Thursday, December 21, 2006
Switzerland
Things you might not know about Switzerland
Nearly three quarters of the Swiss Market Index (SMI) is concentrated in just three sectors (Pharmaceutical/Biotechnology, Diversified Financials, Food/Beverage/Tobacco)
Banks in Switzerland manage assets of some US$3,600 billion - 10 times Switzerland's Gross Domestic Product
Credit Suisse and UBS control 54.5% of Switzerland's total fund business
Most of Switzerland's US$495 billion mutual fund market (approximately 65%) is conducted abroad, mainly in Luxembourg
The Swiss Federal Banking Commission is one of the most challenging financial authorities. The local rules and regulations regarding investment objectives, names and structure of funds, and the reporting requirements are very detailed. In addition, the local regulator has strict practices and procedures, which mean projects can become major challenges
There will be a new Investment Fund Act in 2007 - domestic fund providers will have opportunities to launch SICAV and limited liability partnerships as new legal entities. Foreign fund providers should benefit from less strict publication requirements, liberalized private placement rules and a simplified registration procedure.
And finally, according to colleagues in Switzerland, the country produces the finest chocolate, has the best sailing team and Roger Federer is the best tennis player in the world!Labels: stories
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9:39 AM ::
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