Legal Updates

The recently introduced Swiss financial markets legislation provides that funds marketed in Switzerland may now elect to use English as an official language.

In order to change a fund’s official language the following steps should be taken:

1. A separate notification must be made to FINMA advising of the change.

2. The most recent Swiss Prospectus filed with FINMA must be refiled in English, signed in original form on behalf of the fund, the Depositary and the Swiss Representative, together with a confirmation that such document is the English version of the most recent translated Swiss Prospectus filed with FINMA.

3. A notice confirming the change of official language must be made on the recognised publication platform of the fund in Switzerland in the current official language of the fund.

4. The most recent KIIDs (including Swiss disclosures) for all classes for sub-funds registered in Switzerland must be filed in English with FINMA.

5. A confirmation will be required that the most recent constitutive documents and KIIDs have been filed with FINMA.

Swiss counsel will prepare the notifications noted under 1 and 3 above. In any particular case, FINMA may request further information or documentation as may be required.