Newsletter 129 from April 15, 2010 Updating of the guidelines for collective investment schemes

Newsletter 129 - Updating of the guidelines for foreign collective investment schemes - The public distribution in or from Switzerland of foreign collective investment schemes corresponding to Directive 85/611/EEC (UCITS) which was amended by both Directives 2001/107/EC and 2001/108/EC, of non-eurocompatible foreign collective investment schemes (NON-UCITS), and any changes made to key documents are subject to the approval of FINMA. - In this respect, certain formal aspects of the relevant guidelines (available in German and French) have been updated: - The guidelines for the approval of UCITS and changes to the relevant documents; - the guidelines for the approval of NON-UCITS and changes to the relevant documents; - the guidelines for the duties of a representative of foreign collective investment schemes. - This updating concerns the enclosures included with the request forwarded to FINMA. The requirements relating to the necessary enclosures have thus been simplified, i.e. now only one legally signed original copy of the fund contract or the regulations without official proof of authenticity must be submitted. In addition, copies of the last annual and half-yearly reports and a legally signed procuration, if the request is being submitted by a legal representative, now suffice. (Previously the original documents were requested.) Moreover, please note that the original certification of approval from the foreign supervisory authority must not be older than 6 months.