Answer ... Typically, Swiss alternative investment fund managers (AIFMs) and advisers are incorporated as a corporation within the meaning of Articles 620 and following of the Swiss Code of Obligations. According to the Financial Institutions Act (FinIA), a Swiss-based manager must have the legal form of a commercial enterprise. Foreign asset managers of AIFs may open a branch in Switzerland (subject to certain additional requirements).

Answer ... The advantages and disadvantages of the different types of structures may vary and will depend on:

• the complexity and scope of the AIFM;
• the applicable investment strategies; and
• the organisation of the AIFM.

Answer ... Anyone that manages a collective investment scheme on a commercial basis must be authorised by the Swiss Financial Market Supervisory Authority (FINMA). If a foreign manager of collective assets employs staff in Switzerland who permanently manage collective investment schemes in or from Switzerland on a professional basis, it must obtain prior authorisation from FINMA before establishing a branch (subject to certain de minimis exemptions according to FinIA).

Answer ... An AIFM must meet the following requirements, among others:

• It must have the legal form of a commercial enterprise;
• It must have an organisation that is appropriate to its role;
• It must have the required equity capital and financial guarantees;
• The articles of association, partnership agreement or organisational rules must include a factually and geographically accurate description of its proposed operations; and
• It must manage at least one collective investment scheme.

Answer ... The formation of a Swiss AIFM is subject to authorisation by FINMA. In addition to an extensive application that must be filed with FINMA, a FINMA recognised audit firm must be appointed to review the application in the case of the authorisation of a Swiss investment fund manager. The audit firm that performs this entry audit may not be the AIF’s or the AIFM’s regular auditor. The duration of the authorisation process may vary and will depend, among other things, on:

• the complexity and scope of the application;
• the applicable investment strategies; and
• the organisation of the applicant.

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Answer ... There are no legislative restrictions on the transfer of investors’ interests in open-ended AIFs (subject to restrictions provided by the fund’s regulations). However, the regulations of open-ended AIFs may restrict the issue and transfer of interests. In respect of closed-ended retails funds, investors have neither a direct nor an indirect legal claim to request redemptions.

Answer ... No answer submitted for this question.

Answer ... No answer submitted for this question.

Answer ... No answer submitted for this question.