Alternative Investment Management Association Representing the global hedge fund industry
Under Canada's early warning reporting (EWR) system, investors holding 10% or more of a public company's voting securities must publicly report their ownership levels, the purpose of the transaction and any future intention to accumulate more securities. On 13 March 2013 the Canadian Securities Administrators (CSA) issued a request for comments in respect of the proposed amendments to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids, National Policy 62-203 – Take-Over Bids and Issuer Bids and National Instrument 62 – 103 – Early Warning System and Related Take-Over Bid and Insider Reporting Issues (the ‘Proposed Amendments’) which proposed, amongst other things, decreasing the early warning reporting threshold from 10% to 5%. The Proposed Amendments would also increase EWR disclosure obligations for investors who acquire derivatives or public company securities through securities lending arrangements and make the alternative monthly reporting system unavailable to institutional investors who engage in certain forms of shareholder activism.
Proposed Amendments: MI 62-104 Take-Over Bids and Issuer Bids, NP 62-203 Take-Over Bids and Issuer Bids, and NI 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues (March 2013)
Regulation of asset managers in Switzerland is governed by the Collective Investment Schemes Act of 23 June 2006, as amended (the ‘CISA’). The CISA aims to protect investors and to ensure transparency and the proper functioning of the market for collective investment schemes (‘CIS’).
The Swiss Federal Council (the ‘SFC’) launched a consultation on the partial revision of the CISA on 6 July 2011. The intention of the revision of the CISA was to close the regulatory gaps identified by the SFC and to align the provisions relating to the management, custody and distribution of CIS with international standards, in particular the Alternative Investment Fund Managers Directive (‘AIFMD’) and the Undertakings for Collective Investment in Transferable Securities Directive (‘UCITS’). The new regulation came into force on 1 March 2013.
Federal Act on Collective Investment Schemes (CISA) - The Federal Assembly of the Swiss Confederation (Status as of 1 January 2014)
Ordinance on Collective Investment Schemes (CISO) - The Swiss Federal Council (Status as of 1 January 2014)
Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes (CISO-FINMA) (Status as of 1 January 2009)
FINMA Circular 2013/9 - Distribution of Collective Investment Schemes (KPMG) (Unofficial translation issued in September 2013)