Publication Of Revised Guidelines By Asset Management Association Of Switzerland
Published date | 28 June 2021 |
Subject Matter | Finance and Banking, Wealth Management, Financial Services, Fund Management/ REITs, Wealth & Asset Management |
Law Firm | Loyens & Loeff |
Author | Ms Diana Lafita, Nathalie Vainio and Sandra Zysset |
On 17 June 2021, the Asset Management Association Switzerland (AMA) published revised guidelines, as the industry is entering the final phase of implementation of the Financial Services Act (FinSA). The amended guidelines will enter into force on 1 January 2022 but still require formal recognition by FINMA.
The transition periods of the FinSA and the revised Collective Investment Schemes Act (CISA) expire at the end of this year. In view of this, the AMA revised the following guidelines:
- Code of Conduct;
- Guidelines for real estate funds;
- Technical guidelines (Guidelines for money market funds Guidelines on the valuation of assets and the handling of valuation errors, Guidelines on the calculation and publication of performance data, Guidelines on the calculation and disclosure of the TER).
Furthermore, the provisions of the old Transparency Guidelines were integrated into the revised Code of Conduct. The Distribution Guidelines of 22 May 2014 and the KIID Guidelines of 20 January 2012 will cease to apply as of 31 December 2021.
The revised guidelines mainly reflect the new systematic and terms contained in the FinSA, CISA and Financial Institutions Act (FinIA), providing for consistency amongst the different new legal bodies. In addition, some other amendments not resulting from the new regulations were adopted.
It is important to highlight that AMA has reiterated the view that fund distribution is mainly considered as a financial service under FinSA. Therefore, the distribution of collective investment schemes and the related code of conduct in relation to the provision of financial services are now governed by the FinSA. The FinIA now governs the licensing and supervision of fund management companies and fund managers (now collectively referred to as "managers of collective...
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