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Federal Act on Collective Investment Schemes

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.

The Federal Assembly of the Swiss Confederation,

based on Article 98 paragraphs 1 and 2 and 122 paragraph 1 of the Federal Constitution1, and having considered the Federal Council Dispatch of 23 September 20052,

decrees:

Title 1 General Provisions

Chapter 1 Aim and Scope of Application

Art. 1 Aim

This Act aims to pro­tect in­vestors and to en­sure trans­par­ency and the prop­er func­tion­ing of the mar­ket for col­lect­ive in­vest­ment schemes.

Art. 2 Scope of Application

1This Act gov­erns the fol­low­ing, ir­re­spect­ive of their leg­al status:

a.
Swiss col­lect­ive in­vest­ment schemes and per­sons who are re­spons­ible for the man­age­ment and dis­tri­bu­tion of such schemes, and the safe­keep­ing of as­sets held in them;
b.
for­eign col­lect­ive in­vest­ment schemes which are dis­trib­uted in Switzer­land;
c.
per­sons who man­age for­eign col­lect­ive in­vest­ment schemes in or from Switzer­land;
d.
per­sons who dis­trib­ute for­eign col­lect­ive in­vest­ment schemes in Switzer­land;
e.
per­sons who dis­trib­ute, from Switzer­land, for­eign col­lect­ive in­vest­ment schemes which are not ex­clus­ively re­served for qual­i­fied in­vestors as defined in Art­icle 10 para­graph 3, 3bis or 3ter, or sub­ject to equi­val­ent for­eign law;
f.
per­sons who rep­res­ent for­eign col­lect­ive in­vest­ment schemes in Switzer­land.1

2The fol­low­ing are not gov­erned by this Act:

a.
in­sti­tu­tions and an­cil­lary in­sti­tu­tions in the oc­cu­pa­tion­al pen­sions sec­tor, in­clud­ing in­vest­ment found­a­tions;
b.
so­cial se­cur­ity in­sti­tu­tions and com­pens­a­tion funds;
c.
pub­lic au­thor­it­ies and in­sti­tu­tions;
d.
op­er­at­ing com­pan­ies which are en­gaged in busi­ness activ­it­ies;
e.
com­pan­ies which by way of a ma­jor­ity of the votes or by any an­oth­er way bring to­geth­er one or more com­pan­ies to form a group un­der single man­age­ment (hold­ing com­pan­ies);
f.
in­vest­ment clubs whose mem­bers are in a po­s­i­tion to man­age their fin­an­cial in­terests them­selves;
g.
as­so­ci­ations and found­a­tions as defined in the Swiss Civil Code2;
h.3
as­set man­agers of col­lect­ive in­vest­ment schemes whose in­vestors are qual­i­fied as defined in Art­icle 10 para­graph 3, 3bis or 3ter and which meet one of the fol­low­ing re­quire­ments:
1.
The as­sets un­der man­age­ment, in­clud­ing the as­sets ac­quired through the use of lever­aged fin­ance, amount in total to no more than CHF 100 mil­lion.
2.
The as­sets un­der man­age­ment of the col­lect­ive in­vest­ment schemes con­sist of non-lever­aged col­lect­ive in­vest­ment schemes where in­vestors are not per­mit­ted to ex­er­cise re­demp­tion rights for a peri­od of five years after their first in­vest­ment is made in each of these col­lect­ive in­vest­ment schemes, and amount to no more than CHF 500 mil­lion.
3.
The in­vestors are ex­clus­ively group com­pan­ies of the group of com­pan­ies to which the as­set man­ager be­longs.

2bisAs­set man­agers of col­lect­ive in­vest­ment schemes pur­su­ant to para­graph 2 let­ter h may sub­ject them­selves to this Act if this is re­quired by the coun­try in which the col­lect­ive in­vest­ment scheme is es­tab­lished or dis­trib­uted. The Fed­er­al Coun­cil defines the de­tails. It may re­quire a re­gis­tra­tion non­ethe­less in or­der to be able to col­lect eco­nom­ic­ally sig­ni­fic­ant data ir­re­spect­ive of wheth­er such as­set man­agers sub­ject them­selves to this Act.4

3In­vest­ment com­pan­ies in the form of Swiss com­pan­ies lim­ited by shares are not gov­erned by this Act, provided they are lis­ted on a Swiss ex­change, or provided that:

a.
only share­hold­ers as defined in Art­icle 10 para­graphs 3, 3bis and 3ter are en­titled to par­ti­cip­ate in them; and
b.
their shares are re­gistered.5

46


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 SR 210
3 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
4 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
5 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
6 Re­pealed by No I of the Fed­er­al Act of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 3 Distribution

1The dis­tri­bu­tion of col­lect­ive in­vest­ment schemes pur­su­ant to this Act is defined as any of­fer­ing of and ad­vert­ising for col­lect­ive in­vest­ment schemes that is not ex­clus­ively dir­ec­ted at in­vestors as defined in Art­icle 10 para­graph 3 let­ters a and b.

2The fol­low­ing are not deemed to be dis­tri­bu­tion:

a.
the pro­vi­sion of in­form­a­tion and the sub­scrip­tion of col­lect­ive in­vest­ment schemes at the in­stig­a­tion of or at the own ini­ti­at­ive of in­vestors, es­pe­cially in the con­text of in­vest­ment ad­vis­ory agree­ments or for ex­e­cu­tion-only trans­ac­tions;
b.
the pro­vi­sion of in­form­a­tion and the sub­scrip­tion of col­lect­ive in­vest­ment schemes based on a writ­ten dis­cre­tion­ary man­age­ment agree­ment with fin­an­cial in­ter­me­di­ar­ies as defined in Art­icle 10 para­graph 3 let­ter a;
c.
the pro­vi­sion of in­form­a­tion and the sub­scrip­tion of col­lect­ive in­vest­ment schemes based on a writ­ten dis­cre­tion­ary man­age­ment agree­ment with an in­de­pend­ent as­set man­ager which:
1.
in its ca­pa­city as a fin­an­cial in­ter­me­di­ary is gov­erned by Art­icle 2 Para­graph 3e of the Anti-Money Laun­der­ing Act of 10 Oc­to­ber 19972,
2.
is gov­erned by the code of con­duct is­sued by a spe­cif­ic in­dustry body, such code of con­duct be­ing re­cog­nised as the min­im­um stand­ard by the Swiss Fin­an­cial Mar­ket Su­per­vis­ory Au­thor­ity (FINMA),
3.
the dis­cre­tion­ary man­age­ment agree­ment com­plies with the stand­ards of a spe­cif­ic in­dustry body, such stand­ards be­ing re­cog­nized as the min­im­um stand­ard by FINMA;
d.
the pub­lic­a­tion of prices, net as­set val­ues and tax data by reg­u­lated fin­an­cial in­ter­me­di­ar­ies;
e.
the of­fer­ing of stock op­tion schemes in the form of col­lect­ive in­vest­ment schemes to em­ploy­ees.

1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 SR 955.0

Art. 4 In-house funds

1This Act does not gov­ern in-house funds of a con­trac­tu­al nature which are cre­ated by banks and se­cur­it­ies deal­ers for the pur­pose of col­lect­ively man­aging the as­sets of ex­ist­ing cli­ents, provided the fol­low­ing re­quire­ments are met:

a.
Cli­ents par­ti­cip­ate in such in-house funds ex­clus­ively on the basis of a writ­ten dis­cre­tion­ary man­age­ment agree­ment.
b.
No unit cer­ti­fic­ates are is­sued.
c.1
They do not dis­trib­ute such in-house funds.

2The cre­ation and dis­sol­u­tion of in-house funds must be no­ti­fied to the audit com­pany2 ap­poin­ted un­der the Swiss Bank­ing Act and the Stock Ex­change Act.

3In the event of bank­ruptcy of the bank or se­cur­it­ies deal­er, as­sets and rights that form part of in-house funds shall be se­greg­ated in fa­vour of the in­vestors.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 Term in ac­cord­ance with An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829). This change has been made throughout the text.

Art. 5 Structured products

1Struc­tured products, such as cap­it­al-pro­tec­ted products, capped re­turn products and cer­ti­fic­ates, may only be dis­trib­uted in or from Switzer­land to non-qual­i­fied in­vestors if:1

a.
they are is­sued, guar­an­teed or se­cured in an equi­val­ent man­ner by:2
1.
a bank as defined in the Fed­er­al Act on Banks and Sav­ings Banks of 8 Novem­ber 19343,
2.
an in­sur­ance com­pany as defined in the Fed­er­al Act on the Su­per­vi­sion of In­sur­ance Com­pan­ies of 17 Decem­ber 20044,
3.
a se­cur­it­ies deal­er as defined in the Stock Ex­change Act of 24 March 19955,
4.
a for­eign in­sti­tu­tion that is sub­ject to equi­val­ent stand­ards of su­per­vi­sion,
b.
a sim­pli­fied pro­spect­us is avail­able for them.

1bisThe is­su­ing of struc­tured products to non-qual­i­fied in­vestors by spe­cial pur­pose en­tit­ies is per­mit­ted if they are dis­trib­uted by an in­sti­tu­tion as defined in para­graph 1 let­ter a and equi­val­ent se­cur­ity is en­sured. The Fed­er­al Coun­cil defines the re­quire­ments for equi­val­ent se­cur­ity.6

2The sim­pli­fied pro­spect­us must com­ply with the fol­low­ing re­quire­ments:

a.
It must de­scribe, in ac­cord­ance with a stand­ard format, the key char­ac­ter­ist­ics of the struc­tured product (key data), its profit and loss pro­spects, to­geth­er with the sig­ni­fic­ant risks for in­vestors.
b.
It must be eas­ily un­der­stood by the av­er­age in­vestor.
c.
It must make ref­er­ence to the fact that the struc­tured product is neither a col­lect­ive in­vest­ment scheme, nor does it re­quire the au­thor­isa­tion of FINMA.

3A pro­vi­sion­al sim­pli­fied pro­spect­us in­clud­ing in­dic­at­ive in­form­a­tion must be made avail­able free of charge to in­ter­ested per­sons pri­or to sub­scrib­ing the product or pri­or to con­clud­ing an agree­ment to sub­scribe the product. In ad­di­tion, the defin­it­ive sim­pli­fied pro­spect­us must be made avail­able free of charge to in­ter­ested per­sons on is­sue or on con­clud­ing an agree­ment to sub­scribe the product.7

4The re­quire­ment un­der Art­icle 1156 of the Swiss Code of Ob­lig­a­tions8 for a pro­spect­us shall not ap­ply in this case.

5In all oth­er re­spects, struc­tured products are not gov­erned by this Act.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 SR 952.0
4 SR 961.01
5 SR 954.1
6 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
7 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
8 SR 220

Art. 6 Delegation to the Federal Council

1With­in the frame­work of the im­ple­ment­ing reg­u­la­tions, the Fed­er­al Coun­cil may fully or par­tially sub­ject the col­lect­ive in­vest­ment schemes, sim­il­ar schemes or com­pan­ies to this Act, or fully or par­tially ex­empt as­set-pool­ing con­structs or com­pan­ies from be­ing sub­jec­ted to this Act, provided that the pro­tect­ive pur­pose of this Act is not im­paired.

2For con­sulta­tion pur­poses, it sub­mits the rel­ev­ant pro­vi­sions to the com­mit­tee re­spons­ible, in ac­cord­ance with Art­icle 151 para­graph 1 of the Par­lia­ment Act of 13 Decem­ber 20021.


Chapter 2 Collective Investment Schemes

Art. 7 Definition

1Col­lect­ive in­vest­ment schemes are as­sets raised from in­vestors for the pur­pose of col­lect­ive in­vest­ment, and which are man­aged for the ac­count of such in­vestors. The in­vest­ment re­quire­ments of the in­vestors are met on an equal basis.

2Col­lect­ive in­vest­ment schemes may be open or closed-ended.

3The Fed­er­al Coun­cil may stip­u­late a min­im­um num­ber of in­vestors in ac­cord­ance with the leg­al status and tar­get group.1

4In the case of single in­vestor funds, the fund man­age­ment com­pany and the in­vest­ment com­pany with vari­able cap­it­al (SICAV) may del­eg­ate the in­vest­ment de­cisions to the single in­vestor. FINMA may ex­empt them from the duty to sub­ject them­selves to su­per­vi­sion re­cog­nised un­der Art­icle 31 para­graph 3 and Art­icle 36 para­graph 3, re­spect­ively.2


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 8 Open-ended collective investment schemes

1Open-ended col­lect­ive in­vest­ment schemes may be in the form of a con­trac­tu­al fund (Art. 25 et seq.) or SICAV (Art. 36 et seq.).

2With open-ended col­lect­ive in­vest­ment schemes, in­vestors have either a dir­ect or in­dir­ect leg­al en­ti­tle­ment, at the ex­pense of the col­lect­ive as­sets, to re­deem their units at the net as­set value.

3Each open-ended col­lect­ive in­vest­ment scheme has its own fund reg­u­la­tions. In the case of con­trac­tu­al funds this is the col­lect­ive in­vest­ment con­tract (fund con­tract), and in the case of SICAVs it is the art­icles of as­so­ci­ation and the in­vest­ment reg­u­la­tions.

Art. 9 Closed-ended collective investment schemes

1Closed-ended col­lect­ive in­vest­ment schemes may be in the form of a lim­ited part­ner­ship for col­lect­ive cap­it­al in­vest­ments (Art. 98 et seq.) or an in­vest­ment com­pany with fixed cap­it­al (SI­CAF, Art. 110 et seq.).

2In the case of closed-ended col­lect­ive in­vest­ment schemes, in­vestors have neither a dir­ect nor an in­dir­ect leg­al en­ti­tle­ment at the ex­pense of the col­lect­ive as­sets to the re­demp­tion of their units at the net as­set value.

3Lim­ited part­ner­ships for col­lect­ive in­vest­ment are based on a com­pany agree­ment.

4SI­CAFs are based on art­icles of as­so­ci­ation and is­sue a set of in­vest­ment reg­u­la­tions.

Art. 10 Investors

1In­vestors are nat­ur­al and leg­al per­sons, as well as gen­er­al and lim­ited part­ner­ships, which hold units in col­lect­ive in­vest­ment schemes.

