Registration of all collective capital investments: The new Swiss Federal Law on Collective Capital Investment (KAG) replaces the previous Swiss Federal Act on Investment Funds (AFG); the KAG goes into the subject in more detail than did the AFG, hence the new designation1).
The following amendments should be noted compared to the former AFG:
- Minor amendments with regard to (real estate) funds (see below for details)
- Extension of the numerus clausus to the possible forms of vehicle (see below for details)
- Legalisation of the principle of “Same Business = Same Rules”
- Special situation of the “qualified investor” (investors with an investment volume of more than 2 million Swiss francs)
The KAG amendment approximates the law on the location of funds in Switzerland to that of Luxemburg and the EU. The Federal Law on Collective Capital Investments came into force on 1 January 2007.
1 Although the “investment foundation” is a vehicle for (financially open) collective capital investment, it was not made subject to KAG.