Aiming to improve information and protection available to investors and to harmonise with European legislation, the Federal Council of Switzerland amended the Collective Investment Schemes Ordinance (“CISO”). The amendment which entered into force on 15 July 2011, implemented the Key Investor Information Document (the “KIID”) which effectively replaces the Simplified Prospectus for UCITS.

A requirement from the Swiss Financial Market Supervisory Authority (“FINMA”) is now emerging which requires information specific to Switzerland to be included in the KIID issued by UCITS which are registered for sale in Switzerland.  

FINMA suggests that the following insertion should be included in the “Practical Information” section of the KIID issued to investors in Switzerland.  

"The Prospectus, the Key Investor Information Document, the Articles of the Company as well as the annual and semi-annual reports can be obtained free of charge from the representative in Switzerland, [insert name and full business address of Swiss representative]. The paying agent of the Company in Switzerland is [insert name and full business address of Swiss paying agent]"

2 points arise from this: whether this would in essence constitute a separate KIID that is Swiss specific (the “Swiss KIID”) or whether this insertion