2Col­lect­ive in­vest­ment schemes are open to all in­vestors, ex­cept where this Act, the fund reg­u­la­tions or the art­icles of as­so­ci­ation re­strict in­vestor eli­gib­il­ity to qual­i­fied in­vestors.

3Qual­i­fied in­vestors pur­su­ant to this Act spe­cific­ally in­clude:1

a.2
reg­u­lated fin­an­cial in­ter­me­di­ar­ies such as banks, se­cur­it­ies traders, fund man­age­ment com­pan­ies and as­set man­agers of col­lect­ive in­vest­ment schemes, as well as cent­ral banks;
b.
reg­u­lated in­sur­ance in­sti­tu­tions;
c.
pub­lic en­tit­ies and re­tire­ment be­ne­fits in­sti­tu­tions with pro­fes­sion­al treas­ury op­er­a­tions;
d.
com­pan­ies with pro­fes­sion­al treas­ury op­er­a­tions;
e. and f.
3

3bisHigh-net-worth in­di­vidu­als may de­clare in writ­ing that they wish to be deemed qual­i­fied in­vestors. In ad­di­tion, the Fed­er­al Coun­cil may make such per­sons' suit­ab­il­ity as qual­i­fied in­vestors de­pend­ent on cer­tain con­di­tions, spe­cific­ally tech­nic­al qual­i­fic­a­tions.4

3terIn­vestors who have con­cluded a writ­ten dis­cre­tion­ary man­age­ment agree­ment as defined in Art­icle 3 Para­graph 2b and c are deemed qual­i­fied in­vestors un­less they have de­clared in writ­ing that they do not wish to be deemed as such.5

4The Fed­er­al Coun­cil may deem oth­er cat­egor­ies of in­vestors to be qual­i­fied.

5The FINMA may fully or par­tially ex­empt col­lect­ive in­vest­ment schemes from cer­tain pro­vi­sions of this Act, provided that they are ex­clus­ively open to­wards qual­i­fied in­vestors and that the pro­tect­ive pur­pose of this Act is not im­paired, spe­cific­ally from the pro­vi­sions con­cern­ing:6

a.7
b.
the re­quire­ment to pro­duce a pro­spect­us;
c.
the re­quire­ment to pro­duce a semi-an­nu­al re­port;
d.
the re­quire­ment to provide in­vestors with the right to ter­min­ate their in­vest­ment at any time;
e.
the re­quire­ment to is­sue and re­deem units in cash;
f.
risk di­ver­si­fic­a­tion.

1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 June 2013 (AS 2013 585; BBl 2012 3639).
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 June 2013 (AS 2013 585; BBl 2012 3639).
3 Re­pealed by No I of the Fed­er­al Act of 28 Sept. 2012, with ef­fect from 1 June 2013 (AS 2013 585; BBl 2012 3639).
4 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 June 2013 (AS 2013 585; BBl 2012 3639).
5 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 June 2013 (AS 2013 585; BBl 2012 3639).
6 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 June 2013 (AS 2013 585; BBl 2012 3639).
7 Re­pealed by No I of the Fed­er­al Act of 28 Sept. 2012, with ef­fect from 1 June 2013 (AS 2013 585; BBl 2012 3639).

Art. 11 Units

Units are claims against the fund man­age­ment com­pany con­fer­ring en­ti­tle­ment to the as­sets and in­come of the in­vest­ment fund or in­terests in the in­vest­ment com­pany.

Art. 12 Protection against confusion or deception

1The des­ig­na­tion «col­lect­ive in­vest­ment scheme» must not provide any grounds for con­fu­sion or de­cep­tion, in par­tic­u­lar in re­la­tion to the in­vest­ments.

2Des­ig­na­tions such as «in­vest­ment fund», «in­vest­ment com­pany with vari­able cap­it­al», «SICAV», «lim­ited part­ner­ship for col­lect­ive in­vest­ment», «in­vest­ment com­pany with fixed cap­it­al» and «SI­CAF» may only be used for the rel­ev­ant col­lect­ive in­vest­ment schemes gov­erned by this Act.1


1 Amended by No III of the Fed­er­al Act of 25 Sept. 2015 (Law on Busi­ness Names), in force since 1 Ju­ly 2016 (AS 2016 1507; BBl 2014 9305).

Chapter 3 Authorisation and Approval

Section 1 General

Art. 13 Authorisation requirement

1Any party re­spons­ible for the man­age­ment of a col­lect­ive in­vest­ment scheme, the safe­keep­ing of the as­sets held in it or the dis­tri­bu­tion of it to non-qual­i­fied in­vestors must ob­tain au­thor­isa­tion from FINMA.1

2The fol­low­ing are re­quired to ob­tain au­thor­isa­tion:

a.
fund man­age­ment com­pan­ies;
b.
SICAVs;
c.
lim­ited part­ner­ships for col­lect­ive in­vest­ment;
d.
SI­CAFs;
e.2
cus­todi­an banks of Swiss col­lect­ive in­vest­ment schemes;
f.3
as­set man­agers of col­lect­ive in­vest­ment schemes;
g.
dis­trib­ut­ors;
h.
rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes.

3As­set man­agers of col­lect­ive in­vest­ment schemes, dis­trib­ut­ors and rep­res­ent­at­ives who are already sub­ject to oth­er equi­val­ent of­fi­cial su­per­vis­ory con­trol may be gran­ted ex­emp­tion from the au­thor­isa­tion re­quire­ments by the Fed­er­al Coun­cil.4

45

5The per­sons cited in para­graph 2 let­ters a-d may only be entered in the Com­mer­cial Re­gister once au­thor­isa­tion has been gran­ted by FINMA.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
4 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
5 Re­pealed by No I of the Fed­er­al Act of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 14 Authorisation requirements

1Au­thor­isa­tion is gran­ted if:

a.
the per­sons re­spons­ible for man­age­ment and the busi­ness op­er­a­tions have a good repu­ta­tion, guar­an­tee prop­er man­age­ment, and pos­sess the re­quis­ite spe­cial­ist qual­i­fic­a­tions;
b.
the sig­ni­fic­ant equity hold­ers have a good repu­ta­tion and do not ex­ert their in­flu­ence to the det­ri­ment of prudent and sound busi­ness prac­tice;
c.
com­pli­ance with the du­ties stem­ming from this Act is as­sured by in­tern­al reg­u­la­tions and an ap­pro­pri­ate or­gan­isa­tion­al struc­ture;
d.
suf­fi­cient fin­an­cial guar­an­tees are avail­able;
e.
the ad­di­tion­al au­thor­isa­tion con­di­tions lis­ted in the rel­ev­ant pro­vi­sions of the Act are met.

1bisIn­so­far as the fin­an­cial guar­an­tees are used to meet min­im­al cap­it­al re­quire­ments, the Fed­er­al Coun­cil may stip­u­late high­er cap­it­al re­quire­ments than re­quired by the Code of Ob­lig­a­tions1.2

1terThe Fed­er­al Coun­cil may stip­u­late ad­di­tion­al au­thor­isa­tion con­di­tions in ac­cord­ance with in­ter­na­tion­al de­vel­op­ments. It may also make its grant­ing of au­thor­isa­tion de­pend­ent on the con­clu­sion of pro­fes­sion­al in­dem­nity in­sur­ance or on evid­ence of fin­an­cial guar­an­tees.3

2Fur­ther­more, FINMA may make its grant­ing of au­thor­isa­tion de­pend­ent on com­pli­ance with the codes of con­duct of a spe­cif­ic in­dustry body.

3The fol­low­ing are deemed to be sig­ni­fic­ant equity hold­ers, provided they dir­ectly or in­dir­ectly con­trol at least 10 per­cent of the cap­it­al or votes in the per­sons spe­cified in Art­icle 13 para­graph 2 or can ma­ter­i­ally in­flu­ence their busi­ness activ­it­ies in an­oth­er way:

a.
nat­ur­al and leg­al per­sons:
b.
gen­er­al and lim­ited part­ner­ships;
c.
fin­an­cially re­lated parties which meet this cri­terion on a com­bined basis.4

1 SR 220
2 In­ser­ted by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).
3 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
4 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 15 Duty to obtain approval

1The fol­low­ing doc­u­ments are re­quired for ob­tain­ing the ap­prov­al of FINMA:

a.
for in­vest­ment fund, the col­lect­ive in­vest­ment con­tract (Art. 25);
b.
for SICAVs, the art­icles of as­so­ci­ation and in­vest­ment reg­u­la­tions;
c.
for lim­ited part­ner­ships for col­lect­ive in­vest­ment, the com­pany agree­ment;
d.
SI­CAFs, the art­icles of as­so­ci­ation and in­vest­ment reg­u­la­tions;
e.1
the rel­ev­ant doc­u­ments of for­eign col­lect­ive in­vest­ment schemes which are dis­trib­uted to non-qual­i­fied in­vestors.

2If an in­vest­ment fund or SICAV is struc­tured as an open-ended col­lect­ive in­vest­ment scheme with sub­funds (Art. 92 et seq.), each sub­fund or cat­egory of shares re­quires in­di­vidu­al ap­prov­al.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 16 Change in circumstances

If there is a change in the cir­cum­stances un­der­ly­ing the au­thor­isa­tion or ap­prov­al, FINMA's au­thor­isa­tion or ap­prov­al must be sought pri­or to the con­tinu­ation of activ­ity.

Art. 17 Simplified authorisation and approval procedure

The Fed­er­al Coun­cil may spe­cify a sim­pli­fied au­thor­isa­tion and ap­prov­al pro­ced­ure pro­cess for col­lect­ive in­vest­ment schemes.

Section 2 Asset Managers of Collective Investment Schemes

Art. 18 Organisation

1As­set man­agers of col­lect­ive in­vest­ment schemes with their re­gistered of­fice in Switzer­land may be:

a.
leg­al per­sons in the form of com­pan­ies lim­ited by shares, part­ner­ships lim­ited by shares or lim­ited li­ab­il­ity com­pan­ies;
b.
gen­er­al and lim­ited part­ner­ships;
c.
Swiss branches of a for­eign as­set man­ager of col­lect­ive in­vest­ment schemes, provided:
1.
the as­set man­ager, in­clud­ing its branch, is sub­ject to an ap­pro­pri­ate su­per­vis­ory con­trol at its re­gistered of­fice,
2.
the as­set man­ager is ad­equately or­gan­ised and has com­men­sur­ate fin­an­cial re­sources and qual­i­fied per­son­nel to op­er­ate a branch in Switzer­land, and
3.
an agree­ment ex­ists on co­oper­a­tion and the ex­change of in­form­a­tion between FINMA and the rel­ev­ant for­eign su­per­vis­ory au­thor­it­ies.

2FINMA may make as­set man­agers of col­lect­ive in­vest­ment schemes which be­long to a fin­an­cial group or con­glom­er­ate sub­ject to group or con­glom­er­ate su­per­vi­sion if re­quired by in­ter­na­tion­al stand­ards.

3FINMA may in jus­ti­fied in­stances grant col­lect­ive in­vest­ment schemes full or par­tial ex­emp­tion from pro­vi­sions of this Act, provided:

a.
the pro­tect­ive pur­pose of this Act is not im­paired; and
b.
the as­set man­age­ment of col­lect­ive in­vest­ment schemes has been trans­ferred to them by the fol­low­ing per­sons only:
1.
li­censees pur­su­ant to Art­icle 13 para­graph 2 let­ters a-d and f, or
2.
for­eign fund man­age­ment com­pan­ies or com­pan­ies which in terms of or­gan­isa­tion and in­vestor rights are sub­ject to reg­u­la­tions which are equi­val­ent to the pro­vi­sions of this Act.

Art. 18a Duties

1The as­set man­ager of col­lect­ive in­vest­ment schemes en­sures the prop­er con­duct of port­fo­lio and risk man­age­ment for one or more col­lect­ive in­vest­ment schemes.

2It may in the course of such du­ties ad­di­tion­ally per­form ad­min­is­trat­ive activ­it­ies, sub­ject to the pro­vi­sions of Art­icle 31.

3In ad­di­tion, it may per­form the fol­low­ing an­cil­lary ser­vices in par­tic­u­lar:

a.
fund busi­ness for for­eign col­lect­ive in­vest­ment schemes, provided an agree­ment ex­ists on the co­oper­a­tion and the ex­change of in­form­a­tion between FINMA and the rel­ev­ant for­eign su­per­vis­ory au­thor­it­ies in re­la­tion to the fund busi­ness and the for­eign law re­quires such an agree­ment;
b.
dis­cre­tion­ary man­age­ment of in­di­vidu­al port­fo­li­os;
c.
in­vest­ment ad­vis­ory ser­vices;
d.
dis­tri­bu­tion of col­lect­ive in­vest­ment schemes;
e.
rep­res­ent­a­tion of for­eign col­lect­ive in­vest­ment schemes.

Art. 18b Delegation of tasks

1As­set man­agers of col­lect­ive in­vest­ment schemes may del­eg­ate spe­cif­ic tasks, provided this is in the in­terest of ef­fi­cient man­age­ment.

2They shall ap­point only those per­sons who are prop­erly qual­i­fied to ex­ecute the task, and en­sure they re­ceive the in­struc­tion, mon­it­or­ing and con­trol re­quired for the im­ple­ment­a­tion of the tasks as­signed.

3They may only del­eg­ate in­vest­ment de­cisions to as­set man­agers of col­lect­ive in­vest­ment schemes who are sub­ject to re­cog­nised su­per­vi­sion.

4Where for­eign law re­quires an agree­ment on the co­oper­a­tion and the ex­change of in­form­a­tion with for­eign su­per­vis­ory au­thor­it­ies, they may only del­eg­ate in­vest­ment de­cisions to as­set man­agers abroad where such an agree­ment ex­ists between FINMA and the rel­ev­ant for­eign su­per­vis­ory au­thor­it­ies.

Art. 18c Changes

FINMA must be no­ti­fied in ad­vance of any change in as­set man­ager for col­lect­ive in­vest­ment schemes.

Section 3 Distributors

Art. 19

11

1bisA fin­an­cial in­ter­me­di­ary may only dis­trib­ute for­eign col­lect­ive in­vest­ment schemes in­ten­ded solely for qual­i­fied in­vestors if it is sub­ject to ap­pro­pri­ate su­per­vi­sion in Switzer­land or its coun­try of dom­i­cile.2

2The Fed­er­al Coun­cil defines the au­thor­isa­tion con­di­tions.

