Attention Fund Providers: Standstill period due to Covid-19 is extended!
COVID-19 has been causing volatile stock markets for days now, which also presents a challenge for fund management companies, initiators and managers of collective investment schemes. Some fund providers intend to do short-term adjustments to the investment guidelines stipulated in the fund prospectus and fund contract in order to reduce price losses, redemptions and liquidity shortage. However, amendments to fund contracts may only be made if the FINMA has approved these amendments and no investors have objected to them (30-day objection period pursuant to Art. 27 para. 3 CISA). But now, the Federal Council has decided that the deadlines in civil and administrative proceedings have been suspended since 21 March 2020 and that the standstill will last until 19 April 2020 (instead of 7 days before and 7 days after Easter). This standstill also applies to the 30-day objection period pursuant to Art. 27 para. 3 CISA. If you intend to publish an amendment to the fund contract today, it will be approved by FINMA and come into force on 20 May 2020 at the earliest (changes reserved). If you still wish to do short-term amendments to the fund contract and fund prospectus, you should limit yourself to amendments which do not require approval by the FINMA (and which are also not subject to the 30-day objection period). We will be happy to support you with a corresponding analysis.