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  • New York

    • 919 Third Avenue
    • New York, NY 10022
    • United States of America
      • +1 212.756.2000 Phone
      • +1 212.593.5955 Fax
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    • 901 Fifteenth Street, NW, Suite 800
    • Washington, DC 20005
    • United States of America
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    • One Eagle Place
    • London SW1Y 6AF
    • United Kingdom
      • +44 (0) 20 7081 8000 Phone
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The Swiss financial regulator, FINMA, has recently approved several investor complaint mediation bodies to serve as ombudsmen for financial services disputes. As a result, managers that offer their funds in Switzerland are required to join a financial ombudsman organization by Dec. 24, 2020.

The approval of the financial ombudsmen represents the next phase of implementation of the new regime for distribution of funds in Switzerland, which initially came into effect on Jan. 1, 2020 (but which is subject to a compliance transition period lasting until Dec. 31, 2020). Other key elements of the new regime applicable to foreign managers marketing in Switzerland include client classification (i.e., pre-qualification of investors) and enhanced investor disclosure obligations.

This article appeared in the July 2020 edition of SRZ’s Private Funds Regulatory Update. To read the full Update, click here.


This communication is issued by Schulte Roth & Zabel LLP and Schulte Roth & Zabel International LLP for informational purposes only and does not constitute legal advice or establish an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. ©2020 Schulte Roth & Zabel LLP and Schulte Roth & Zabel International LLP.

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