3In par­tic­u­lar, it may make au­thor­isa­tion de­pend­ent on ad­equate fin­an­cial and pro­fes­sion­al guar­an­tees on the part of the dis­trib­ut­ors.

43


1 Re­pealed by No I of the Fed­er­al Act of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 Re­pealed by No I of the Fed­er­al Act of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).

Chapter 4 Code of Conduct

Art. 20 Principles

1Li­censees (au­thor­ised parties) and their agents shall ful­fil the fol­low­ing re­quire­ments in par­tic­u­lar:1

a.
duty of loy­alty: they act in­de­pend­ently and ex­clus­ively in the in­terests of the in­vestors;
b.
due di­li­gence: they im­ple­ment the or­gan­isa­tion­al meas­ures that are ne­ces­sary for prop­er man­age­ment;
c.2
duty to provide in­form­a­tion: They en­sure the pro­vi­sion of trans­par­ent fin­an­cial state­ments and provide ap­pro­pri­ate in­form­a­tion about the col­lect­ive in­vest­ment schemes which they man­age and dis­trib­ute and the as­sets which they hold in safe­keep­ing; they dis­close all charges and fees in­curred dir­ectly or in­dir­ectly by the in­vestors and their ap­pro­pri­ation; they no­ti­fy in­vestors of com­pens­a­tion for the dis­tri­bu­tion of col­lect­ive in­vest­ment schemes in the form of com­mis­sions, broker­age fees and oth­er soft com­mis­sions in a full, truth­ful and com­pre­hens­ible man­ner.

2FINMA may spe­cify min­im­um stand­ards in the form of the codes of con­duct of in­dustry bod­ies.

3Li­censees shall take all ne­ces­sary pre­cau­tions to en­sure that all du­ties in re­la­tion to all their busi­ness activ­it­ies are per­formed prop­erly.3


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 21 Investments

1The li­censees and their agents pur­sue an in­vest­ment policy that at all times cor­res­ponds with the in­vest­ment char­ac­ter­ist­ics of the col­lect­ive in­vest­ment scheme as set out in the rel­ev­ant doc­u­ments.

2In re­spect of the pur­chase and sale of as­sets and rights on their own be­half as well as that of third parties, they are only en­titled to re­ceive the fees spe­cified in the rel­ev­ant doc­u­ments. Com­mis­sions and oth­er fin­an­cial be­ne­fits must be cred­ited to the col­lect­ive in­vest­ment scheme.

3As­sets ac­quired for their own ac­count may only be pur­chased at mar­ket price, while any sale of own-ac­count as­sets must also be at mar­ket price.

Art. 22 Securities transactions

1Coun­ter­parties for se­cur­it­ies trades and oth­er trans­ac­tions must be care­fully se­lec­ted. They must of­fer a guar­an­tee of best ex­e­cu­tion in terms of price, time and quant­ity.

2The choice of coun­ter­parties must be re­viewed at reg­u­lar in­ter­vals.

3Agree­ments which cur­tail the free­dom of de­cision of the li­censees or their agents are not per­mit­ted.

Art. 23 Exercising membership and creditors' rights

1The mem­ber­ship and cred­it­ors' rights as­so­ci­ated with the in­vest­ments must be ex­er­cised in­de­pend­ently and ex­clus­ively in the in­terests of the in­vestors.

2Art­icle 685d para­graph 2 of the Code of Ob­lig­a­tions1 does not ap­ply to in­vest­ment funds.

3If a fund man­age­ment com­pany man­ages sev­er­al in­vest­ment funds, the level of the par­ti­cip­a­tion with re­spect to the per­cent­age lim­it set out in Art­icle 685d para­graph 1 of the Code of Ob­lig­a­tions is cal­cu­lated in­di­vidu­ally for each in­vest­ment fund.

4Para­graph 3 also ap­plies to each sub­fund of an open-ended col­lect­ive in­vest­ment scheme as defined in Art­icle 92 et seq.


1 SR 220

Art. 24 Further rules of conduct

1The li­censees shall take the meas­ures re­quired to en­sure the le­git­im­ate ac­quis­i­tion of cli­ents and the ob­ject­ive pro­vi­sion of ad­vice to the lat­ter.

2If they en­gage the ser­vices of third parties in the dis­tri­bu­tion of units in col­lect­ive in­vest­ment schemes, they shall con­clude dis­tri­bu­tion agree­ments with these third parties.

3The li­censees and third parties en­gaged to dis­trib­ute units shall re­cord in writ­ing the cli­ent's re­quire­ments that they have as­cer­tained and the reas­ons for each re­com­mend­a­tion for in­vest­ment in a spe­cif­ic col­lect­ive in­vest­ment scheme. This writ­ten re­cord is handed over to the cli­ent.2


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 Jan. 2014 (AS 2013 585; BBl 2012 3639).
2 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 Jan. 2014 (AS 2013 585; BBl 2012 3639).

Title 2 Open-Ended Collective Investment Schemes

Chapter 1 The Contractual Fund

Section 1 Definition

Art. 25

1The con­trac­tu­al fund (in­vest­ment fund) is based on a col­lect­ive in­vest­ment agree­ment (fund con­tract) un­der which the fund man­age­ment com­pany com­mits it­self to:

a.
in­volving in­vestors in ac­cord­ance with the num­ber and type of units which they have ac­quired in the in­vest­ment fund;
b.
man­aging the fund's as­sets in ac­cord­ance with the pro­vi­sions of the fund con­tract at its own dis­cre­tion and for its own ac­count.

2The cus­todi­an bank is a party to the con­tract in ac­cord­ance with the tasks con­ferred on it by the law and by the fund con­tract.

3The in­vest­ment fund must have the stip­u­lated min­im­um as­sets. The Fed­er­al Coun­cil de­term­ines the level there­of, and the peri­od in which it must be ac­cu­mu­lated.

Section 2 The Fund Contract

Art. 26 Content

1The fund man­age­ment com­pany draws up the fund con­tract and, with the con­sent of the cus­todi­an bank, sub­mits it to FINMA for ap­prov­al.

2The fund con­tract sets out the rights and du­ties of the in­vestors, the fund man­age­ment com­pany and the cus­todi­an bank.

3The Fed­er­al Coun­cil de­term­ines the min­im­um con­tents.1


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 27 Amendments to the fund contract

1Amend­ments to the fund con­tract must be sub­mit­ted by the fund man­age­ment com­pany, with the con­sent of the cus­todi­an bank, to FINMA.

2If the fund man­age­ment com­pany amends the fund con­tract, it must pub­lish a sum­mary of the sig­ni­fic­ant amend­ments in ad­vance, in which ref­er­ence is made to the loc­a­tions where the full word­ing of the con­trac­tu­al amend­ments may be ob­tained free of charge.

3These pub­lic­a­tions must in­form in­vestors of their right to lodge ob­jec­tions with FINMA with­in 30 days of their pub­lic­a­tion. The pro­ced­ure is based on the Fed­er­al Act on Ad­min­is­trat­ive Pro­ced­ure of 20 Decem­ber 19681. In­vestors must fur­ther­more be made aware that they may re­quest the re­pay­ment of their units in cash, while ob­serving the con­trac­tu­al or reg­u­lat­ory no­tice peri­od.2

4FINMA pub­lishes its de­cision in the me­dia of pub­lic­a­tion.


1 SR 172.021
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Section 3 The Fund Management Company

Art. 28 Organisation

1The fund man­age­ment com­pany must be a com­pany lim­ited by shares with its re­gistered of­fice and main ad­min­is­trat­ive of­fice in Switzer­land.

2It must have a min­im­um cap­it­al. The Fed­er­al Coun­cil shall de­cide such amount.

3The share cap­it­al must be di­vided in­to re­gistered shares.

4The fund man­age­ment com­pany must have an or­gan­isa­tion­al struc­ture that is ap­pro­pri­ate to the tasks con­ferred on it. It sets out the du­ties and re­spons­ib­il­it­ies in the art­icles of as­so­ci­ation and in the or­gan­isa­tion­al reg­u­la­tions.

5The per­sons hold­ing ex­ec­ut­ive powers at the fund man­age­ment com­pany and cus­todi­an bank must be in­de­pend­ent of the oth­er party.

Art. 29 Objects

1The primary ob­ject of the fund man­age­ment com­pany is the con­duct of fund busi­ness. In ad­di­tion, it may provide the fol­low­ing an­cil­lary ser­vices:

a.
dis­cre­tion­ary man­age­ment of in­di­vidu­al port­fo­li­os;
b.
in­vest­ment ad­vis­ory ser­vices;
c.
safe­keep­ing and tech­nic­al ad­min­is­tra­tion of col­lect­ive in­vest­ment schemes.

2The con­duct of fund busi­ness for for­eign col­lect­ive in­vest­ment schemes is gov­erned by Art­icle 18a para­graph 3 let­ter a.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 30 Duties

The fund man­age­ment com­pany man­ages the fund at its own dis­cre­tion and in its own name but for the ac­count of the in­vestors. In par­tic­u­lar:

a.
it de­cides on the is­sue of units, in­vest­ments and their valu­ation;
b.
it cal­cu­lates the net as­set value;
c.
it de­term­ines is­sue and re­demp­tion prices in ad­di­tion to in­come dis­tri­bu­tions;
d.
it ex­er­cises all rights as­so­ci­ated with the in­vest­ment fund.

Art. 31 Delegation of duties

1The fund man­age­ment com­pany may del­eg­ate in­vest­ment de­cisions as well as spe­cif­ic tasks, provided this is in the in­terest of ef­fi­cient man­age­ment.

2It shall ap­point only those per­sons who are prop­erly qual­i­fied to ex­ecute the task, and en­sure they re­ceive their in­struc­tion, mon­it­or­ing and con­trol re­quired for the im­ple­ment­a­tion of the as­signed tasks.

3It may only del­eg­ate in­vest­ment de­cisions to as­set man­agers of col­lect­ive in­vest­ment schemes who are sub­ject to a re­cog­nized su­per­vi­sion.1

4Where for­eign law re­quires an agree­ment on co­oper­a­tion and the ex­change of in­form­a­tion with for­eign su­per­vis­ory au­thor­it­ies, it may only del­eg­ate in­vest­ment de­cisions to as­set man­agers abroad where such an agree­ment ex­ists between FINMA and the rel­ev­ant for­eign su­per­vis­ory au­thor­it­ies for the in­vest­ment de­cisions con­cerned.2

5For col­lect­ive in­vest­ment schemes sub­ject to sim­pli­fied dis­tri­bu­tion in the European Uni­on un­der a spe­cif­ic treaty, in­vest­ment de­cisions may not be del­eg­ated to the cus­todi­an bank or to oth­er com­pan­ies whose in­terests may con­flict with those of the fund man­age­ment com­pany or the in­vestors.3

6The fund man­age­ment com­pany is li­able for the ac­tions of its agents as if they were its own.4


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
4 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 32 Capital adequacy

1There must be an ap­pro­pri­ate re­la­tion­ship between the equity of the fund man­age­ment com­pany and the total as­sets of the col­lect­ive in­vest­ment schemes that it man­ages. The Fed­er­al Coun­cil reg­u­lates this re­la­tion­ship.

2In spe­cial cases, FINMA may grant a re­lax­a­tion of the re­quire­ments or may or­der a tight­en­ing there­of.

3The fund man­age­ment com­pany may not in­vest the pre­scribed equity in fund units which it it­self has is­sued, nor may it lend the equity to its share­hold­ers or to closely con­nec­ted nat­ur­al and leg­al per­sons. The hold­ing of li­quid as­sets with the cus­todi­an bank is not deemed to be lend­ing.

Art. 33 Rights

1The fund man­age­ment com­pany is en­titled to:

a.
re­ceive the fees stip­u­lated in the fund con­tract;
b.
be ex­empt from any li­ab­il­it­ies which may have aris­en in the course of the prop­er ex­e­cu­tion of its du­ties;
c.
re­ceive re­im­burse­ment of the ex­penses in­curred in con­nec­tion with such li­ab­il­it­ies.

2These pay­ments are made from the as­sets of the in­vest­ment fund. In­vestors are not held per­son­ally li­able.

Art. 34 Change of fund management company

1The rights and du­ties of the fund man­age­ment com­pany may be trans­ferred to an­oth­er fund man­age­ment com­pany.

2In or­der to be ef­fect­ive, the trans­fer agree­ment between the out­go­ing and in­com­ing fund man­age­ment com­pany must be in writ­ing, have the con­sent of the cus­todi­an bank and be ap­proved by FINMA.

3Pri­or to ap­prov­al by FINMA, the out­go­ing fund man­age­ment com­pany pub­lishes the pro­posed change in the me­dia of pub­lic­a­tion.1

4The in­vestors must be in­formed in these pub­lic­a­tions of their right to lodge ob­jec­tions with FINMA with­in 30 days from pub­lic­a­tion. The pro­ced­ure is based on the Fed­er­al Act on Ad­min­is­trat­ive Pro­ced­ure of 20 Decem­ber 19682.3

5FINMA au­thor­ises the change of fund man­age­ment com­pany if the leg­al re­quire­ments have been met and the con­tinu­ation of the in­vest­ment fund is in the in­terest of the in­vestors.

6It pub­lishes its de­cision in the me­dia of pub­lic­a­tion.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 SR 172.021
3 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 35 Segregation of fund assets

1In the case of bank­ruptcy, as­sets and rights be­long­ing to the fund man­age­ment com­pany will be se­greg­ated in fa­vour of the in­vestors. The same is true for the sched­ule of debts, as­sets and in­come po­ten­tial. The fund man­age­ment's claims are sub­ject to Art­icle 33.1

2Debts of the fund man­age­ment com­pany which do not arise un­der the fund con­tract may not be set off against claims of the in­vest­ment fund.


1 Amended by An­nex No 3 of the Fed­er­al Act of 18 March 2011 (Se­cur­ing In­vest­ments), in force since 1 Sept. 2011 (AS 2011 3919; BBl 2010 3993).

