicklungen bei Steuerfragen Further events are planned on the following dates: , , , , , and (details on the topics will be published soon). Events in Geneva (cycle 5) The events are planned on the following dates: ; ; , and (the topics are still to be determined). Further information on the events in Zurich and Geneva, where available, can be found on the forum s website: Friends of Funds: anniversary in Zurich A look back as FoF stages its 100 th event The first event was held in Zurich on 26 August 2003, the subject covered being Changes in the fund industry focus on investor confidence. The series of events has attracted more and more attendees from the fund industry over the course of time, and there have also been increasing numbers of asset managers and bank advisors among the visitors depending on the topic. Seven years on, FoF staged its 100 th event in November. The focus here was on the fund business in a broader context. Against the backdrop of the positioning within the EU, the event looked primarily at future strategic issues. Chaired by Raoul Würgler (Deputy Secretary General of the Association of Foreign Banks in Switzerland), the Chairman of the Swiss Bankers Association (Patrick Odier) and the President of the Swiss Funds Association SFA (Martin Thommen) discussed questions relating to the importance of our profession, the possibilities of articulating interests more, and the competitiveness of Switzerland as a fund location.

16 16 / 18 Friends of Funds: public event diary Free of charge For events of all kinds (including those with restricted audiences) Since the fall of 2010, the Friends of Funds forum has been offering a new service, namely the first comprehensive and independent diary for fund and financial industry events in Switzerland. If you have dates for roadshows, media conferences, seminars, anniversaries or other events, you can now publish these free of charge via the website (click on Event-Kalender in German or Calendrier des manifestations in French). Please note that a separate entry has to be made for each event, e.g. a fund presentation in Geneva and a subsequent presentation in Zurich. The SFA and the organizers of Friends of Funds are convinced that this will be an effective tool that will allow you to draw the attention of clients and interested parties and encourage them to attend your event. (Event-Kalender or Calendrier des manifestations) Revised Lugano Convention Implications for Swiss companies The revised Convention on Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters (Lugano Convention) will come into force in Switzerland on 1 January Apart from Switzerland, the member states include all countries of the European Union as well as Norway and Iceland. A detailed analysis of the revised Lugano Convention shows that what may at first glance appear to be a routine update of an international treaty with little practical relevance in fact introduces several changes that may have a substantial impact on Swiss companies. Two amendments in particular, which will be described in more detail, have a substantial practical relevance. (publication available in German and English) FINMA publications Publication of the first FINMA bulletin Like the Swiss Federal Banking Commission (SFBC), one of FINMA s predecessors, the Swiss Financial Market Supervisory Authority intends to issue a bulletin that outlines important decisions made by FINMA, the Federal Supreme Court, and the Federal Administrative Court. The first FINMA bulletin pays particular attention to cross-border business and takes a look at the legal and reputational risks involved. (About FINMA / Publications / Bulletins)

17 17 / 18 UCITS IV and Asset Servicing Ernst & Young study Ernst & Young s survey aims to explore leading asset servicing firms views of the new UCITS IV Directive. The Changing Shape of European Investment Management State Street s Vision Focus The European investment management industry is undergoing unprecedented change. The financial crisis and an evolving regulatory environment have reinforced cost pressures that have been building in recent years, creating an urgent need to achieve scale and efficiencies throughout a focus on core competencies. ETF Landscape Global handbook BlackRock has published its global handbook ETF Landscape for Q It covers 3,182 ETFs and ETPs from 159 providers on 46 exchanges, with assets totaling USD 1,196.9 billion. htp:/ Banking & Finance in Switzerland 6 th edition of KPMG s publication Organizations that conduct business with Swiss financial institutions and those seeking to establish or expand operations in Switzerland will find Banking and Finance in Switzerland to be a useful resource. KPMG s publication offers an overview of the regulations and topics affecting the Swiss financial services industry as well as English translations of Switzerland s primary financial services regulations. The Chartered Institute for Securities & Investment CISI in Switzerland The Chartered Institute for Securities (CISI) is the largest professional body for the securities and investment industry. The Institute was formed as a non-profit organization by members of the London Stock Exchange in 1992 to promote high level of professional excellence, integrity, and ethics. In recognition of the many synergies between the Swiss and UK markets, the CISI is developing a local membership branch. More information: Shane Norton, Country Representative, Switzerland shane.norton@cisi.org

18 18 / 18 Impressum Editorial team Swiss Funds Association SFA P.O.Box, CH 4002 Basel Phone Fax office@sfa.ch Layout and implementation R Consult Markus Röthlisberger P.O.Box 140, CH 5022 Rombach Phone Fax roethlisberger@r-consult.ch Authors opinions Quoted articles or links to corresponding sources do not necessarily coincide with the views of the SFA. Liability The SFA accepts no liability whatsoever for the correctness of the text and figures stated in this publication, in particular for contributions from third-party sources. The present English version is a translation of the original document in German. Copyright The reprinting and reproduction of the content of this publication (including excerpts) are permitted provided the original source is acknowledged. The SFA News is published 4 times a year (in March, June, September, and December) in English, German and French. The download facility and subscription form can be found on the SFA website at