01 Jun 2009 AIFM, EU Directive dividing managers and giving effects for the Swiss Confederation
AIFM EU Directive dividing managers. As an offshore centre the country will have to fine-tune its laws in order to fit the draft regulation. The change is pushing managers to take into consideration a new life away from UK.
The possible impact on Swiss regulation “Switzerland is not part of the EU and therefore, the Directive will not apply”, says Dominique Lecocq, attorney at law, partner of lecocqassociate, a law
firm specialized in regulatory banking law. “In addition, there has been no announcement so far by the Swiss Financial Market Supervisory Authority (FINMA) that similar rules will be enacted in Switzerland. At this stage, a license by FINMA is only required for hedge fund managers of Swiss-based hedge funds. Managers of offshore funds do not have to seek a regulatory license in Switzerland.”