Chapter 2 Investment Company with Variable Capital

Section 1 General Provisions

Art. 36 Definition and duties

1SICAV is a com­pany:

a.
whose cap­it­al and num­ber of shares are not spe­cified in ad­vance;
b.
whose cap­it­al is di­vided in­to com­pany and in­vestor shares;
c.
for whose li­ab­il­it­ies only the com­pany's as­sets are li­able;
d.
whose sole ob­ject is col­lect­ive cap­it­al in­vest­ment.

2A SICAV shall have a min­im­um level of as­sets. The Fed­er­al Coun­cil de­term­ines the level and the peri­od with­in which it must be ac­cu­mu­lated.

3The SICAV may only del­eg­ate in­vest­ment de­cisions to as­set man­agers of col­lect­ive in­vest­ment schemes sub­ject to re­cog­nised su­per­vi­sion. Art­icles 30 and 31 para­graphs 1-5 ap­ply mu­tatis mutandis.2


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 37 Formation

1The form­a­tion of a SICAV is based on the pro­vi­sions of the Code of Ob­lig­a­tions1 re­gard­ing the form­a­tion of com­pan­ies lim­ited by shares, with the ex­cep­tion of the pro­vi­sions re­gard­ing con­tri­bu­tions in kind, ac­quis­i­tions in kind and spe­cial priv­ileges.

2The Fed­er­al Coun­cil spe­cifies the min­im­um in­vest­ment amount for a SICAV on its form­a­tion.2

33


1 SR 220
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 Re­pealed by No I of the Fed­er­al Act of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 38 Company name

1The com­pany name must con­tain a de­scrip­tion of the leg­al status or the ab­bre­vi­ation there­of (SICAV).

2In all oth­er re­spects, the pro­vi­sions of the Code of Ob­lig­a­tions1 re­gard­ing the name of com­pan­ies lim­ited by shares ap­ply.


1 SR 220

Art. 39 Capital adequacy

1There must be an ap­pro­pri­ate re­la­tion­ship between the hold­ings of the com­pany share­hold­ers and the total as­sets of the SICAV. The Fed­er­al Coun­cil reg­u­lates this re­la­tion­ship.

2In spe­cial cases, FINMA may grant a re­lax­a­tion of the re­quire­ments or may or­der a tight­en­ing there­of.

Art. 40 Shares

1The com­pany shares are re­gistered.

2The com­pany and in­vestor shares have no nom­in­al value and must be fully paid up in cash.

3The shares are freely trans­fer­able. The art­icles of as­so­ci­ation may re­strict in­vestor eli­gib­il­ity to qual­i­fied in­vestors if the shares of the SICAV are not lis­ted on an ex­change. If the SICAV with­holds its con­sent to a trans­fer of the shares, Art­icle 82 ap­plies.

4The art­icles of as­so­ci­ation may spe­cify dif­fer­ent cat­egor­ies of shares, to which dif­fer­ent rights are as­signed.

5The is­su­ing of par­ti­cip­a­tion cer­ti­fic­ates, di­vidend right cer­ti­fic­ates and pref­er­ence shares is pro­hib­ited.

Art. 41 Company shareholders

1The com­pany share­hold­ers con­trib­ute the min­im­um hold­ing ne­ces­sary for the form­a­tion of the SICAV.

2They re­solve the dis­sol­u­tion of the SICAV and its sub­funds in ac­cord­ance with Art­icle 96 para­graphs 2 and 3. 1

3In all oth­er re­spects, the pro­vi­sions re­gard­ing the rights of the share­hold­ers (Art. 46 et seq.) ap­ply.

4The rights and du­ties of the com­pany share­hold­ers pass to the pur­chaser on the trans­fer of the shares.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 42 Issue and redemption of shares

1Un­less the law and art­icles of as­so­ci­ation provide oth­er­wise, a SICAV may at any time is­sue new shares at the net as­set value and must, if re­ques­ted by a share­hold­er, at any time re­deem is­sued shares at the net as­set value. This re­quires neither an amend­ment to the art­icles of as­so­ci­ation nor an entry in the Com­mer­cial Re­gister.

2A SICAV may not hold treas­ury shares, wheth­er dir­ectly or in­dir­ectly.

3The share­hold­ers have no en­ti­tle­ment to the por­tion of newly is­sued shares cor­res­pond­ing to their pre­vi­ous hold­ing. In the case of real es­tate funds, this is sub­ject to Art­icle 66 para­graph 1.

4In all oth­er re­spects, the is­sue and re­demp­tion of shares is con­duc­ted in ac­cord­ance with Art­icles 78 to 82.

Art. 43 Articles of association

1The art­icles of as­so­ci­ation must con­tain pro­vi­sions con­cern­ing:

a..
the com­pany name and its re­gistered of­fice;
b.
the ob­jects;
c.
the min­im­um in­vest­ment amount;
d.
the con­ven­ing of gen­er­al meet­ings;
e.
the ex­ec­ut­ive and gov­ern­ing bod­ies;
f.
the me­dia of pub­lic­a­tion.

2To be ef­fect­ive, the art­icles of as­so­ci­ation must in­clude pro­vi­sions on the fol­low­ing:

a.
the term;
b.
the re­stric­tion of share­hold­er eli­gib­il­ity to qual­i­fied in­vestors and as­so­ci­ated lim­it­a­tion of the trans­fer­ab­il­ity of shares (Art. 40, Para. 3);
c.
the cat­egor­ies of shares and rights as­so­ci­ated there­with;
d.
the del­eg­a­tion of man­age­ment and rep­res­ent­a­tion, and the at­tend­ant pro­ced­ur­al de­tails (Art. 51);
e.
the passing of res­ol­u­tions by means of cor­res­pond­ence.

Art. 44 Investment regulations

A SICAV shall pro­duce a set of in­vest­ment reg­u­la­tions. Its con­tents are based on the pro­vi­sions re­gard­ing the fund con­tract, un­less the law and art­icles of as­so­ci­ation provide oth­er­wise.

Art. 44a Custodian bank

1The SICAV must ap­point a cus­todi­an bank in ac­cord­ance with Art­icles 72-74.

2FINMA may grant ex­emp­tions from this duty if jus­ti­fied, provided:

a.
the SICAV is ex­clus­ively open to qual­i­fied in­vestors;
b.
one or more in­sti­tu­tions which are sub­ject to equi­val­ent su­per­vi­sion ex­ecute the trans­ac­tions re­lated to set­tle­ment and spe­cial­ise in such trans­ac­tions (prime broker); and
c.
it is en­sured that the prime broker or the for­eign su­per­vis­ory au­thor­ity re­spons­ible for the prime broker will provide FINMA with all the in­form­a­tion and doc­u­ments that it re­quires to carry out its du­ties.

1 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 45 Relationship with the Financial Market Infrastructure Act

The pro­vi­sions on pub­lic takeover of­fers (Arts. 125 to 141 of the Fin­an­cial Mar­ket In­fra­struc­ture Act of 19 June 20152) do not ap­ply to SICAVs .


1 Amended by An­nex No 9 of the Fin­an­cial Mar­ket In­fra­struc­ture Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).
2 SR 958.1

Section 2 Shareholders' Rights and Obligations

Art. 46 Membership rights

1Any per­son re­cog­nised as a share­hold­er by the SICAV may ex­er­cise mem­ber­ship rights.

2The share­hold­ers may rep­res­ent their shares at a gen­er­al meet­ing in per­son or be rep­res­en­ted by a third party. Un­less the art­icles of as­so­ci­ation provide oth­er­wise, the third party need not be a share­hold­er.

3A SICAV shall keep a re­gister of the shares, in which the names and ad­dresses of com­pany share­hold­ers are re­cor­ded. It shall also keep a re­gister un­der Art­icle 697l of the Code of Ob­lig­a­tions1 of the be­ne­fi­cial own­ers of the shares held by com­pany share­hold­ers.2

4The art­icles of as­so­ci­ation may spe­cify that the com­pany share­hold­ers and in­vestor share­hold­ers are both en­titled to at least one seat on the board of dir­ect­ors in the case of self-man­aged as well as ex­tern­ally man­aged SICAVs.3


1 SR220
2 Second sen­tence in­ser­ted by No I 6 of the Fed­er­al Act of 12 Dec. 2014 on the Im­ple­ment­a­tion of the re­vised re­com­mend­a­tions 2012 of the Fin­an­cial Ac­tion Task Force, in force since 1 Ju­ly 2015 (AS 2015 1389; BBl2014 605).
3 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 46a Company shareholders' obligation to give notice

1Com­pany share­hold­ers whose shares are not lis­ted on a stock ex­change are sub­ject to the ob­lig­a­tion to give no­tice un­der Art­icle 697j of the Code of Ob­lig­a­tions2.

2The con­sequences of fail­ure to com­ply with ob­lig­a­tion to give no­tice are gov­erned by Art­icle 697m of the Code of Ob­lig­a­tions.


1 In­ser­ted by No I 6 of the Fed­er­al Act of 12 Dec. 2014 on the Im­ple­ment­a­tion of the re­vised re­com­mend­a­tions 2012 of the Fin­an­cial Ac­tion Task Force, in force since 1 Ju­ly 2015 (AS 2015 1389; BBl2014 605).
2 SR220

Art. 47 Voting rights

1Each share car­ries one vote.

2The Fed­er­al Coun­cil may au­thor­ise FINMA to or­der the split­ting or mer­ging of shares in a share class.


1 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).

Art. 48 Inspection rights

In­spec­tion rights are based on the pro­vi­sions of the Code of Ob­lig­a­tions1 re­gard­ing the share­hold­ers' in­spec­tion rights un­less this Act provides oth­er­wise.


1 SR 220

Art. 49 Other rights

In all oth­er re­spects, Art­icles 78 et seq. ap­ply.

Section 3 Organisation

Art. 50 General meeting

1The su­preme gov­ern­ing body of the SICAV is the gen­er­al meet­ing of share­hold­ers.

2The gen­er­al meet­ing is held every year with­in four months of the close of the busi­ness year.

3Un­less oth­er­wise provided for by the Fed­er­al Coun­cil, in all oth­er re­spects, the pro­vi­sions of the Code of Ob­lig­a­tions1 re­gard­ing the gen­er­al meet­ings of com­pan­ies lim­ited by shares ap­ply.2


1 SR 220
2 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).

Art. 51 Board of directors

1The board of dir­ect­ors con­sists of at least three but no more than sev­en mem­bers.

2The art­icles of as­so­ci­ation may au­thor­ise the board of dir­ect­ors to trans­fer man­age­ment and rep­res­ent­a­tion in full or in part to in­di­vidu­al mem­bers or third parties in ac­cord­ance with the or­gan­iz­a­tion­al reg­u­la­tions.

3The per­sons hold­ing ex­ec­ut­ive powers at the SICAV and cus­todi­an bank must be in­de­pend­ent of the oth­er party.

4The board of dir­ect­ors draws up the pro­spect­us as well as the Key In­vestor In­form­a­tion Doc­u­ment or the sim­pli­fied pro­spect­us.1

5The ad­min­is­tra­tion of a SICAV may only be del­eg­ated to an au­thor­ised fund man­age­ment com­pany in ac­cord­ance with Art­icle 28 et seq.

6Un­less oth­er­wise provided for by the Fed­er­al Coun­cil, in all oth­er re­spects, the pro­vi­sions of the Code of Ob­lig­a­tions2 re­gard­ing the board of dir­ect­ors of com­pan­ies lim­ited by shares ap­ply.3


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 SR 220
3 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).

Art. 52 Audit company

A SICAV shall ap­point an audit com­pany (Art. 126 et seq.).

Chapter 3 Types of Open-Ended Collective Investment Schemes and Investment Regulations

Section 1 Securities Funds

Art. 53 Definition

Se­cur­it­ies funds are open-ended col­lect­ive in­vest­ment schemes which in­vest their as­sets in se­cur­it­ies and com­ply with the laws of the European Com­munit­ies.

Art. 54 Permitted investments

1Se­cur­it­ies funds may in­vest in trans­fer­able se­cur­it­ies is­sued on a large scale and in non-se­cur­it­ised rights hav­ing the same func­tion (un­cer­ti­fied se­cur­it­ies) and which are traded on a stock ex­change or an­oth­er reg­u­lated mar­ket that is open to the pub­lic, in ad­di­tion to oth­er li­quid fin­an­cial as­sets.

2The fund man­age­ment com­pany may also hold a lim­ited volume of oth­er se­cur­it­ies and rights, as well as ad­equate li­quid­ity.

Art. 55 Investment techniques

1The fund man­age­ment com­pany and the SICAV may em­ploy the fol­low­ing in­vest­ment tech­niques for the pur­pose of ef­fi­cient man­age­ment:

a.
se­cur­it­ies lend­ing;
b.
re­pur­chase agree­ments;
c.
bor­row­ing of funds, though only on a tem­por­ary basis and up to a cer­tain per­cent­age;
d.
pledging or trans­fer­ring the own­er­ship of col­lat­er­al, however, only up to a cer­tain per­cent­age.

2The Fed­er­al Coun­cil may per­mit oth­er in­vest­ment tech­niques such as short selling and the grant­ing of loans.

3It defines the per­cent­age lim­its. FINMA reg­u­lates the de­tails.

Art. 56 Use of derivatives

1The fund man­age­ment com­pany and the SICAV may con­duct trans­ac­tions in de­riv­at­ives provided:

a.
such trans­ac­tions do not res­ult in a change to the in­vest­ment char­ac­ter­ist­ics of the se­cur­it­ies fund;
b.
they have an ap­pro­pri­ate or­gan­isa­tion­al struc­ture and ad­equate risk man­age­ment;
c.
the per­sons en­trus­ted with pro­cessing and mon­it­or­ing are qual­i­fied to do so, and can at all times com­pre­hend and track the ef­fect of the de­riv­at­ives used.

2The over­all ex­pos­ure to trans­ac­tions in­volving de­riv­at­ives may not ex­ceed a cer­tain per­cent­age of the fund's net as­sets. Ex­pos­ure to trans­ac­tions in­volving de­riv­at­ives must be cal­cu­lated in re­la­tion to the stat­utory and reg­u­lat­ory lim­its, spe­cific­ally with re­gard to risk di­ver­si­fic­a­tion.

3The Fed­er­al Coun­cil de­term­ines the per­cent­age rate. FINMA reg­u­lates the de­tails.

