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FinSA Q&A: revCISA - Qualified Investor (QI)

FinSA Q&A: revCISA - Qualified Investor (QI)

UBS Business Solutions AG

Date: May 14, 2022

This product consists of 17 Q&As on the revised CISA in the context of the Qualified Investor (QI) definition.

PV10274
$1,271.00

Author's Note

The product, a know-how collection entitled “ FinSA Q&A: revCISA – Qualified Investor (QI) ” consists of 17 questions and answers (" Q&As ") as well as a standard form template developed by the UBS team of regulatory experts and provides you with the basis for adhering to the amended provisions of the revCISA, focusing on the rules applicable in the context of Qualified Investors (QI). Your purchase gives you access to a know-how collection prepared by UBS and may serve as a basis for you to establish your best practices as a financial service provider. The Qualified Investor requirements of the revCISA When applying the revCISA in its interplay with the Swiss Financial Institutions Act (“ FinIA ”) and the Swiss Financial Services Act (“ FinSA ”) financial service providers also have to understand what has changed in the context of collective investment schemes. The rules in their interplay can be complex and the practice is still developing. A good understanding of this...

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The product, a know-how collection entitled “FinSA Q&A: revCISA – Qualified Investor (QI)” consists of 17 questions and answers ("Q&As") as well as a standard form template developed by the UBS team of regulatory experts and provides you with the basis for adhering to the amended provisions of the revCISA, focusing on the rules applicable in the context of Qualified Investors (QI).

Your purchase gives you access to a know-how collection prepared by UBS and may serve as a basis for you to establish your best practices as a financial service provider.

The Qualified Investor requirements of the revCISA

When applying the revCISA in its interplay with the Swiss Financial Institutions Act (“FinIA”) and the Swiss Financial Services Act (“FinSA”) financial service providers also have to understand what has changed in the context of collective investment schemes. The rules in their interplay can be complex and the practice is still developing. A good understanding of this topic may hence be one of the top priorities in order to avoid regulatory and operational risks in this context.

These Q&As and sample forms are essential practical knowledge for those that provide financial services and/or offer collective investment schemes in Switzerland or to clients in Switzerland.

For a full overview of the questions covered by this product, see Questions answered by UBS' FinSA Q&A under the revCISA and other amended laws section.

What you get

After you make your purchase, PartnerVine makes the Q&A available to you for download as a searchable pdf. The pdf includes both, the Q&As and the template form sold as part of the FinSA Q&A: revCISA – Qualified Investor (QI). Below are two Q&As from this product so you can see a sample of what you will get:

Samples of the Q&A

What is the general difference between the client classification under the FinSA and the CISA?

The client classification under the FinSA results in more or less investor protection duties at the point of sale, depending on whether the client is a retail, professional or institutional client. 

The client classification under the revCISA results in whether a specific product or specific share class may be sold to a certain investor (e.g. Swiss-QIFs [Qualified Investor Funds] being exclusively reserved for qualified investors).

Does a portfolio management mandate still have to be concluded in writing?

Art. 3(2)(b) and (c) oldCISO stipulated that a portfolio management mandate had to be concluded in writing in order for an investor to be considered a QI. This provision has been repealed in the revCISO. 

Art. 10(3ter) revCISA refers to portfolio management, but it no longer expressly implies that the portfolio management mandate must be concluded in writing, rather, it stipulates that the mandate must be entered into on a permanent basis (“auf Dauer angelegt”). The requirement of “on a permanent basis” can also be found in art. 70 FinSA for structured products. However, art. 96(1) FinSO expressly states that portfolio management mandates in connection with structured products have to be concluded in writing. 

This and in the spirit that the established practice under the CISA should not change  leads to the conclusion, that portfolio management mandates still have to be concluded in writing in order for an investor to be considered a QI.

 

Who needs it

The FinSA Q&A: revCISA – Qualified Investor (QI) is for financial service providers providing their services and/or offering collective investment schemes in Switzerland or to clients in Switzerland. If you are a financial service provider or a provider of collective investment schemes, this product helps you understand the amended regulations of the revCISA, focusing on the requirements in the context of the Qualified Investor (QI) term.

About UBS

UBS Business Solutions AG ("UBS") is a wholly-owned subsidiary of the UBS Group AG. For more information on UBS, go to www.ubs.com.

Key features

Key features of this product include: 

  • Structured & easy-to-read. Structured in a reader-friendly, easy-to-access Q&A format that is aligned with the relevant regulations.
  • Easy-to-understand. The language is practical and business friendly. The explanations in the text are accompanied by tables and graphics which make it easier to understand and communicate the regulations.
  • Interconnected. The Q&As include references to related content in other modules of UBS' FinSA Q&A and third party content to help readers understand the issues.
  • Categorization. All of the Q&As are categorized into specific topic groups which you can adapt to your individual needs.
  • Upskilling your employees. Underlined terms are explained in the Glossary, which is a complementary product that comprises over 160 terms and definitions. Together with the Glossary, the Q&As provide knowledge management support not just for employees that know an issue well, but employees that need to learn about an issue, increasing expertise across your firm.
  • Cost & time savings. You receive extraordinary value when you purchase this product. As your usage increases, your savings increase dramatically (see the Relative Advantage Calculator on the left hand side and the section below on the Relative Advantage Calculator, which will help you understand the value of this product).
  • Valuable forms and templates. The forms and templates included with the product were prepared by UBS’ regulatory team. The forms and templates in this product include:
    • Opt-out form from Qualified Investor status to non-Qualified Investor status

Relative Advantage

The FinSA Q&A: revCISA – Qualified Investor (QI) gets rid of the need to research Swiss regulatory requirements regarding the amended provisions of the revCISA as well as other amended laws. The Relative Advantage Calculator on this page shows a conservative use case, and the amount you would save compared to doing the tasks without the benefit of our product. For the calculator, we've taken an hour as the estimate for a lawyer charging CHF 450 per hour to research the answer to one of our Q&As. Our assumptions are conservative ones based on our experience. If you'd like to change our assumptions, you can do so in the calculator and run the number again. The value delivered by our product is meaningful in the vast majority of circumstances, and exceptional as your usage increases. 

Circumstances of Use

This product is intended for Swiss financial service providers and financial institutions and provides general information on the revCISA and related laws as of the date of finalization. Our objective is to provide the UBS' perspective of the law in order to help support a better understanding of the new regulatory framework in Switzerland. This product can be used either for implementing the new regulatory framework or as the basis of your own internal knowledge management. This product is not for use outside of Switzerland.

Important Terms

  • This product is provided to you only for use in Switzerland.
  • You are required to pay for this product by invoice after you have received it. As digital products are so easily replicable, there is no right of rescission for this product and your obligation to pay is unconditional.
  • This product is provided to you on a non-reliance basis. There is no guarantee that this product will address your particular facts and circumstances, and you will have no recourse to UBS or PartnerVine if you do not think it does.
  • Use of this product does not create an attorney-client relationship with UBS Business Solutions AG or PartnerVine, nor should the product be considered a substitute for qualified legal advice. If you need advice tailored to your facts and circumstances, please consult qualified counsel.
  • Your contract for this product is with UBS Business Solutions AG. You will not have recourse to PartnerVine in respect of your use and enjoyment of this product.

Support

This product is a downloadable pdf. There is no additional support for this product.




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