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The Swiss National Council has accepted a parliamentary motion in favour of the introduction of the Limited Qualified Investor Fund (L-QIF)

Nelli Galis Manager Legal , PwC Switzerland 20 Mar 2019

The Swiss Federal Council’s plan to improve the attractiveness of Switzerland as a financial centre for the fund industry is beginning to take shape. The idea is to introduce a Swiss fund type for institutional investors that does not require authorisation by the Swiss Financial Market Supervisory Authority FINMA.
What will the new fund product type look like?

The L-QIFs will not require FINMA approval and, thus offers institutional clients a cost-effective and competitive alternative with a fast time to market as a Swiss alternative to foreign fund structures. 

What’s it about?

National Councillor Ruedi Noser (FDP/ZH), who submitted the parliamentary motion, argued that the Swiss fund structures currently available can barely compete with those offered in other countries, such as Luxembourg. Today, even Swiss investors seem to prefer foreign collective investment schemes. The current situation does neither appear to serve the interests of the Swiss financial market as a whole nor Swiss investors. The motion was accepted by 118 to 53 votes. 

What’s next?

According to the announcement by Finance Minister Ueli Maurer (SVP), work has already started on the proposed changes to the Collective Investment Schemes Act. We expect the draft consultation paper before the summer break this year.

Summary
  • The Swiss government continues its efforts to improve Switzerland’s attractiveness for the fund industry
  • New fund structures that do not require FINMA approval are to be introduced
  • A parliamentary motion to introduce L-QIFs has been accepted
  • Changes to the Collective Investment Schemes Act are to be expected 

 

Contact us

Nelli Galis

Nelli Galis

Manager Legal , PwC Switzerland

Tel: +41 58 792 2862