Art. 57 Risk diversification

1In re­la­tion to their in­vest­ments, the fund man­age­ment com­pany and SICAV must com­ply with the prin­ciples of risk di­ver­si­fic­a­tion. As a rule, they may in­vest only a cer­tain per­cent­age of the fund's as­sets in the same debt is­suer or com­pany.

2The vot­ing rights ac­quired through the pur­chase of se­cur­it­ies or rights in a single debt is­suer or com­pany may not ex­ceed a cer­tain per­cent­age.

3The Fed­er­al Coun­cil de­cides the per­cent­age rates. FINMA reg­u­lates the de­tails.

Section 2 Real Estate Funds

Art. 58 Definition

Real es­tate funds are open-ended col­lect­ive in­vest­ment schemes which in­vest their as­sets in real es­tate.

Art. 59 Permitted investments

1Real es­tate funds may in­vest their as­sets in:

a.
prop­erty, in­clud­ing fix­tures and fit­tings;
b.
in­vest­ments in and claims on real es­tate com­pan­ies whose sole ob­ject­ive is the pur­chase and sale and/or the rent­al and lease of their own prop­erty, provided that at least two thirds of their cap­it­al and vot­ing rights are in­cor­por­ated in the in­vest­ment fund;
c.
units in oth­er real es­tate in­vest­ment funds and lis­ted real es­tate in­vest­ment com­pan­ies amount­ing to no more than 25% of the fund's total as­sets;
d.
for­eign real es­tate se­cur­it­ies whose value can be ad­equately val­ued.

2Co-own­er­ship of prop­erty is per­mit­ted only if the fund man­age­ment com­pany or the SICAV can ex­ert a dom­in­ant in­flu­ence.

Art. 60 Securing liabilities

In or­der to se­cure their li­ab­il­it­ies, the fund man­age­ment com­pany and SICAV must main­tain an ad­equate pro­por­tion of the fund's as­sets in short-term fixed-in­terest se­cur­it­ies or in funds avail­able at short no­tice.

Art. 61 Use of derivatives

The fund man­age­ment com­pany and SICAV may con­duct de­riv­at­ive trans­ac­tions provided they com­ply with the in­vest­ment policy. The pro­vi­sions con­cern­ing the use of de­riv­at­ives for se­cur­it­ies funds (Art. 56) shall ap­ply ac­cord­ingly.

Art. 62 Risk diversification

In­vest­ments must be di­ver­si­fied by type of prop­erty, pur­pose of use, age, build­ing fab­ric and loc­a­tion.

Art. 63 Special duties

1The fund man­age­ment com­pany shall bear re­spons­ib­il­ity with re­gard to the in­vestors for en­sur­ing that the real es­tate com­pan­ies be­long­ing to the real es­tate fund com­ply with this Act and with the fund reg­u­la­tions.

2The fund man­age­ment com­pany, cus­todi­an bank and its agents, as well as closely re­lated nat­ur­al and leg­al per­sons, may not ac­quire real es­tate as­sets from real es­tate funds or as­sign any such as­sets to them.

3A SICAV may not ac­quire any real es­tate as­sets from the com­pany share­hold­ers, their agents, or closely con­nec­ted nat­ur­al or leg­al per­sons, nor may it as­sign such as­sets to them.

4If jus­ti­fied, in­di­vidu­al situ­ations may arise where FINMA may grant an ex­emp­tion from the ban on trans­ac­tions with closely re­lated per­sons as defined in para­graphs 2 and 3 if this is in the in­terest of the in­vestors. The Fed­er­al Coun­cil reg­u­lates the ex­emp­tion cri­ter­ia.1


1 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 64 Valuation experts

1The fund man­age­ment com­pany and the SICAV shall ap­point at least two nat­ur­al per­sons or one leg­al per­son as valu­ation ex­perts. Ap­point­ments re­quire the ap­prov­al of FINMA.2

2Ap­prov­al is gran­ted if the valu­ation ex­perts:3

a.
pos­sess the ne­ces­sary qual­i­fic­a­tions;
b.
are in­de­pend­ent;
c.4

3The valu­ation ex­perts must con­duct their valu­ations with the due di­li­gence and ex­pert­ise re­quired of a valu­ation ex­pert.5

4FINMA may make re­cog­ni­tion de­pend­ent on the con­clu­sion of pro­fes­sion­al in­dem­nity in­sur­ance or on the evid­ence of fin­an­cial guar­an­tees.6

5It may stip­u­late ad­di­tion­al re­quire­ments for the valu­ation ex­perts and de­scribe the valu­ation meth­ods to be ad­op­ted.7


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
4 Re­pealed by No I of the Fed­er­al Act of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).
5 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
6 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
7 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 65 Special powers

1The fund man­age­ment com­pany and the SICAV may com­mis­sion the con­struc­tion of build­ings provided the fund reg­u­la­tions ex­pli­citly per­mit the pur­chase of build­ing land and the ex­e­cu­tion of con­struc­tion pro­jects.

2They may pledge land and cede the rights of li­en as col­lat­er­al; however, the en­cum­brance may not ex­ceed on av­er­age a cer­tain per­cent­age of the mar­ket value of all real es­tate as­sets.

3The Fed­er­al Coun­cil defines the per­cent­age rate. FINMA reg­u­lates the de­tails.

Art. 66 Issue and redemption of units

1The fund man­age­ment com­pany and the SICAV must of­fer new units first to ex­ist­ing in­vestors.

2The in­vestors may re­quest the re­demp­tion of their units at the end of a fin­an­cial year provided they give twelve months' pri­or no­tice.

Art. 67 Trading

The fund man­age­ment com­pany and the SICAV en­sure that real es­tate fund units are reg­u­larly traded via a bank or a se­cur­it­ies deal­er on a stock ex­change or over the counter.

Section 3 Other Funds for Traditional and Alternative Investments

Art. 68 Definition

Oth­er funds for tra­di­tion­al and al­tern­at­ive in­vest­ments are open-ended col­lect­ive in­vest­ment schemes that are neither se­cur­it­ies funds nor real es­tate funds.

Art. 69 Permitted investments

1In par­tic­u­lar, in­vest­ments in se­cur­it­ies, pre­cious metals, real es­tate, com­mod­it­ies, de­riv­at­ives, units of oth­er col­lect­ive in­vest­ment schemes, as well as oth­er as­sets and rights, are per­mit­ted for oth­er funds for tra­di­tion­al and al­tern­at­ive in­vest­ments.

2The fol­low­ing in­vest­ments in par­tic­u­lar may be con­duc­ted for these funds:

a.
those that have only lim­ited mar­ket­ab­il­ity;
b.
those that are sub­ject to strong price fluc­tu­ations;
c.
those that ex­hib­it lim­ited risk di­ver­si­fic­a­tion;
d.
those that are dif­fi­cult to value.

Art. 70 Other funds for traditional investments

1Oth­er funds for tra­di­tion­al in­vest­ments in­clude open-ended col­lect­ive in­vest­ment schemes which in terms of their in­vest­ments, in­vest­ment tech­niques and in­vest­ment re­stric­tions ex­hib­it a risk pro­file that is typ­ic­al for tra­di­tion­al in­vest­ments.

2Oth­er funds for tra­di­tion­al in­vest­ments are sub­ject to the pro­vi­sions con­cern­ing the use of in­vest­ment tech­niques and de­riv­at­ives for se­cur­it­ies funds.

Art. 71 Other funds for alternative investments

1Oth­er funds for al­tern­at­ive in­vest­ments in­clude open-ended col­lect­ive in­vest­ment schemes whose in­vest­ments, struc­ture, in­vest­ment tech­niques (short-selling, bor­row­ing of funds, etc.) and in­vest­ment re­stric­tions ex­hib­it a risk pro­file that is typ­ic­al for al­tern­at­ive in­vest­ments.

2Lever­age is per­mit­ted only up to a cer­tain per­cent­age of the fund's net as­sets. The Fed­er­al Coun­cil de­term­ines the per­cent­age rate. FINMA reg­u­lates the de­tails.

3Ref­er­ence must be made in the fund name, as well as in the pro­spect­us and mar­ket­ing ma­ter­i­al, to the spe­cial risks in­volved in al­tern­at­ive in­vest­ments.

4The pro­spect­us must be offered free of charge to in­ter­ested per­sons pri­or to an agree­ment be­ing con­cluded or pri­or to sub­scrip­tion.

5FINMA may al­low the trans­ac­tion-re­lated set­tle­ment ser­vices of a dir­ectly in­vest­ing oth­er fund for al­tern­at­ive in­vest­ments to be provided by a reg­u­lated in­sti­tu­tion spe­cial­iz­ing in such trans­ac­tions (prime broker). It may spe­cify which mon­it­or­ing func­tions must be un­der­taken by the fund man­age­ment com­pany and the SICAV.

Chapter 4 Common Provisions

Section 1 Custodian Bank

Art. 72 Organisation

1The cus­todi­an bank must be a bank pur­su­ant to the Fed­er­al Act on Banks and Sav­ings Banks of 8 Novem­ber 19341 and have an ap­pro­pri­ate or­gan­isa­tion­al struc­ture to act as cus­todi­an bank to col­lect­ive in­vest­ment schemes.2

2In ad­di­tion to the per­sons en­trus­ted with the man­age­ment of the busi­ness op­er­a­tions, the per­sons en­trus­ted with the tasks of cus­todi­an bank activ­ity must also com­ply with the re­quire­ments laid down in Art­icle 14 para­graph 1 let­ter a.


1 SR 952.0
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 73 Duties

1The cus­todi­an bank is re­spons­ible for the safe­keep­ing of the in­vest­ment fund's as­sets, the is­sue and re­demp­tion of units, as well as pay­ment trans­fers on be­half of the in­vest­ment fund.

2It may trans­fer the re­spons­ib­il­ity for the safe­keep­ing of the in­vest­ment fund's as­sets to third-party cus­todi­ans and col­lect­ive se­cur­it­ies de­pos­it­or­ies in Switzer­land or abroad, provided this is in the in­terest of ef­fi­cient safe­keep­ing. In­vestors must be in­formed in the pro­spect­us about the risks as­so­ci­ated with such trans­fers.1

2bisFin­an­cial in­stru­ments may only be trans­ferred (para­graph 2) to reg­u­lated third-party cus­todi­ans and col­lect­ive se­cur­it­ies de­pos­it­or­ies. This does not ap­ply to man­dat­ory safe­keep­ing at a loc­a­tion where the trans­fer to reg­u­lated third-party cus­todi­ans and col­lect­ive se­cur­it­ies de­pos­it­or­ies is not pos­sible, in par­tic­u­lar due to man­dat­ory leg­al pro­vi­sions or to the in­vest­ment product's mod­al­it­ies. In­vestors must be in­formed in the product doc­u­ment­a­tion of safe­keep­ing by non-reg­u­lated third-party cus­todi­ans or col­lect­ive se­cur­it­ies de­pos­it­or­ies.2

3The cus­todi­an bank en­sures that the fund man­age­ment com­pany or the SICAV com­plies with this Act and with the fund reg­u­la­tions. It veri­fies wheth­er:3

a.
the cal­cu­la­tion of the net as­set value and of the is­sue and re­demp­tion prices of the units is in com­pli­ance with this Act and with the fund reg­u­la­tions;
b.
the in­vest­ment de­cisions are in com­pli­ance with this Act and with the fund reg­u­la­tions;
c.
the in­come is ap­pro­pri­ated in ac­cord­ance with the fund reg­u­la­tions.

4The Fed­er­al Coun­cil reg­u­lates the re­quire­ments for act­ing as a cus­todi­an bank and may spe­cify para­met­ers for the pro­tec­tion of the se­cur­it­ies in­vest­ments.4


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
4 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 74 Change of custodian bank

1In the case of in­vest­ment funds, the pro­vi­sions con­cern­ing a change of fund man­age­ment com­pany (Art. 34) also ap­ply ac­cord­ingly to a change of cus­todi­an bank.

2In the case of a SICAV, a change of cus­todi­an bank re­quires writ­ten agree­ment and must be ap­proved in ad­vance by FINMA.

3FINMA shall pub­lish its de­cision in the me­dia of pub­lic­a­tion.

Section 2 Prospectus, Key Investor Information Document and Simplified Prospectus

Art. 75 Prospectus

1The fund man­age­ment com­pany and the SICAV shall pub­lish a pro­spect­us for each open-ended col­lect­ive in­vest­ment scheme.

2The pro­spect­us shall in­clude the fund reg­u­la­tions in cases where in­ter­ested per­sons are not no­ti­fied as to where such reg­u­la­tions may be sep­ar­ately ob­tained pri­or to an agree­ment be­ing con­cluded or pri­or to sub­scrip­tion. The Fed­er­al Coun­cil de­term­ines which oth­er in­form­a­tion must be con­tained in the pro­spect­us.

3If re­ques­ted, the pro­spect­us must be provided free of charge to in­ter­ested per­sons pri­or to an agree­ment be­ing con­cluded or pri­or to sub­scrip­tion.

Art. 76 Key Investors Information Document and simplified prospectus

1A doc­u­ment con­tain­ing key in­form­a­tion for in­vestors must be pub­lished for se­cur­it­ies funds and oth­er funds for tra­di­tion­al in­vest­ments, while a sim­pli­fied pro­spect­us must be pub­lished for real es­tate funds.

2The Key In­vestor In­form­a­tion Doc­u­ment con­tains fac­tu­al in­form­a­tion on the key fea­tures of the col­lect­ive in­vest­ment scheme con­cerned. It shall be presen­ted in such a way that in­vestors un­der­stand the nature and risks of the col­lect­ive in­vest­ment scheme and can make in­formed in­vest­ment de­cisions on that basis.

3The sim­pli­fied pro­spect­us con­tains a sum­mary of the key in­form­a­tion provided in the pro­spect­us. It must be easy to un­der­stand.

4The Fed­er­al Coun­cil de­term­ines the key char­ac­ter­ist­ics and in­form­a­tion. The FINMA may form­al­ize the key in­form­a­tion in ac­cord­ance with in­ter­na­tion­al de­vel­op­ments.

