BPO is licensed by FINMA to provide representation services for foreign CIS distributed in Switzerland to QI.
BPO provides its services to a select “best of breed” group of foreign Alternative Investments products.
- Foreign CIS represented by BPO are subject to operational due diligence and validation by the compliance officer and the Board.
- Once a CIS is validated, BPO signs a representation agreement with the fund.
A distribution agreement will be signed by BPO, appointing the manager (provided it is adequately supervised) or a standalone distributor in order for the product to be marketed in Switzerland to QI.
Role of the Swiss representative:
Represent the foreign CIS towards investors and FINMA. Handling complaints from investors or the authorities and bearing legal liability in the event of legal violations in the distribution of the products represented.
Ensure the foreign CIS offering document and marketing material are in compliance with Swiss law.
Make available the foreign CIS offering and legal document to QI prospects and clients.
Conclude written distribution agreement for the CIS with regulated Distributors.
Supervise the placement of the foreign CIS on the Swiss market.
As a Swiss representative, BPO assists in:
- Reviewing the funds’ offering and marketing documents to ensure compliance with the Swiss law.
- Selecting and formalizing the appointment of a Swiss paying agent *.
- Setting up the distribution agreements appointing the manager or a standalone distributor.
- Working with your marketing team to ensure all prospects are appropriately classified as QI.
- Deal with queries from investors, FINMA and auditors.
- In addition, BPO monitors the evolution of the Swiss regulatory framework and inform the CIS, its manager and distributors when changes may impact their distribution activities in Switzerland.
- As part of its representation services, BPO will be the main point of contact for any matter related to the distribution of the CIS in Switzerland.
- BPO will contract the manager or a standalone distributor for the marketing of the CIS to QI in Switzerland. BPO will not need to receive lists of clients or prospects, but will have to ensure that marketing is addressed solely to QI.
- BPO will help the distributor(s), on a best effort basis, with market intelligence and the identification of prospects/leads for the funds according to its profile.
- In some instances, BPO may act as the distributor of the CIS represented in the Swiss market.
*The new CISA requires Swiss investors to have the choice of using domestic paying agent when they subscribe, thereby the foreign CIS must have the necessary arrangement in place