The new Swiss Financial Services Act (FinSA) and Swiss Financial Institutions Act (FinIA), completed by the Financial Services Ordinance (FinSO) and the Financial Institutions Ordinance (FinIO), defines a transitory period.

Old regime pursuant to art 10 para. 3 let. a and b CISA (2016), investors shall be classed as follows

Swiss representative and Swiss paying agent must be appointed before the commencement of any activities that qualify as “distribution”, thus pre-sales and pre-marketing activities already trigger this duty.

The old regime remains applicable until each organisation is ready to switch to the new regime.

Swiss representative and Swiss paying agent must be appointed before the commencement of any activities that qualify as “distribution / offer”, thus pre-sales and pre-marketing activities already trigger this duty.