5The Key In­vestor In­form­a­tion Doc­u­ment and sim­pli­fied pro­spect­us must be made avail­able free of charge to any in­ter­ested per­son pri­or to sub­scrip­tion of the product and pri­or to con­clud­ing an agree­ment for sub­scrip­tion of the product


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 June 2013 (AS 2013 585; BBl 2012 3639).

Art. 77 Common provisions

1Ref­er­ence must be made to the pro­spect­us and the Key In­vestor In­form­a­tion Doc­u­ment or the sim­pli­fied pro­spect­us in all ad­vert­ising ma­ter­i­al, cit­ing where such doc­u­ments may be ob­tained.

2The pro­spect­us, the Key In­vestor In­form­a­tion Doc­u­ment or the sim­pli­fied pro­spect­us and any amend­ment to such doc­u­ments must be sub­mit­ted to the FINMA forth­with.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 June 2013 (AS 2013 585; BBl 2012 3639).

Section 3 Position of Investors

Art. 78 Purchase and redemption

1On con­clud­ing a con­tract, or sub­scrib­ing and pay­ing in cash, in­vestors ac­quire:

a.
in the case of an in­vest­ment fund, a claim against the fund man­age­ment com­pany to par­ti­cip­ate in the as­sets and in­come of the in­vest­ment fund in ac­cord­ance with the fund units they ac­quire;
b.
in the case of a SICAV, an in­terest in the com­pany and its un­ap­pro­pri­ated net earn­ings in ac­cord­ance with the shares they ac­quire.

2They are, in prin­ciple, en­titled at all times to re­quest the re­demp­tion of their units and pay­ment of the re­demp­tion amount in cash. Unit cer­ti­fic­ates must be re­turned for can­cel­la­tion pur­poses.

3In the case of col­lect­ive in­vest­ment schemes with vari­ous unit classes, the Fed­er­al Coun­cil reg­u­lates the de­tails.

4FINMA may al­low a derog­a­tion from the duty to make pay­ments in and out of the fund in cash.

5In the case of col­lect­ive in­vest­ment schemes with sub­funds, the as­set en­ti­tle­ments are based on Art­icle 93 para­graph 2 and Art­icle 94 para­graph 2.

Art. 79 Exceptions from the right to redeem at any time

1In ac­cord­ance with the in­vest­ment pro­vi­sions (Art. 54 et seq., Art. 59 et seq. and Art. 69 et seq.), the Fed­er­al Coun­cil may in the case of col­lect­ive in­vest­ment schemes whose value is dif­fi­cult to as­cer­tain, or which have lim­ited mar­ket­ab­il­ity, spe­cify ex­emp­tions from the right to re­deem at any time.

2However, it may only sus­pend the right to re­deem at any time for a max­im­um peri­od of five years.

Art. 80 Issue and redemption price

The is­sue and re­demp­tion prices of the units are based on the net as­set value per unit on the day of valu­ation, plus or minus any fees and ex­penses.

Art. 81 Deferred repayment

1The Fed­er­al Coun­cil de­term­ines in which in­stances the fund reg­u­la­tions may spe­cify a lim­ited de­fer­ment of the re­pay­ment of the units in the in­terest of all in­vestors.

2FINMA may in ex­cep­tion­al in­stances grant lim­ited de­fer­ment for the re­pay­ment of the units in the in­terest of all in­vestors.

Art. 82 Enforced redemption

The Fed­er­al Coun­cil en­forces re­demp­tion if:

a.
this is ne­ces­sary to safe­guard the repu­ta­tion of the fin­an­cial mar­ket, and spe­cific­ally to com­bat money laun­der­ing;
b.
the in­vestor no longer meets the stat­utory, reg­u­lat­ory or con­trac­tu­al re­quire­ments, or the re­quire­ments set out in the art­icles of as­so­ci­ation, for par­ti­cip­a­tion in a col­lect­ive in­vest­ment scheme.

Art. 83 Calculation and publication of the net asset value

1The net as­set value of an open-ended col­lect­ive in­vest­ment scheme is cal­cu­lated at the mar­ket value as of the end of the fin­an­cial year, and on each day on which units are is­sued or re­deemed.

2The net as­set value per unit rep­res­ents the mar­ket value of the fund's as­sets, less all the fund's li­ab­il­it­ies, di­vided by the num­ber of units in cir­cu­la­tion.

3FINMA may per­mit a meth­od of cal­cu­lat­ing the net as­set value(s) that dif­fers from that spe­cified in para­graph 2, provided such meth­od meets in­ter­na­tion­al stand­ards and the pro­tect­ive pur­pose of this Act is not im­paired as a res­ult.

4The fund man­age­ment com­pany and the SICAV pub­lish the net as­set val­ues at reg­u­lar in­ter­vals.

Art. 84 Right to information

1The fund man­age­ment com­pany and the SICAV shall on re­quest sup­ply in­vestors with in­form­a­tion con­cern­ing the basis for the cal­cu­la­tion of the net as­set value per unit.

2If in­vestors ex­press an in­terest in more de­tailed in­form­a­tion on spe­cif­ic busi­ness trans­ac­tions ef­fected by the fund man­age­ment com­pany or the SICAV, such as the ex­er­cising of mem­ber­ship and cred­it­ors' rights, or on risk man­age­ment, they must be giv­en such in­form­a­tion at any time.1

3The in­vestors may re­quest at the courts of the re­gistered of­fice of the fund man­age­ment com­pany or the SICAV that the audit com­pany or an­oth­er ex­pert in­vest­ig­ate the mat­ter which re­quires cla­ri­fic­a­tion and fur­nish the in­vestors with a re­port.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 85 Claim for reimbursement

If the open-ended col­lect­ive in­vest­ment scheme is un­law­fully denied as­set en­ti­tle­ments or be­ne­fits are with­held from it, the in­vestors may claim com­pens­a­tion from the open-ended col­lect­ive in­vest­ment scheme con­cerned.

Art. 86 Representative of the investors

1The in­vestors may re­quest that the courts ap­point a rep­res­ent­at­ive if they wish to pur­sue a claim for dam­ages in fa­vour of the open-ended col­lect­ive in­vest­ment scheme.

2The court shall give no­tice of the ap­point­ment in the me­dia of pub­lic­a­tion of the open-ended col­lect­ive in­vest­ment scheme.

3The rep­res­ent­at­ive has the same rights as the in­vestors.

4If the rep­res­ent­at­ive files an ac­tion for dam­ages in fa­vour of the open-ended col­lect­ive in­vest­ment scheme, the in­vestors may no longer ex­er­cise their in­di­vidu­al right to file such an ac­tion.

5Un­less the court de­cides oth­er­wise, the ex­penses in­curred by the rep­res­ent­at­ive are paid by the in­vest­ment fund.

Section 4 Accounting, Valuation and Financial Statements

Art. 87 Accounting duty

Sep­ar­ate books of ac­count must be kept for each open-ended col­lect­ive in­vest­ment scheme. Un­less this Act or the im­ple­ment­ing reg­u­la­tions provide oth­er­wise, Art­icle 662 et seq. of the Code of Ob­lig­a­tions1 ap­ply.


1 SR 220. Today, Art. 957 et seq.

Art. 88 Valuation at market value

1In­vest­ments which are lis­ted on a stock ex­change or an­oth­er reg­u­lated mar­ket open to the pub­lic shall be val­ued at the prices paid on the main mar­ket.

2Oth­er in­vest­ments for which no cur­rent price is avail­able must be val­ued at the price that would prob­ably be ob­tained in a di­li­gent sale at the time of valu­ation.

Art. 89 Annual and semi-annual report

1An an­nu­al re­port shall be pub­lished for each open-ended col­lect­ive in­vest­ment scheme with­in four months of the close of the fin­an­cial year; it shall con­tain the fol­low­ing data in par­tic­u­lar:

a.
the an­nu­al ac­counts con­sist­ing of a state­ment of net as­sets or the bal­ance sheet and the profit and loss ac­count, to­geth­er with in­form­a­tion con­cern­ing the ap­pro­pri­ation of net in­come and the dis­clos­ure of ex­penses;
b.
the num­ber of units re­deemed and newly is­sued dur­ing the fin­an­cial year, as well as the fi­nal bal­ance of the is­sued units;
c.
the in­vent­ory of the fund's as­sets at mar­ket value and the res­ult­ing value (net as­set value) of a fund unit as of the last day of the fin­an­cial year;
d.
the valu­ation prin­ciples as well as the prin­ciples used for the cal­cu­la­tion of the net as­set value;
e.
a break­down of the buy and sell trans­ac­tions;
f.
the names of per­sons and com­pan­ies to which du­ties have been en­trus­ted;
g.
in­form­a­tion re­lat­ing to mat­ters of par­tic­u­lar eco­nom­ic or leg­al sig­ni­fic­ance, spe­cific­ally:
1.
amend­ments to the fund reg­u­la­tions,
2.
ma­ter­i­al ques­tions con­cern­ing in­ter­pret­a­tion of this Act and the fund reg­u­la­tions,
3.
a change of fund man­age­ment com­pany and cus­todi­an bank,
4.1
changes con­cern­ing the ex­ec­ut­ive of­ficers at the fund man­age­ment com­pany, SICAV or as­set man­ager of col­lect­ive in­vest­ment schemes,
5.
leg­al dis­putes;
h.
the per­form­ance of the open-ended col­lect­ive in­vest­ment scheme, pos­sibly bench­mark­ing it with com­par­able in­vest­ments;
i.
a brief re­port by the audit com­pany re­gard­ing the in­form­a­tion men­tioned above, as well as the items set out in Art­icle 90 in the case of real es­tate funds.

2The state­ment of net as­sets of the in­vest­ment fund and the bal­ance sheet of the SICAV must be pre­pared on the basis of mar­ket val­ues.

3A semi-an­nu­al re­port must be is­sued with­in two months after the end of the first half of the fin­an­cial year. The re­port con­tains an un­audited state­ment of net as­sets or un­audited bal­ance sheet and in­come state­ment, as well as in­form­a­tion as per Para­graph 1b, c and e.

4The an­nu­al and semi-an­nu­al re­ports shall be filed with FINMA the latest at the time of pub­lic­a­tion.

5These are made avail­able for in­spec­tion free of charge to in­ter­ested parties for ten years.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 90 Annual accounts and annual report of real estate funds

1The an­nu­al ac­counts of a real es­tate fund con­sist of a con­sol­id­ated state­ment of net as­sets or bal­ance sheet and profit and loss ac­count of the real es­tate fund and the as­so­ci­ated real es­tate com­pan­ies. Art­icle 89 ap­plies ac­cord­ingly.

2The state­ment of net as­sets must show prop­erty as­sets at mar­ket value.

3The in­vent­ory of the fund's as­sets must state the pur­chase price and es­tim­ated mar­ket val­ues of the in­di­vidu­al prop­erty as­sets.

4In ad­di­tion to the in­form­a­tion re­quired as per Art­icle 89, the an­nu­al re­port and the an­nu­al ac­counts shall con­tain the par­tic­u­lars of the valu­ation ex­pert, the valu­ation meth­ods and the cap­it­al­isa­tion and dis­count­ing rates ap­plied.

Art. 91 Supervisory requirements

FINMA is­sues ad­di­tion­al reg­u­la­tions con­cern­ing the duty to main­tain books of ac­count, valu­ation, fin­an­cial state­ments and pub­lic­a­tion re­quire­ments.

Section 5 Open-Ended Collective Investment Schemes with Subfunds

Art. 92 Definition

In the case of an open-ended col­lect­ive in­vest­ment scheme with sub­funds (um­brella fund), each sub­fund con­sti­tutes a col­lect­ive in­vest­ment scheme in its own right and has its own net as­set value.

Art. 93 Umbrella funds

1In the case of an um­brella fund, in­vestors are only en­titled to the in­come and as­sets of the re­spect­ive sub­fund in which they are par­ti­cip­at­ing.

2Each sub­fund is li­able only for its own li­ab­il­it­ies.

Art. 94 SICAV with subfunds

1In­vestors are only en­titled to par­ti­cip­ate in the as­sets and in­come of the re­spect­ive sub­fund in ac­cord­ance with the num­ber of shares they hold.

2Each sub­fund is li­able only for its own li­ab­il­it­ies. In con­tracts with third parties, a SICAV must dis­close that li­ab­il­ity is re­stric­ted to a single sub­fund. If the re­stric­tion is not dis­closed, a SICAV is li­able with its en­tire as­sets, sub­ject to Art­icle 55 and Art­icle 100 para­graph 1 of the Code of Ob­lig­a­tions1.


1 SR 220

Section 6 Restructuring and Dissolution

Art. 95 Restructuring

1The fol­low­ing re­struc­tur­ings of open-ended col­lect­ive in­vest­ment schemes are per­mit­ted:

a.
a mer­ger through the trans­fer of as­sets and li­ab­il­it­ies;
b.
a con­ver­sion to a dif­fer­ent leg­al status of a col­lect­ive in­vest­ment scheme;
c.
in the case of SICAVs: the trans­fer of as­sets in ac­cord­ance with Art­icles 69-77 of the Mer­gers Act of 3 Oc­to­ber 20032.

2A re­struc­tur­ing in ac­cord­ance with para­graph 1 let­ters b and c may only be entered in the Com­mer­cial Re­gister fol­low­ing FINMA's ap­prov­al in ac­cord­ance with Art­icle 15.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 SR 221.301

Art. 96 Dissolution

1An in­vest­ment fund is dis­solved:

a.
if it was formed for an un­lim­ited peri­od: on no­tice by the fund man­age­ment com­pany or the cus­todi­an bank;
b.
if it was formed for a fixed peri­od: on ex­piry of such peri­od;
c.
by or­der of FINMA:
1.
if it was formed for a fixed peri­od: based on reas­on­able cause, at the re­quest of the fund man­age­ment com­pany or the cus­todi­an bank,
2.
if the min­im­um as­sets fall be­low the re­quired amount,
3.
in the cases spe­cified in Art­icle 13 para­graph 3 et seq.

