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Briefing For Switzerland (2022) – Fund Management/ REITs



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New Requirements for Key Information Documents

With effect from 1 January 2023 foreign funds registered
to market in Switzerland or marketing to specific categories of
qualified investors in Switzerland will be required to prepare
Swiss versions of their EU PRIIPs-KIDs or separate Swiss Key
Information Documents.

The changes come into force following the expiration of the
transition period for new requirements under the Swiss Financial
Services Act (FinSA) which came into effect in January 2020.

These provisions also apply to foreign funds which are
registered with the Swiss Financial Market Supervisory Authority
(FINMA) or offered to qualified investors only in Switzerland in
respect of investors which are private clients under FinSA or a
non-discretionary client.

It is expected that most funds will prepare and file the EU
PRIIPs KID instead of the Swiss Key Information Document. A
template for the new format Swiss Key Investor Document is not yet
available.

Each EU PRIIPs KID will need to be updated for use in
Switzerland to include a Swiss Supplement. This updated single
document must be filed with FINMA and provided to Swiss investors.
These updated Swiss KIDs must be prepared and updated for all
classes within a sub-fund which is registered with FINMA,
irrespective of whether an individual class is marketed in
Switzerland.

We suggest that funds consult with Swiss counsel well in advance
of the 1 January 2023 deadline, either providing a sample PRIIPs
KID or a UCITS KIID so that the appropriate Swiss Supplement or new
format Swiss Key Information Document can be prepared.

Funds should also consider how the new Swiss KID documentation
will be updated on an ongoing basis.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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