In this blog, which is part of a series of briefings on the new Financial Services Act (FinSA, FIDLEG (German) and LSFin (French)) and the Financial Institutions Act (FinIA, FINIG (German) and LEFin (French)) that will come into force in 2020, we will look at certain changes which the new regulatory regime will bring to the cross-border offering of collective investment schemes into Switzerland.
The 2007 Lugano Convention on the Recognition and Enforcement of Judgments in Civil and Commercial Matters currently forms the basis for the reciprocal enforcement of judgments between the member states of the European Union and three countries of the European Free Trade Association (EFTA) (Switzerland, Norway and Iceland). The Lugano Convention is in essence the equivalent of the Brussels I Regulation of 2001.
In February 2017, we reported on the opening of a consultation on new draft regulations designed to reduce barriers to entry for FinTech firms and to strengthen the attractiveness of the Swiss financial markets. The consultation process was closed on 8 May 2017. Following certain suggestions made, the Federal Council during its meeting of 5 July 2017 implemented the proposed changes to the law resulting in simplifications not only for FinTech firms but also for established financial service providers. Read more about the amendments which will enter into force on 1 August 2017.