2A SICAV is dis­solved:

a.
if it was formed for an un­lim­ited peri­od: by res­ol­u­tion of the com­pany share­hold­ers, provided such res­ol­u­tion is car­ried by at least two thirds of the com­pany shares;
b.
if it was formed for a fixed peri­od: on ex­piry of such peri­od;
c.
by or­der of FINMA:
1.
if it was formed for a fixed peri­od: based on reas­on­able cause, by res­ol­u­tion of the com­pany share­hold­ers, provided such res­ol­u­tion is car­ried by at least two thirds of the com­pany shares,
2.
if the min­im­um as­sets fall be­low the stip­u­lated amount,
3.
in the cases spe­cified in Art­icle 133 et seq.;
d.
in the oth­er cases spe­cified by the Act.

3For the dis­sol­u­tion of sub­funds, para­graphs 1 and 2 ap­ply ac­cord­ingly.

4The fund man­age­ment com­pany and the SICAV shall no­ti­fy FINMA of the dis­sol­u­tion forth­with, and shall an­nounce the dis­sol­u­tion in the me­dia of pub­lic­a­tion.

Art. 97 Consequences of dissolution

1Fol­low­ing its dis­sol­u­tion, an in­vest­ment fund or SICAV may neither is­sue nor re­deem any units.

2In the case of an in­vest­ment fund, in­vestors have a claim to a pro­por­tion­ate share of the pro­ceeds of li­quid­a­tion.

3In the case of a SICAV, in­vestors have the right to a pro­por­tion­ate share of the pro­ceeds of the li­quid­a­tion. The rights of com­pany share­hold­ers are sub­or­din­ate. In all oth­er re­spects, Art­icles 737 et seq. of the Code of Ob­lig­a­tions1 ap­ply.


1 SR 220

Title 3 Closed-Ended Collective Investment Schemes

Chapter 1 The Limited Partnership for Collective Investment

Art. 98 Definition

1A lim­ited part­ner­ship for col­lect­ive in­vest­ment is a part­ner­ship whose sole ob­ject is col­lect­ive in­vest­ment. At least one mem­ber bears un­lim­ited li­ab­il­ity (gen­er­al part­ner), while the oth­er mem­bers (lim­ited part­ners) are li­able only up to a spe­cified amount (lim­ited part­ner's con­tri­bu­tion).

2Gen­er­al part­ners must be com­pan­ies lim­ited by shares with their re­gistered of­fice in Switzer­land. They may only be act­ive as a gen­er­al part­ner in one lim­ited part­ner­ship for col­lect­ive in­vest­ment.

2bisThe con­di­tions for ob­tain­ing an au­thor­isa­tion as defined in Art­icle 14 also ap­ply to the gen­er­al part­ners.1

3Lim­ited part­ners must be qual­i­fied in­vestors as defined in Art­icle 10 para­graph 3.


1 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 99 Relationship to the Code of Obligations

Un­less this Act provides oth­er­wise, the pro­vi­sions of the Code of Ob­lig­a­tions1 con­cern­ing lim­ited part­ner­ships ap­ply.


1 SR 220

Art. 100 Commercial Register

1The part­ner­ship ex­ists on be­ing entered in the Com­mer­cial Re­gister.

2No­ti­fic­a­tion of the facts to be entered or any amend­ments thereto must be signed by all gen­er­al part­ners in the Com­mer­cial Re­gister or sub­mit­ted in writ­ing to­geth­er with not­ar­ised sig­na­tures.

Art. 101 Partnership name

The part­ner­ship name must con­tain a de­scrip­tion of the leg­al status or its per­mit­ted ab­bre­vi­ation.


1 Amended by No III of the Fed­er­al Act of 25 Sept. 2015 (Law on Busi­ness Names), in force since 1 Ju­ly 2016 (AS 2016 1507; BBl 2014 9305).

Art. 102 Partnership agreement and prospectus

1The part­ner­ship agree­ment must con­tain pro­vi­sions re­gard­ing:

a.
the part­ner­ship name and its re­gistered of­fice;
b.
the ob­ject;
c.
the com­pany name and the re­gistered of­fice of the gen­er­al part­ners;
d.
total lim­ited part­ners' con­tri­bu­tions;
e.
the dur­a­tion;
f.
the con­di­tions of the lim­ited part­ners' join­ing and de­part­ing;
g.
the main­ten­ance of a re­gister of lim­ited part­ners;
h.
the in­vest­ments, in­vest­ment policy, in­vest­ment re­stric­tions, risk di­ver­si­fic­a­tion, the risks as­so­ci­ated with in­vest­ment, and the in­vest­ment tech­niques;
i.
the del­eg­a­tion of man­age­ment and rep­res­ent­a­tion;
j.
the ap­point­ment of a cus­todi­an bank and a pay­ing agent.

2The part­ner­ship agree­ment must be in writ­ing.

3The pro­spect­us spe­cific­ally sets out the in­form­a­tion con­tained in the part­ner­ship agree­ment in ac­cord­ance with para­graph 1 let­ter h.

Art. 103 Investments

1The part­ner­ship con­ducts in­vest­ments in risk cap­it­al.

2The Fed­er­al Coun­cil may also per­mit oth­er in­vest­ments.

Art. 104 Non-competition clause

1The lim­ited part­ners are en­titled without the con­sent of the gen­er­al part­ners to con­duct oth­er busi­ness trans­ac­tions for their own ac­count and on be­half of third parties and to par­ti­cip­ate in oth­er com­pan­ies.

2Un­less the part­ner­ship agree­ment provides oth­er­wise, the gen­er­al part­ners may without the con­sent of the lim­ited part­ners con­duct oth­er busi­ness trans­ac­tions for their own ac­count and on be­half of third parties and par­ti­cip­ate in oth­er com­pan­ies, provided this is dis­closed and the in­terests of the lim­ited part­ner­ship for col­lect­ive in­vest­ment are not im­paired as a con­sequence.

Art. 105 Joining and departure of limited partners

1Where spe­cified by the part­ner­ship agree­ment, the gen­er­al part­ner may de­cide on the join­ing and de­par­ture of lim­ited part­ners.

2This is sub­ject to the pro­vi­sions of the Code of Ob­lig­a­tions1 re­gard­ing the ex­clu­sion of own­ers of the lim­ited part­ner­ship.

3The Fed­er­al Coun­cil may pre­scribe com­puls­ory ex­clu­sion. This shall be based on Art­icle 82.


1 SR 220

Art. 106 Inspection and information

1The lim­ited part­ners are en­titled to in­spect the busi­ness ac­counts of the part­ner­ship at any time. Busi­ness con­fid­en­ti­al­ity with re­gard to the com­pan­ies in which the lim­ited part­ner­ship in­vests shall be pre­served.

2The lim­ited part­ners are en­titled to ob­tain in­form­a­tion about the busi­ness per­form­ance of the part­ner­ship at least once every quarter.

Art. 107 Audit company

The part­ner­ship shall ap­point an audit com­pany (Art. 126 et seq.).

Art. 108 Financial statements

1With re­spect to the fin­an­cial state­ments of the part­ner­ship and the valu­ation of the as­sets, Art­icle 88 et seq. ap­ply ac­cord­ingly.

2In­ter­na­tion­ally re­cog­nised stand­ards must be ob­served.

Art. 109 Dissolution

The part­ner­ship is dis­solved:

a.
by res­ol­u­tion of the own­ers;
b.
for the reas­ons set forth in this Act and in the part­ner­ship agree­ment;
c.
by or­der of FINMA in the cases spe­cified in Art­icle 133 et seq.

Chapter 2 The Investment Company with Fixed Capital

Art. 110 Definition

1SI­CAF is a com­pany lim­ited by shares pur­su­ant to the Code of Ob­lig­a­tions1 (Art. 620 et seq. CO):

a.
the sole ob­ject of which is the in­vest­ment of col­lect­ive cap­it­al;
b.
the share­hold­ers of which are not re­quired to be qual­i­fied pur­su­ant to Art­icle 10 para­graph 3; and
c.
which is not lis­ted on a Swiss stock ex­change.

2There must be an ap­pro­pri­ate re­la­tion­ship between a SI­CAF's equity and its total as­sets. The Fed­er­al Coun­cil defines this re­la­tion­ship.2


1 SR 220
2 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 111 Company name

1The com­pany name must con­tain the des­ig­na­tion of its leg­al status or the ab­bre­vi­ation there­of (SI­CAF).

2In all oth­er re­spects, the pro­vi­sions of the Code of Ob­lig­a­tions1 re­gard­ing the name of com­pan­ies lim­ited by shares ap­ply.


1 SR 220

Art. 112 Relationship with the Code of Obligations

Un­less this Act provides oth­er­wise, the pro­vi­sions of the Code of Ob­lig­a­tions1 con­cern­ing com­pan­ies lim­ited by shares ap­ply.


1 SR 220

Art. 113 Shares

1The share cap­it­al is fully paid up.

2The is­su­ing of vot­ing shares, par­ti­cip­a­tion cer­ti­fic­ates, di­vidend right cer­ti­fic­ates and pref­er­ence shares is pro­hib­ited.

3The Fed­er­al Coun­cil may spe­cify com­puls­ory re­demp­tion. This is laid down in Art­icle 82.

Art. 114 Custodian bank

The SI­CAF must ap­point a cus­todi­an bank in ac­cord­ance with Art­icles 72-74.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 115 Investment policy and investment restrictions

1A SI­CAF defines the in­vest­ments, in­vest­ment policy, in­vest­ment re­stric­tions, risk di­ver­si­fic­a­tion, to­geth­er with the risks as­so­ci­ated with the in­vest­ments, in the art­icles of as­so­ci­ation and in the in­vest­ment reg­u­la­tions.

2The in­vest­ments are sub­ject to Art­icle 69; Art­icles 64, 70 and 71 ap­ply ac­cord­ingly.

3Res­ol­u­tions to amend the in­vest­ment reg­u­la­tions must be passed by a ma­jor­ity of votes at the gen­er­al meet­ing.

Art. 116 Prospectus

A SI­CAF shall pro­duce a pro­spect­us. In this re­spect Art­icles 75 and 77 ap­ply ac­cord­ingly.

Art. 117 Financial statements

With re­spect to the fin­an­cial state­ments, Art­icle 89 para­graph 1 let­ters a and c-i, para­graphs 2-4 and Art­icle 90 ap­ply ac­cord­ingly in ad­di­tion to the stat­utory pro­vi­sions con­cern­ing ac­count­ing stand­ards.

Art. 118 Audit company

A SI­CAF shall ap­point an audit com­pany (Art. 126 et seq.).

Title 4 Foreign Collective Investment Schemes

Chapter 1 Definition and Approval

Art. 119 Definition

1The fol­low­ing are con­sidered for­eign open-ended col­lect­ive in­vest­ment schemes:

a.
as­sets that were ac­cu­mu­lated on the basis of a fund con­tract or an­oth­er agree­ment with sim­il­ar ef­fect for the pur­pose of col­lect­ive in­vest­ment and are man­aged by a fund man­age­ment com­pany with its re­gistered of­fice and main ad­min­is­trat­ive of­fice abroad;
b.
com­pan­ies and schemes with their re­gistered of­fice and main ad­min­is­trat­ive of­fice loc­ated abroad whose pur­pose is col­lect­ive cap­it­al in­vest­ment and whose in­vestors have a leg­al right with re­gard to the com­pany it­self, or with re­gard to a closely as­so­ci­ated com­pany, to the re­demp­tion of their units at the net as­set value.

2Closed-end col­lect­ive in­vest­ment schemes are deemed to be com­pan­ies and schemes with their re­gistered of­fice and main ad­min­is­trat­ive of­fice loc­ated abroad whose pur­pose is col­lect­ive cap­it­al in­vest­ment and whose in­vestors have no leg­al right with re­gard to the com­pany it­self, or with re­gard to a closely con­nec­ted com­pany, to the re­demp­tion of their units at the net as­set value.

Art. 120 Duty to obtain approval

1Pri­or to dis­trib­ut­ing for­eign col­lect­ive in­vest­ment schemes in or from Switzer­land to non-qual­i­fied in­vestors this must be ap­proved by FINMA. The rep­res­ent­at­ive shall sub­mit the rel­ev­ant bind­ing doc­u­ments such as sales pro­spect­us, art­icles of as­so­ci­ation and fund con­tract to FINMA.1

2Ap­prov­al is gran­ted if:

a.2
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.3
with re­gard to or­gan­iz­a­tion, 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 dis­tri­bu­tion of units in Switzer­land;
e.4
there is an agree­ment on co­oper­a­tion and the ex­change of in­form­a­tion between FINMA and the rel­ev­ant for­eign su­per­vis­ory au­thor­it­ies for dis­tri­bu­tion.

2bisThe rep­res­ent­at­ive and the pay­ing agent may only end their man­date with FINMA's pri­or ap­prov­al.5

3The Fed­er­al Coun­cil may spe­cify a sim­pli­fied, fast-track ap­prov­al pro­ced­ure for for­eign col­lect­ive in­vest­ment schemes provided such in­vest­ments have already been ap­proved by a for­eign su­per­vis­ory au­thor­ity, such ar­range­ment be­ing re­cip­roc­al.

4For­eign col­lect­ive in­vest­ment schemes which are only dis­trib­uted to qual­i­fied in­vestors do not re­quire ap­prov­al but must meet the con­di­tions pur­su­ant to para­graph 2 let­ters c and d at all times.6


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
4 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
5 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
6 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 121 Paying agent

1The pay­ing agent must be a bank pur­su­ant to the Fed­er­al Act on Banks and Sav­ings Banks of 8 Novem­ber 19341.

2The in­vestors may re­quest the is­sue and re­demp­tion of the units from the pay­ing agent.


1 SR 952.0

Art. 122 International treaties

As­sum­ing the mu­tu­al re­cog­ni­tion of reg­u­la­tions and meas­ures of an equi­val­ent stand­ard, the Fed­er­al Coun­cil may con­clude in­ter­na­tion­al treat­ies which spe­cify that col­lect­ive in­vest­ment schemes from the sig­nat­ory coun­tries merely have a duty to re­gister rather than the duty to ob­tain ap­prov­al.

