Revised CISA and CISO enter into force on 1 March 2024 – TO DO's and deadlines


During its meeting on 31 January 2024, the Federal Council resolved to put the revised Collective Schemes Act (CISA) and the amended Collective Investment Schemes Ordinance (CISO) into force with effect from 1 March 2024, thereby creating the legal basis for the L-QIF but also amending several aspects of the existing regulation. Market players should pay particular attention to the following material amendments as certain provisions are applicable as of 1 March 2024:

a.  Conduct Rules and Best Execution
The conduct rules of CISA/CISO will not only be applicable to the management of Swiss funds but also to the management of foreign funds. Furthermore, a specific new provision for collective investment schemes as to the best execution is introduced in CISO.

  • These provisions are applicable and need to be implemented as of 1 March 2024.

b.  Liquidity Risk Management
In addition to the existing provisions in FinIO-FINMA, specific provisions are introduced in CISO as to the liquidity risk management for certain collective investment schemes managed, including specific internal procedures, such as stress tests and specific crisis management with internal procedures and competences.

  • For existing funds as of 1 March 2024, these provisions need to be fulfilled on 1 March 2026.
  • For newly created funds as of 1 March 2024 (incl. L-QIF), these provisions are applicable as of 1 March 2024.

c.  Active Breaches
A new provision as to the proceedings applicable in case of active breaches is introduced in CISO.

  • These provisions are applicable as of 1 March 2024.

d.  Securities Lending, Repo and Reverse Repo
New provisions are introduced in relation to Securities Lending, Repo and Reverse Repo in order to align the Swiss regulation to the applicable foreign standards. They include disclosure requirements in the fund documentation as well as in the annual and semi-annual reports.

  • For existing funds, the fund documentation needs to be amended as of 1 March 2026 and the annual/semi-annual reports the first time for the business year starting two years after 1 March 2024.
  • For new funds (incl. L-QIF), these provisions are applicable as of 1 March 2024.

e.  Exchange Traded Funds
New provisions are introduced regarding the definition of ETFs and enable the listing of only certain unit classes of ETFs in Switzerland. Furthermore, new disclosure requirements are being specified in CISO. While a transitional period applies for the implementation of certain requirements, others are immediately applicable.

  • Art. 106 para. 1, 2 and 3 CISO: applicable as of 1 March 2024
  • Art. 106 para. 4 and 5 CISO: fund documentation to be amended as of 1 March 2026.

f.  Expenses and Side Pockets
The revised CISO foresees a more liberal list of expenses that can be charged to the funds and the possibility of using side pockets for regulated funds. There is no transitional period for these provisions so they apply as of 1 March 2024. As these provisions are more liberal than the previous regulation, these can be implemented for the relevant funds if needed.

g.  Organization of Financial Institutions with regard to the L-QIF

Fund management companies and managers of collective assets intending to launch L-QIFs need to amend their organizational rules. This requires FINMA's prior authorization. In introducing such provisions, fund management companies and managers of collective assets must provide for an appropriate organization in particular in terms of know-how of the underlying assets and processes in relation with liquidity risk management to enable them to administer/manage such collective investment schemes.

h.  Annual reports to FINMA
Besides the amendments of CISO, FinIO is also being amended on several topics, one of which concerns the reporting requirements to FINMA. It is now foreseen that the summary of the report provided to the shareholder's meeting (art. 728b para. 2 CO) also needs to be provided to FINMA.

Schellenberg Wittmer is a leading law firm in Investment Management in Switzerland and has actively participated in the consultation process and helped to ensure that the interests of the Swiss fund industry were adequately considered.


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