Swiss lawmakers are considering proposals to tighten regulations on hedge funds and other asset managers that will align the Alpine nation with draft European union rules.
The amendment to an act on collective investments will be debated by both chambers of the parliament in the ??summer and autumn sessions? and take effect in 2013, said Nadia Batzig, a spokeswoman for the Swiss Finance Ministry in Bern.
While the rules would allow Swiss-based investment managers to distribute their products in the EU, they will have to meet more stringent risk, compliance and auditing standards.
The new rules may deplete the range of funds on offer in Switzerland and cause managers to cut jobs or leave the country, the Basel-based Swiss Funds Association said on March 26. The Swiss proposals go beyond what is required for EU compatibility, the association said.
