I did some research at some point, and I don’t think it is supposed to force IB to prevent you to trade those.
For example, can read https://www.pwc.ch/en/publications/2018/Auswirkungen_von%20FIDLEG_FINIG_auf_das_KAG_EN_web.pdf in particular “VI. Distribution”
(and the law)
My understanding is that the requirement applies only to financial products marketed (offering) to retail investors.
Now quoting the doc:
Accordingly, the exception specified under Art. 3(2) lit. a CISA, according to which it is not deemed to be distribution, if the provision of information and the subscription of collective investment schemes is at the instigation of or at the own initiative of the investor (reverse solicitation), is no longer explicitly provided. The content of this provision shall continue to apply, however, since the definition of an offer according to
Art. 3 lit. h FinSA cannot include the acquisition of units at the instigation of or at the own initiative of the investor.
So if you just want to trade it, it should still be allowed (reverse solicitation).
I also remember checking some parliamentary documents from when it passed and iirc those questions were explicitly discussed.
Also iirc (it was a couple of months ago when I checked), the phrasing in the EU regulation is totally different.
Now of course the question is whether IB will spend money getting legal advice for just Swiss customers and try to provide investors with as much choice as then can or not take any risk, go the easy way and just prevent any non EU product from being traded.
I guess we can wait and see…