Legal Updates

 Funds Foreign Registration ServiceDecember 16, 2020

Briefing for UCITS marketed in Switzerland - New requirement for immediate publication of investor communications

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For further information on any of the issues discussed in this publication please contact the related contact(s) on this page.

With effect from 1 January 2021, funds registered with FINMA for marketing in Switzerland will be required to simultaneously publish on the UCITS recognised Swiss electronic publication platform any communications to investors relating directly or indirectly to an amendment of the fund documents of the UCITS. This follows an amendment of the FINMA Collective Investment Schemes Ordinance (CISO-FINMA).

This publication requirement relates to any investor communication relating to an amendment of the fund documents regardless of the form (i.e. actual publications, letters to investors, notifications to investors via websites and other possible forms relating directly or indirectly).

The Swiss publication must include the required Swiss disclosures and may not contain references to funds/sub-funds not registered in Switzerland.

As the Swiss publication should occur simultaneously with the issuance of the investor communication, any delay in the Swiss publication should be kept to a minimum.

Other than the introduction of this additional publication requirement, the procedures in case of amendments to fund documents will remain the same as before 1 January 2021, i.e. the FINMA filing deadline will still be 30 days from the effective date of the amendments and the other required documents will remain the same. Publication and FINMA notification requirements in cases of mergers, liquidations and de-registrations will also remain unchanged.

DISCLAIMER: This document is for information purposes only and does not purport to represent legal advice. If you have any queries or would like further information relating to any of the above matters, please refer to the contacts above or your usual contact in Dillon Eustace.

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