Under the amended Swiss Collective Investment Schemes Act (CISA) open-ended funds need to appoint a Swiss Representative and a Swiss Paying Agent. It is less clear what is required of closed-end funds.
We reckon the answer to this question can be found by starting with the overriding objective of the new regime, which is to strengthen investor protection and rights.

Lars Schlichting - Partner, KPMG, Lugano
Siro Zanovello - Senior Partner, OpenFunds Investment Services, Lugano
Wolfgang Landl - Senior Partner, OpenFunds Investment Services, Zurich