Compliance
Swiss Regulator Signs Information Exchange Pacts On Alternative Funds With Raft Of Countries
The Swiss Financial Market Supervisory Authority, or FINMA, has signed cooperation arrangements with 28 European Union and European Economic Area member states to regulate exchange of information affecting alternative investment fund managers.
The pacts help ensure that the management of European alternative investment funds can be delegated to Swiss asset managers and distribute such funds to professional investors, such as banks, the regulator said in a statement this week.
The co-operation arrangements come into force on 22 July, the same day that the European Union’s Alternative Investment Fund Managers Directive, a sweeping regulatory clampdown on the alternative fund sector, takes effect.
In December 2012, FINMA and the European Securities and Markets Authority (ESMA) had already agreed to cooperate regarding the supervision of alternative investment funds.
