Switzerland’s Council of States has essentially adhered to the amendments to the CISA proposed by the Committee on Economic Affairs and Taxation (WAK), a move that has been welcomed by The Swiss Funds Association (SFA).
At a meeting this week, the Council of States dealt with the partial revision of the CISA as the first chamber. The Council of States’ Committee on Economic Affairs and Taxation had put forward various amendments to the Federal Council’s proposed text, and these have now been mostly approved.
“We welcome the amendments that have been passed, and are pleased to note that the Council of States and the Federal Administration have taken on board various points we put forward. The present solution represents a sensible compromise between investor protection, market access, and competitiveness. We hope the National Council will also support this,” says Martin Thommen, President of the SFA.
“The Council of States’ decision brings improvements with regard to management and distribution, and also for Switzerland as a production location. This will make it possible to bolster asset management as the third mainstay of the Swiss financial centre,” says SFA CEO Dr Matthäus Den Otter (pictured)
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The Committee on Economic Affairs and Taxation of the National Council will deal with the draft bill on 18 June 2012. The matter will then be put before the National Council in its autumn session.
