The Swiss Funds Association says the solution reached by the Swiss parliament over the partial revision of the Federal Act on Collective Investment Schemes (CISA) is a balanced compromise between investor protection, market access and competitiveness.
Acting as second chamber, the National Council dealt with the partial revision of the CISA on 12 September 2012.
The National Council’s Committee on Economic Affairs and Taxation (WAK) had proposed various amendments to the drafts put forward by the Federal Council and the Council of States, and these were largely approved. The National Council passed the Act by 113 votes to 62. The few remaining differences between the Council of States and the National Council have now been resolved.
“We welcome the approval of the partial revision of the CISA by both chambers of parliament. We also welcome the amendments that have been accepted, which take on board many of the points we had raised. The solution that has been reached takes account of aspects pertaining to investor protection, but also the needs of the asset management sector with regard to EU market access and competitiveness,” says Martin Thommen, president of the SFA.
“The next step will be to add specific detail to these good principles at the ordinance level. This partial revision will make an important contribution to our long-term goal of strengthening asset management as a key mainstay of the Swiss financial sector,” adds SFA chief executive Matthäus Den Otter (pictured).