Collective investment schemes


Asset managers of collective investment schemes

 | For the first time all asset managers of collective investment schemes, including foreign managers, are subject to a mandatory authorization requirement. There is a "de minimis" exemption from this rule. This states that asset managers who manage for qualified investors and manage fund assets of:

  • max. CHF 100 million (leveraged or unleveraged assets)
  • max. CHF 500 million (where the assets under management consist of unleveraged collective investments for which redemption rights may not be exercised for a period of five years from the date of the initial investment in each of these collective investments)

are exempt from the authorization requirement.


Distribution of collective investments

 | The concept of "public distribution" has been abolished. Any offer of, or solicitation for, collective investments, is deemed to constitute distribution. The following are not defined as distribution under the Collective Investment Schemes Act:

  • the use of funds in the course of asset management by independent asset managers who belong to a trade body recognized by FINMA and are acting on the basis of a written asset management agreement that is in line with the guidelines issued by the trade body
  • the use of funds by asset managers in the course of an advisory mandate (a long-term advisory relationship paid for by the client)
  • "execution-only" business


Definition of qualified investors

 | The term "qualified investor" has also been redefined. The following now count as qualified investors:

  • Investors who have signed a written asset management agreement and have not declared in writing that they do not want to be treated as qualified investors (opt-out clause)
  • Legal entities, if they are regulated financial intermediaries or have professional treasury operations


Private individuals who:

  • have financial assets of at least CHF 5 million or
  • have financial assets of at least CHF 500,000 and as a result of their professional or other experience have the expertise necessary to understand the risks and confirm in writing that they wish to be treated as qualified investors (opt-in clause).

Further information    



FINMA Rundschreiben 2013/9 

Vertrieb kollektiver Kapitalanlagen