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Structured products
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Swiss Bankers Association (SBA) Guidelines on Informing Investors about
Structured Products
The new Act on Collective Investment Schemes
(CISA) and the associated Federal Ordinance on Collective Investment Schemes (CISO) entered into force
on 1 January 2007. Structured products are dealt with in Article 5 of CISA. Apart from this, structured
products, which are not collective investments in the sense of CISA, are not subject to the new Act.
Article
5 of CISA explicitly states that structured products may only be publicly offered in Switzerland or
from Switzerland if they are issued, guaranteed or distributed by Swiss banks, insurance companies and
securities traders or by foreign institutions subject to equivalent standards of supervision. In addition,
the Act requires - with certain exceptions - that a simplified prospectus be offered free-of-charge
to all interested persons upon issuance of the product or upon conclusion of contract.
The
requirements of the simplified prospectus are described in our Association’s Guidelines on Informing
Investors about Structured Products. These Guidelines, which came into force on 1 July 2007, are available
in German, French, English and Italian on the following link:
PDF
Richtlinien über
die Information der Anlegerinnen und
Anleger zu strukturierten Produkten
PDF Directives concernant l'information
des investis-seurs
sur les produits structurés
PDF Guidelines on informing investors
about structured
products
PDF Direttive sulle informazioni agli investitori relative
ai prodotti strutturati
In
its capacity as financial markets supervisor the Swiss Federal Banking Commission has answered some
frequently-asked questions (FAQ) dealing with the interpretation of Article 5 of CISA and Article 4
of CISO. The FAQ also covers questions connected with distinguishing between collective investments
on the
one hand and structured products on the other. The FAQ is available in German and French on the following
link:  http://www.ebk.ch/e/faq/index.html.
In
order
to promote the interpretation of the Guidelines our Association has also compiled an FAQ which contains
general information on certain technical terms contained in the Guidelines. This
FAQ
is available
in German, French
and English.
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Junior
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