Legal Representation: Still required in 2022November 2021
The Financial Services Act (FinSA) and Financial Institutions Act (FinIA) were adopted by Swiss Parliament and brought Swiss law to a level that shall be equivalent to MiFID II. After a two-year transition period, they will come into force on 1st January 2022.
In the cases outlined below, funds still require the appointment of a Swiss legal representative if:
1. The fund is also sold to HNWI or already has investors qualified as such; or
2. The fund is also distributed to family offices; or
3. The fund is also distributed to private clients, who chose to opt-out and be classified as professional clients.
According to the Credit Suisse Global Wealth Report 2021 HNWIs are holding 45.8% of the global wealth.
To reach out to all potential investors OpenFunds recommends that fund promoters still appoint a Legal Representative in Switzerland.
For additional information please contact Roger Stoffel, Head of Legal Representative Services
+41 44 500 31 08