Swiss CISA reforms 'don't go far enough'
Friday 7 October 2011 - by Karina Whalley
Proposed amendments to Switzerland's collective investment scheme regime "do not go far enough", according to the Swiss financial regulator.
Without the change in the law, it would be much more difficult for institutional asset managers to continue managing European funds from Switzerland.
The proposals, which went out to consultation on 6 July, would see asset managers of foreign collective investment schemes subjected to heightened supervision, as well as a tightening of custody and distribution regulations.
Finma has acknowledged that the revisions are required, but believes they should only be the government's "first step" in beefing up financial supervision.
"Finma's experiences of the act over recent years have shown that the need for action extends beyond the areas of administration, custody and distribution," it added.
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