The Swiss Federal Council initiated a consultation on an amendment of the Swiss Federal Act on Collective Investment Schemes (CISA), aiming to introduce a new, unregulated fund category called "Limited Qualified Investor Fund (L-QIF)", reserved exclusively for qualified investors. By introducing the L-QIF, Switzerland establishes a Swiss fund category similar to the Luxembourg Reserved Alternative Investment Fund (RAIF) or the Malta Notified Alternative Investment Fund (NAIF). The consultation of the Federal Council will last until 17 October 2019.
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.
In the framework of the proposed general revision of Swiss corporate law, the Federal Council intends to overhaul the existing restructuring regime for distressed companies. The objective of the effort is to create incentives for distressed companies to take the necessary restructuring measures as early as possible and, by doing so, avoid bankruptcy.
The rapid evolution in FinTech has not only attracted the attention of the Swiss Financial Market Supervisory Authority (FINMA) but eventually pushed the Swiss government to propose FinTech specific amendments to the Banking Act and other financial laws. On 1 February 2017 the Federal Council opened 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.
In 2005, more than ten years ago, Swiss politicians agreed that Swiss Corporate Law needed a serious revision. After long discussions, including notably the "Say on Pay" vote initiated by Mr. Minder, the Federal Council relaunched the revision process in Summer 2013, and has just recently published and adopted the revised report and draft for the new Swiss Corporate Law on 23 November 2016. The Swiss Parliament has now to decide on it.