Since 1 March 2024, a new Swiss fund category, the Limited Qualified Investor Fund (L-QIF), will be available to qualified investors. On this date, the associated amendment to the Collective Investment Schemes Ordinance (CISO) will enter into force together with the amendment to the Collective Investment Schemes Act (CISA), as announced by the Federal Council today.

The L-QIF is intended to strengthen the competitiveness of the Swiss fund and asset management centre by increasing the number of collective investment schemes launched in Switzerland.

The Asset Management Association Switzerland (AMAS) has strongly advocated the introduction of the L-QIF in Switzerland and welcomes this new Swiss fund category. However, the bill does not fully achieve the original objective of liberalising the structure and thus creating a competitive alternative to the Luxembourg Reserved Alternative Investment Fund (RAIF).

The core of the original version of the L-QIF was to provide a flexible collective investment scheme under Swiss law that is not subject to authorisation by FINMA and can therefore be set up much more quickly and cost-effectively. At the same time, the usual quality and security should be guaranteed: the asset manager or fund management company of these funds must be a FINMA-supervised institution. This indirect supervision takes appropriate account of the client protection needs of qualified investors.

AMAS will assist its members with the implementation of the new provisions and promote and support the introduction of the L-QIF in the sector.

Webinar "The L-QIF as a new Swiss investment vehicle - overview of the CISO revision and outlook"

Language: German
5 February 2024

Webinar "The L-QIF as a new Swiss investment vehicle - overview of the CISO revision and outlook"

Language: French
7 February 2024