Guernsey's financial services regulator, the Guernsey
Financial Services Commission (GFSC), has signed a Memorandum of
Understanding (MoU) with the Swiss Financial Market Supervisory
Authority (FINMA) regarding the distribution of investment funds to
The MoU facilitates close cooperation between the two
authorities and key elements include the exchange of information,
cross border on-site visits and assistance in the enforcement of
each jurisdiction's laws. One of the principal reasons for the
MoU is that amendments have been made to the Swiss Collective
Investment Schemes Act relating to the distribution of foreign
funds to retail investors in or from Switzerland. This requires the
existence of a MoU between FINMA and the financial services
supervisory authority responsible for the foreign funds.
Fiona Le Poidevin, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry
internationally, said: "The fact that the GFSC has signed this
MoU with FINMA means that Guernsey funds can continue to be
distributed to retail investors in Switzerland. There are already a
number of managers with funds, especially open-ended schemes, which
are distributed into Switzerland and this MoU means that Guernsey
remains an attractive domicile for those seeking to raise capital
from the Swiss market."
The MoU with FINMA provides an effective framework between the
two authorities for the exchange of information and other
supervisory cooperation related to the distribution of investment
funds to retail investors. It will also contribute towards
reinforcing investor protection and improving the cross-border
distribution of investment funds to retail investors. Carl Rosumek,
Director of Investment Supervision and Policy at the GFSC, said:
"I am delighted to confirm that the Commission has signed a
cooperation agreement with the Swiss Financial Market Supervisory
Authority. The completion of this agreement is a positive
endorsement of the Commission and the important work it undertakes
on behalf of Guernsey. The Commission has a very constructive
relationship with FINMA and looks forward to working with them in
the cross-border supervision of the funds industry."
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