Who We Serve
We advise fund promoters, asset managers and institutional investors on Swiss fund structuring, FINMA authorisation and cross-border distribution.
Fund Promoters
& Initiators
Legal structuring and FINMA approval for Swiss collective investment schemes — contractual funds, SICAVs, limited partnerships for collective investment (KmGK), and the Limited Qualified Investor Fund (L-QIF) framework under CISA.
Asset Managers & Portfolio Managers
FINMA licensing for managers of collective assets, FINMA authorisation as managers of collective assets and affiliation with a FINMA-recognised supervisory organisation for portfolio managers and ongoing compliance with organisational, conduct, and capital requirements.
Foreign Fund Managers & Distributors
Swiss market access for foreign collective investment schemes, representative and paying agent appointments, and cross-border distribution compliance under CISA and FinSA.
What We Do
Comprehensive advisory across the full lifecycle of Swiss and cross-border fund structuring, licensing and ongoing regulatory compliance.
Fund Structuring & Formation
Legal design of contractual funds, SICAVs, LPs, and KmGK structures under CISA, including fund contracts, prospectuses, and KIIDs.
FINMA Licensing & Fund Approval
Preparation and management of FINMA licence applications for fund management companies and fund contract approvals.
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L-QIF Setup & Advisory
Structuring of Limited Qualified Investor Funds (L-QIFs) — Switzerland's newest fund category, exempt from FINMA approval but requiring a FINMA-licensed asset manager.
Asset Manager Registration
FINMA authorisation for managers of collective assets and supervisory organisation affiliation for portfolio managers.
Cross-Border Fund Distribution
Swiss market access for foreign funds, representative and paying agent appointments, and FinSA distribution compliance.
Ongoing Regulatory Compliance
Investment guidelines monitoring, NAV calculation oversight, investor reporting obligations, and management of supervisory interactions with FINMA.
Why Switzerland
Switzerland offers a mature, investor-friendly framework for collective investment schemes with global reach.
Comprehensive Fund Legislation
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The Collective Investment Schemes Act (CISA/KAG) provides a robust legal framework for contractual funds, SICAVs, SICAFs, limited partnerships for collective investment, and the new L-QIF — offering fund promoters a flexible toolkit matched by few other jurisdictions.
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Global Asset Management Hub
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Switzerland manages approximately CHF 2.6 trillion in fund assets and is the world's largest cross-border private wealth management centre. This concentration of capital, talent, and infrastructure creates a natural ecosystem for fund domiciliation and asset manager operations.
The L-QIF Innovation
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Effective 1 March 2024, the L-QIF (Limited Qualified Investor Fund) enables Swiss fund launches without FINMA product approval, dramatically reducing time-to-market for qualified investor products. L-QIFs must be managed by a FINMA-licensed manager, ensuring institutional governance without product-level regulatory delay.
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Investor Protection & Stability
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FINMA's prudential supervision, combined with mandatory custodian bank requirements, independent auditing, and strict investment guideline monitoring, provides institutional-grade investor protection. Switzerland's political neutrality and economic stability further enhance its appeal as a fund domicile.
Why Allegra LAW
What sets us apart in Swiss investment fund and asset management law.
FINMA Licensing Track Record
Allegra LAW has extensive experience guiding fund management companies and asset managers through FINMA authorisation, with deep knowledge of regulatory expectations at every stage.
L-QIF Early Movers
Allegra LAW was among the first Swiss firms to structure L-QIF vehicles after the framework launched in March 2024, giving us practical, first-hand experience with this new fund category.
Former FINMA Staff
Allegra LAW's team includes professionals with direct FINMA experience, bringing first-hand supervisory experience and insight into fund approval processes and regulatory expectations.
Cross-Border Strength
Allegra LAW advises on Swiss market access for foreign funds and international distribution of Swiss products, coordinating with counsel across the EU, UK, and USA.
Boutique Precision
Every Allegra LAW fund mandate is led by a senior lawyer. You get direct, experienced counsel from structuring through FINMA approval and beyond.
