DiKE Kollektive Kapitalanlagen für qualifizierte Anlegerinnen und Anleger nach dem Bundesgesetz über die

This paper deals with qualified investors and Swiss and foreign collective investment schemes for qualified investors under the Federal Act of June 23, 2006 on Collective Investment Schemes (Collective Investment Schemes Act, CISA). The primary objective is to highlight and discuss the legal regulations and the practice of the Swiss supervisory authority in this increasingly important area of the Swiss financial center. The main focus is on the numerous indeterminate legal concepts and provisions in need of interpretation or concretization resulting from the framework law character. Special consideration is given to the legal changes resulting from the partial revision of the Collective Investment Schemes Act of 2012. In the first part, an overview of the origins and the constitutional and legislative foundations of the collective investment scheme legislation is offered. The subsequent parts focus on qualified investors, Swiss collective investment schemes for qualified investors and the legal consequences resulting from the status as qualified investor or collective investment scheme for qualified investors as well as the legal treatment of foreign collective investment schemes for qualified investors in Switzerland. As an accompanying objective, the analysis aims to formulate statements on the framework structure of the Collective Investment Schemes Act as a meta-level of the present topic in an appreciative conclusion based on the insights gained.