The Commitment-II approach under the revised CISO-FINMA

The Commitment-II approach under the revised CISO-FINMA

On 1 January 2015 the revised regulations of CISO-FINMA regarding the use of derivatives under the commitment-II approach came into force. The new requirements are bringing about new challenges but also chances for providers of Swiss funds.


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Commitment-II approach

Summary of key changes

  • Transition rules for implementation until 1 January 2016
  • Implementation of European “Commitment approach” according to CESR-Guideline 10-788 into Swiss law
  • Extended definition of “global exposure” of funds by adding two more components
  • Exclusive view on creation of “market risk” by use of derivatives opens up new possibilities for asset management techniques
  • More rigorous requirements for the recognition of a netting- or hedging arrangement

Investment management

New technologies and regulatory frameworks mean innovative solutions are needed in investment management. KPMG provides customized support.

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