The Swiss Federal Administrative Court issued a leading decision on the regulatory qualification of (self-managed) co-investment syndicates in a proceeding of the plaintiff vs. the Swiss Financial Market Supervisory Authority FINMA (Court Decision of March 25, 2025, B-5992/2022). This decision is of great practical importance since co-investment syndicates and investment clubs for venture capital investments are widespread in the market. In this case, a regulation of co-investment syndicates under the Collective Investment Schemes Act and the Financial Institutions Act by the regulator was denied by the Federal Administrative Court.
Kellerhals Carrard successfully represented the appellant before the Federal Administrative Court. The team included Luca Bianchi (Partner, Banking & Finance), Roman Huber (Partner, Litigation) and Karim Maizar (Partner, Venture Capital).