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The first legislation regulating investment funds was introduced in Switzerland in 1967. It contained strict and inflexible investment rules due to the view of the legislators at that time that they had to safeguard investors' interests mainly through restrictions. By Filippo Th. Beck of Wemger Plattner, Zurich and Basel, with the assistance of Dominique Portmann and Christina Amgwerd-Sheaff

Investment funds are subject to extensive regulation in the US. A fund's structure, supervision, selling practices and distributions are affected by laws and regulations on the federal or national level. By Yukako Kawata, Nora M Jordan and Terrance J O'Malley of Davis Polk & Wardwell, New York

This Article describes briefly the type of fund vehicles and structures available in Ireland and their principle legal and tax characteristics and provides an overview of the regulation of such fund vehicles by the Central Bank of Ireland. By David McGeough & James Scanlon of Matheson Ormsby Prentice Solicitors, Dublin

There is no doubt the Italian public has a newfound interest in mutual funds. The net collection of savings by Italian Mutual Funds reached approximately L353 billion ($195 million) in 1998, a figure that more than doubled compared to that of the previous year and which accounts for 85% of the total managed investment. By Massimo Trentino of Studio Legale Carnelutti, Rome

International Collective Investment Schemes By Elia A Neocleous of Andreas Neocleous & Co, Limassol

The UK is home to a very active collective investment scheme (CIS) industry both in terms of the portfolio management of CISs and in terms of the promotion and sale of CISs to the UK retail market and the large UK institutional market. By Simon Atiyah of Garrets, London and Robert Edwards of Arthur Andersen

France is often cited as the second largest market after the US for fund and asset management. By Joseph J Small hoover and Christian Cano, Dechert Price & Rhoads, Paris

In the Dutch fund market various types of funds are used, depending for instance on the intended investor category, the underlying investments, the desired tax, accountancy or regulatory treatment and organizational requirements of the participants or the sponsor. Instead of giving an overview of the legal, tax and regulatory framework with respect to the different types of funds, in this article the focus is on a particular fund structure for institutional investors (whether Dutch or foreign). By A R T van IJlzinga Veenstra of Clifford Chance, Amsterdam Dutch pooling vehicle for institutional investors

Since its beginning as an offshore fund centre in 1992 Mauritius has gained significant recognition as a credible and reliable jurisdiction. More than 150 funds have been set up in Mauritius to date with assets under management in excess of $4 billion. By Jimmy Wong, Yuen Tien and Iqbal Rajanbalee of De Chezel du Mee, representing Andersen Worlwide, Mauritius

Changes in German taxation affecting foreign investment funds By Felix Klinger and Bernd Schmitt of Ernst & Young, Frankfurt