Distribution under CISA

What is considered as distribution under the new regulations?

Art. 3 par. 1 CISA and Art. 3 CISO define distribution as any type of activity that aims to encourage the acquisition of units of collective investment schemes by an investor, including:

  • Issuance of print and electronic media of any kind, such as newspapers and magazines, direct mail, brochures, fact sheets, recommendation lists and information letters sent to the clients of a bank or of another financial intermediary;
  • offers to financial intermediaries (that do not have the status of qualified investors as per art. 10 para. 3 lit. a and b CISA) for forwarding to their clients;
  • information on opportunities to subscribe to collective investment schemes (e.g. securities number, subscription agent);
  • press conferences, telemarketing, unsolicited phone calls (cold calling), presentations (road shows), trade shows, sponsored reports on collective investment schemes, home visits by financial intermediaries of any kind;
  • websites and other forms of e-commerce, subscription slips and online subscription opportunities and emails.

The following activities are not considered to be distribution under CISA and CISO:

  • Genuine and documented reverse solicitation.
  • Any of the above activities made by an investment manager to investors under written discretionary management agreement as defined in Art. 3 par. 2 lit. b and c CISA or by an investment advisor to investors under an investment advisory agreement as defined in Art. 3 par. 2 and Art. 3 CISO.
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Legal representative services

Roger Stoffel

Distribution services

Siro Zanovello

General enquiries

Olivier Lehmann

Zurich Office

Seefeldstrasse 35
8008 Zurich

Phone: +41 44 500 3108

Lugano Office

Via S. Balestra 27
6900 Lugano

Phone: +41 44 500 3109

Geneva Office

rue de la Cloche 8
1201 Geneva

Phone: +41 44 500 3175