Swiss Paying Agent

REYL Offering

• Swiss Paying Agent: as a regulated Swiss bank, we are authorised to act as a paying agent
• Single counterparty: combined offering with representation creating a streamlined onboarding and simplified ongoing due diligence

Swiss Regulatory Framework

The requirement for a Swiss paying Agent is set out in the Collective Investment Scheme Act:

Collective Investment Scheme Act
Art. 120 Duty to obtain approval
 

1. - Schemes must be approved by FINMA before they can be offered in Switzerland to non-qualified investors.     The representative shall submit the documents requiring approval to FINMA.

2. - Approval is granted if:

• a. the collective investment scheme, fund management company or company, asset manager of the collective investment scheme and depository are subject to public supervision intended to protect investors;
• b. with regard to organisation, investor rights and investment policy, the fund management company or company and the depository are subject to regulations which are equivalent to the provisions of this Act;
• c. the designation of the collective investment scheme does not provide grounds for confusion or deception;
• d. a representative and a paying agent are appointed for the offer of units in Switzerland;
• e. there is an agreement on cooperation and the exchange of information between FINMA and the foreign supervisory authorities relevant to the offer.
   

2.bis - The representative and the paying agent may only end their mandate with FINMA’s prior approval.

(....)

4. - Foreign collective investment schemes which are offered in Switzerland to qualified investors in accordance with Article 5 paragraph 1 FinSA do not require approval but must meet the conditions pursuant to paragraph 2 letters c and d at all times.