Investment companies that are incorporated as a Swiss corporation and that are either listed on a Swiss stock exchange or restricted to qualified investors (within the meaning of the CISA) do not fall within the scope of the CISA. The AMAS self-regulation and certain template documents provided by the association are currently undergoing substantial revisions in connection with the lapse of transitional periods under the FinIA and FinSA as of the end of 2021. In addition, a number of guidelines of the Asset Management Association Switzerland (“ AMAS”) have been recognised as a minimum standard by FINMA. Finally, the Federal Act on Financial Services of 15 June 2018 (“ FinSA”, SR 950.1) governs, among other aspects, the sale of financial instruments to clients in Switzerland. In addition, the Federal Act on Financial Institutions of 15 June 2018 (“ FinIA”, SR 954.1) and its implementing ordinance, the Ordinance on Financial Institutions of 6 November 2019 (“ FinIO”, SR 954.11) set out the legal framework for financial institutions acting as fund management companies and investment managers of AIFs and their assets. The establishment and operation of Alternative Investment Funds (“ AIFs”) (and their managers) is governed by the Federal Act on Collective Investment Schemes of 23 June 2006 (“ CISA”, SR 951.31) and its implementing ordinances, the Ordinance on Collective Investment Schemes of 22 November 2006 (“ CISO”, SR 951.311), the Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes of 27 August 2014 (“ CISO-FINMA”, SR 951.312) and the Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes of 6 December 2012 (“ CISIO-FINMA”, SR 951.315.2).
1.1 What legislation governs the establishment and operation of Alternative Investment Funds?