Switzerland: Life after Lehman and Madoff
SUPPLEMENT - INVESTMENT FUNDS - June 01, 2009
When the new Swiss Federal Act on Collective Investment Schemes (CISA) came into force on January 1 2007, the Swiss market for collective investment schemes and structured products had seen years of unprecedented growth. With Switzerland being one of the world's most important places for the distribution of investment products, it was one of the CISA's aims to improve the regulatory environment for the domiciliation of collective investment schemes in Switzerland. To date, this aim has only partially been achieved. In addition, the ongoing financial crisis, and especially the Lehman Brothers collapse and the Madoff scandal, has a major impact on the Swiss market for both collective investment schemes and structured products, and has lead to a decrease of funds under management by the end of 2008. It is, therefore, a positive sign that authorities and industry organisations launched different initiatives to further improve the general regulatory environment for producing...
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