This revi­sion of the law intro­duces a new fund cat­e­go­ry in Switzer­land, the Lim­it­ed Qual­i­fied Investor Fund (L‑QIF), which will only be acces­si­ble to qual­i­fied investors, but does not have to be autho­rised or approved by FIN­MA and is not sub­ject to pru­den­tial super­vi­sion. We address var­i­ous ques­tions, such as:

• Have we now cre­at­ed a big bang here?
• Is the legal frame­work of the L‑QIF lib­er­al and flex­i­ble enough to bring inno­v­a­tive prod­ucts to the mar­ket quick­ly? Or were we too hes­i­tant and missed out on gen­uine liberalisation?
• What oppor­tu­ni­ties does the Lim­it­ed Qual­i­fied Investor Fund (L‑QIF) offer for asset man­age­ment in Switzer­land? Is the fund indus­try ready for the new prod­uct category?
• Is there already demand for L‑QIFs? Why the restric­tive access reg­u­la­tions for L‑QIFs with prop­er­ty investments?
• Are there any oth­er changes worth know­ing about as of 1 March 2024?

We dis­cuss the strengths, weak­ness­es and poten­tial appli­ca­tions of the L‑QIF and the new legal provisions