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July 12, 2021

AMCs: What is the Legal structure of Actively Managed Certificates? – Podcast with Luca Bianci

Legally speaking, what are Actively Managed Certificates (AMCs)? New podcast episode on NaluFM.

Luca Bianchi, a Partner at Kellerhals Carrard, sat down with vestr’s Head of Business Development, Stefan Wagner. The two discussed in greater depth a special type of debt capital market instrument.

Beyond the benefits and advantages of AMCs, Stefan was curious to hear more about their legal structure. As such, Luca shared his expertise and offered key insights into the Swiss regulatory framework. Some highlights that he shared:

  • AMCs are subject to FinSa (Financial Services Act) in Switzerland
  • One must structure an AMC in such a way that it does not qualify as a collective investment under the Collective Investment Schemes (CISA)
  • Due to different structuring approaches in the market, issuers should consult a legal expert for support in structuring an AMC

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