Speed & Transparency
Allegra LAW delivers clear timelines, transparent fee structures, and efficient processes — critical for fund launches where time-to-market determines competitive advantage.
Your Banking Journey in 4 Steps
From concept to launch, we guide you through every phase of Swiss fund structuring and regulation.
1
Fund Concept & Regulatory Assessment
We analyse your investment strategy, target investors, and distribution plans to determine the optimal fund structure — contractual fund, SICAV, LP, or L-QIF — under CISA.
2
Structuring & Documentation
We draft fund contracts, prospectuses, KIIDs, and organisational regulations. For L-QIFs, we prepare the streamlined documentation set required without FINMA product approval.
3
FINMA Approval &
Licensing
We manage the FINMA fund contract approval process and, where needed, the fund management company licence application, handling all regulatory dialogue.
4
Launch & Ongoing Compliance
Post-approval, we support fund launch, investor onboarding, distribution agreements, and ongoing regulatory compliance including investment guideline monitoring and FINMA reporting.
Frequently Asked Questions
Key questions about investment funds and asset management law in Switzerland.
What types of collective investment schemes exist under Swiss law?
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Under the Collective Investment Schemes Act (CISA/KAG), Switzerland recognises several fund types: contractual investment funds (the most common), investment companies with variable capital (SICAVs), investment companies with fixed capital (SICAFs), and limited partnerships for collective investment (KmGK). Since 1 March 2024, the Limited Qualified Investor Fund (L-QIF) adds a new category exempt from FINMA product approval. Allegra LAW advises on all fund structures, helping clients select the optimal vehicle based on investment strategy, target investors, and distribution plans.
What is an L-QIF and why is it significant?
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The L-QIF (Limited Qualified Investor Fund), effective since 1 March 2024, is a Swiss fund vehicle reserved for qualified investors that does not require FINMA product-level approval or supervision. The L-QIF must be managed by a FINMA-licensed fund management company or manager of collective assets, ensuring institutional governance, potentially reduces approval timelines from several months to a significantly shorter timeframe— making Switzerland competitive with Luxembourg and Ireland for alternative fund structures. Allegra LAW was among the first firms to structure L-QIF vehicles and brings practical, first-hand experience to every L-QIF mandate.
Do I need a FINMA licence to manage funds in Switzerland?
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Yes. Under Art. 5 of the Financial Institutions Act (FinIA), anyone commercially managing collective investment schemes must hold a FINMA licence as a "manager of collective assets." Portfolio managers managing individual client mandates require authorisation under Art. 17 FinIA and must affiliate with a FINMA-recognised supervisory organisation. Fund management companies operating Swiss funds need a separate licence under Art. 28 CISA. Allegra LAW guides clients through all three licensing paths, leveraging our former FINMA staff experience to anticipate regulatory requirements and streamline the application process.
Can a foreign fund be distributed in Switzerland?
Yes, subject to specific requirements under CISA. Foreign funds distributed to non-qualified investors in Switzerland require FINMA approval under Art. 120 CISA and must appoint a Swiss representative and paying agent. Distribution to qualified investors requires a representative and paying agent but no FINMA approval (Art. 120 para. 4 CISA). The fund's home jurisdiction must have a cooperation agreement with FINMA. Allegra LAW handles the full Swiss market access process for foreign fund managers, from representative appointments to FINMA submissions, ensuring efficient and compliant distribution.
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How does Switzerland compare to Luxembourg and Ireland for fund domiciliation?
Switzerland cannot offer EU passporting (as a non-EU member), but compensates with several advantages: the L-QIF provides faster time-to-market than Luxembourg's RAIF for qualified investor funds; Switzerland's political stability and privacy standards are unmatched; and its position as the world's largest cross-border wealth management centre provides natural distribution channels. For managers targeting non-EU investors or Swiss-based capital, Swiss domiciliation is often more efficient. Allegra LAW advises on optimal jurisdictional structuring, including Swiss-Luxembourg parallel structures for clients needing both EU passporting and Swiss market access.