Chapter 2 Representatives of Foreign Collective Investment Schemes

Art. 123 Mandate

1Pri­or to dis­trib­ut­ing for­eign col­lect­ive in­vest­ment schemes in or from Switzer­land, the fund man­age­ment com­pany or the com­pany must ap­point a rep­res­ent­at­ive to un­der­take the du­ties spe­cified in Art­icle 124, sub­ject to the pro­vi­sions of Art­icle 122.1

2The fund man­age­ment and the in­vest­ment scheme com­pany un­der­take to provide the rep­res­ent­at­ive with the in­form­a­tion the lat­ter may re­quire for the per­form­ance of its tasks.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 124 Duties

1The rep­res­ent­at­ive rep­res­ents the for­eign col­lect­ive in­vest­ment scheme with re­gard to in­vestors and FINMA. The rep­res­ent­at­ive's powers of rep­res­ent­a­tion may not be re­stric­ted.

2The rep­res­ent­at­ive ob­serves the stat­utory ob­lig­a­tions to re­port, pub­lish and in­form, as well as the codes of con­duct of in­dustry bod­ies which have been de­clared to be the min­im­um stand­ard by FINMA. The rep­res­ent­at­ive's iden­tity must be dis­closed in every pub­lic­a­tion.

Art. 125 Place of performance

1The place of per­form­ance for units of the for­eign col­lect­ive in­vest­ment schemes dis­trib­uted in Switzer­land is the re­gistered of­fice of the rep­res­ent­at­ive.

2It shall con­tin­ue to be the re­gistered of­fice of the rep­res­ent­at­ive after the re­voc­a­tion of au­thor­isa­tion or fol­low­ing the dis­sol­u­tion of the for­eign col­lect­ive in­vest­ment scheme.

Title 5 Audit and Supervision

Chapter 1 Audit

Art. 126 Appointment

1The fol­low­ing per­sons must ap­point an audit com­pany li­censed by Fed­er­al Audit Over­sight Au­thor­ity un­der Art­icle 9a para­graph 1 of the Aud­it­or Over­sight Act of 16 Decem­ber 20051 to carry out an audit un­der Art­icle 24 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 20072:3

a.
fund man­age­ment com­pan­ies for them­selves and for the in­vest­ment funds they man­age;
b.
SICAVs;
c.
lim­ited part­ner­ships for col­lect­ive in­vest­ment;
d.
SI­CAFs;
e.4
as­set man­agers of col­lect­ive in­vest­ment schemes;
f.
rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes.

25

3The same audit com­pany must ex­am­ine the fol­low­ing:

a.
the fund man­age­ment com­pany and the in­vest­ment funds it man­ages;
b.
the SICAV and any fund man­age­ment com­pany that it ap­points pur­su­ant to Art­icle 51 Para­graph 5.

4FINMA may grant ex­cep­tions in the cases giv­en in para­graph 3 let­ter b.

5The per­sons named in para­graph 1, man­aged in­vest­ment funds and any real es­tate com­pan­ies be­long­ing to real es­tate funds or real es­tate in­vest­ment com­pan­ies must have their an­nu­al ac­counts and if ap­plic­able their con­sol­id­ated ac­counts audited by a state su­per­vised audit firm in ac­cord­ance with the prin­ciples of the Code of Ob­lig­a­tions6 on the or­din­ary audit.7

6The Fed­er­al Coun­cil shall reg­u­late the de­tails. It may au­thor­ise FINMA to is­sue im­ple­ment­ing pro­vi­sions on mat­ters of lim­ited scope, and in par­tic­u­lar on largely tech­nic­al mat­ters.8


1 SR 221.302
2 SR 956.1
3 Amended by An­nex No 4 of the Fed­er­al Act of 20 June 2014 (Con­sol­id­a­tion of Over­sight through Audit Com­pan­ies), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).
4 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
5 Re­pealed by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, with ef­fect from 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).
6 SR 220
7 In­ser­ted by An­nex No 4 of the Fed­er­al Act of 20 June 2014 (Con­sol­id­a­tion of Over­sight through Audit Com­pan­ies), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).
8 In­ser­ted by An­nex No 4 of the Fed­er­al Act of 20 June 2014 (Con­sol­id­a­tion of Over­sight through Audit Com­pan­ies), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).

Art. 127-129


1 Re­pealed by An­nex No 4 of the Fed­er­al Act of 20 June 2014 (Con­sol­id­a­tion of Over­sight through Audit Com­pan­ies), with ef­fect from 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).

Art. 130 Duty to provide information

1The valu­ation ex­perts and real es­tate com­pan­ies be­long­ing to the col­lect­ive in­vest­ment scheme shall provide the audit com­pany with full ac­cess to the ac­count­ing re­cords, the ac­count­ing vouch­ers, the re­cords and to the re­ports of the valu­ation ex­perts; moreover, they shall sup­ply them with all the in­form­a­tion needed to per­form the audit func­tion.

2The audit com­pany of the cus­todi­an bank and the audit com­pany of the oth­er li­censees co­oper­ate with each oth­er.


1 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).

Art. 131


1 Re­pealed by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, with ef­fect from 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).

Chapter 2 Supervision

Art. 132 Supervision

1FINMA is­sues the ne­ces­sary au­thor­isa­tions and ap­provals pur­su­ant to this Act and su­per­vises com­pli­ance with the stat­utory, con­trac­tu­al and reg­u­lat­ory pro­vi­sions as well as the pro­vi­sions of the art­icles of as­so­ci­ation.

2It does not re­view the ex­pedi­ency of the busi­ness de­cisions taken by the li­censees.


1 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).

Art. 133 Supervisory instruments

1In the event of in­fringe­ments of the con­trac­tu­al or reg­u­lat­ory pro­vi­sions or of the pro­vi­sions of the art­icles of as­so­ci­ation, the su­per­vis­ory in­stru­ments pur­su­ant to Art­icles 30-35 and 37 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 20072 ap­ply mu­tatis mutandis.3

2Art­icle 37 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007 also ap­plies mu­tatis mutandis to ap­prov­al un­der the present Act.

3If the in­vestors' rights ap­pear to be en­dangered, FINMA may or­der the li­censees to provide the ne­ces­sary col­lat­er­al.

4If an en­force­able or­der is­sued by FINMA is not com­plied with after pri­or warn­ing with­in the dead­line that has been set, FINMA may it­self carry out the re­quired ac­tions at the ex­pense of the neg­li­gent party.


1 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).
2 SR 956.1
3 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 134 Liquidation

Li­censees from which au­thor­isa­tion has been with­drawn or col­lect­ive in­vest­ment schemes from which ap­prov­al has been with­drawn may be li­quid­ated by FINMA. The Fed­er­al Coun­cil reg­u­lates the de­tails.


1 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).

Art. 135 Measures in the case of non-authorised or non-approved activity

1Where per­sons op­er­ate without any au­thor­isa­tion or ap­prov­al, FINMA may or­der that the col­lect­ive in­vest­ment scheme be dis­solved.

2To safe­guard the in­terests of in­vestors, FINMA may or­der that the col­lect­ive in­vest­ment scheme be changed to an­oth­er leg­al status.

Art. 136 Other measures

1In jus­ti­fied cases, FINMA may, in ac­cord­ance with Art­icle 64, ap­point valu­ation ex­perts to value the as­sets of real es­tate funds or real es­tate in­vest­ment com­pan­ies.

2It may dis­miss the valu­ation ex­perts ap­poin­ted by the real es­tate fund or by the real es­tate in­vest­ment com­pany.

Art. 137 Initiation of bankruptcy proceedings

1Where there is jus­ti­fied con­cern that a li­censee as defined in Art­icle 13 para­graph 2 let­ters a-d or f is ex­cess­ively in­debted or has ser­i­ous li­quid­ity prob­lems and there is no pro­spect of re­struc­tur­ing or re­struc­tur­ing has failed, FINMA shall with­draw au­thor­isa­tion from the li­censee, ini­ti­ate bank­ruptcy pro­ceed­ings and make this pub­lic.2

2The pro­vi­sions on com­pos­i­tion pro­ceed­ings (Art. 293-336 of the Fed­er­al Act of 11 April 18893 on Debt En­force­ment and Bank­ruptcy, DEBA), on a stay of pro­ceed­ings for com­pan­ies (Art. 725 and 725a of the Code of Ob­lig­a­tions4) and on no­ti­fic­a­tion of the court (Art. 728c para. 3 of the Code of Ob­lig­a­tions) do not ap­ply to the li­censee re­ferred to in para­graph 1.

3FINMA ap­points one or more bank­ruptcy li­quid­at­ors. These are sub­ject to su­per­vis­ory con­trol by FINMA and shall provide FINMA with a re­port if re­ques­ted.5


1 Amended by An­nex No 3 of the Fed­er­al Act of 18 March 2011 (Se­cur­ing In­vest­ments), in force since 1 Sept. 2011 (AS 2011 3919; BBl 2010 3993).
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 SR 281.1
4 SR 220
5 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 138 Conduct of bankruptcy proceedings

1The bank­ruptcy or­der has the ef­fect of a com­mence­ment of bank­ruptcy pro­ceed­ings pur­su­ant to Art­icles 197-220 DEBA2.

2The bank­ruptcy pro­ceed­ings are con­duc­ted in ac­cord­ance with Art­icles 221-270 DEBA. Art­icle 138 let­ters a-c re­main sub­ject to re­ser­va­tion.

3FINMA may is­sue dif­fer­ent rul­ings and or­ders.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 SR 281.1

Art. 138a Creditors' meetings and creditors' committees

1The bank­ruptcy li­quid­at­or may ap­ply to FINMA for the fol­low­ing:

a.
to con­sti­tute a cred­it­ors' meet­ing and de­term­ine its powers as well as the ne­ces­sary at­tend­ance and vot­ing quor­ums ne­ces­sary to pass res­ol­u­tions;
b.
to des­ig­nate a cred­it­ors' com­mit­tee and de­term­ine its com­pos­i­tion and powers.

2In the case of a SICAV with sub­funds as defined in Art­icle 94, a cred­it­ors' meet­ing or cred­it­ors' com­mit­tee may be es­tab­lished for each sub­fund.

3FINMA is un­der no ob­lig­a­tion to fol­low the pro­pos­als of the bank­ruptcy li­quid­at­or.


1 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 138b Distribution and closure of the proceedings

1The dis­tri­bu­tion list is not pub­lished.

2Fol­low­ing the dis­tri­bu­tion, the bank­ruptcy li­quid­at­or shall provide FINMA with a fi­nal re­port.

3FINMA is­sues the ne­ces­sary or­ders for the clos­ure of the pro­ceed­ings. It an­nounces the clos­ure pub­licly.


1 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 138c Foreign insolvency proceedings

Art­icles 37f and 37g of the Fed­er­al Act on Banks and Sav­ings Banks of 8 Novem­ber 19342 ap­ply to re­cog­nising for­eign bank­ruptcy de­crees and in­solv­ency meas­ures, as well as for co­ordin­a­tion with for­eign in­solv­ency pro­ceed­ings.


1 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 SR 952.0

Art. 138d Appeals

1In bank­ruptcy pro­ceed­ings, cred­it­ors and own­ers of an au­thor­ised party covered by Art­icle 137 para­graph 1 may ap­peal only against real­isa­tion ac­tions. Ap­peals pur­su­ant to Art­icle 17 DEBA2.

2Ap­peals in bank­ruptcy pro­ceed­ings have no sus­pens­ive ef­fect. The in­struct­ing judge can re­store the sus­pens­ive ef­fect on re­quest.


1 In­ser­ted by An­nex No 9 of the Fin­an­cial Mar­ket In­fra­struc­ture Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).
2 SR 281.1

Art. 139 Duty to provide information

1Per­sons who per­form a role in the con­text of this Act must provide FINMA with all the in­form­a­tion and doc­u­ments that it re­quires to carry out its du­ties.

2FINMA may or­der li­censees to provide it with the in­form­a­tion it re­quires to carry out its du­ties.2


1 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).
2 In­ser­ted by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 140 Service of judgments

The can­ton­al civil courts and the Fed­er­al Court shall provide FINMA with a full copy of their de­cisions in civil dis­putes between a per­son or com­pany sub­ject to this Act and an in­vestor, in their en­tirety and free of charge.

Art. 141


1 Re­pealed by An­nex No 9 of the Fin­an­cial Mar­ket In­fra­struc­ture Act of 19 June 2015, with ef­fect from 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).

Art. 142


1 Re­pealed by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, with ef­fect from 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).

Art. 143


1 Re­pealed by An­nex No 9 of the Fin­an­cial Mar­ket In­fra­struc­ture Act of 19 June 2015, with ef­fect from 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).

Art. 144 Collection and reporting of data

1FINMA is au­thor­ised to col­lect data con­cern­ing li­censees' busi­ness activ­it­ies and the trend of col­lect­ive in­vest­ment schemes in or­der to main­tain mar­ket trans­par­ency or to ex­ecute its su­per­vis­ory func­tion. It may ap­point third parties to col­lect this in­form­a­tion or or­der li­censees to sub­mit this data them­selves.2

2Third parties ap­poin­ted to col­lect data must treat such data as con­fid­en­tial.

3The stat­ist­ic­al re­port­ing du­ties vis-à-vis the Swiss Na­tion­al Bank, as spe­cified in the Swiss Na­tion­al Bank Act of 3 Oc­to­ber 20033, to­geth­er with the right of FINMA and the Swiss Na­tion­al Bank to ex­change data are re­served.


1 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
2 Amended by No I of the Fed­er­al Act of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
3 SR 951.11

Title 6 Liability and Criminal Provisions

A:
AHVG Bundesgesetz über die Alters- und Hinterlassenenversicherung
AHVV Verordnung über die Alters- und Hinterlassenenversicherung
AIG Bundesgesetz über die Ausländerinnen und Ausländer und über die Integration
AVIG Bundesgesetz über die obligatorische Arbeitslosenversicherung und die Insolvenzentschädigung
AVO Verordnung über die Beaufsichtigung von privaten Versicherungsunternehmen
AVO-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Beaufsichtigung von privaten Versicherungsunternehmen
AdoV Verordnung über die Adoption
ArG Bundesgesetz über die Arbeit in Industrie, Gewerbe und Handel
ArGV 1 Verordnung 1 zum Arbeitsgesetz
AsylG Asylgesetz
B:
BBG Bundesgesetzüber die Berufsbildung
BEG Bundesgesetz über Bucheffekten
BEHG Bundesgesetz über die Börsen und den Effektenhandel
BEHV Verordnung über die Börsen und den Effektenhandel
BG-HAÜ Bundesgesetz zum Haager Adoptionsübereinkommen und über Massnahmen zum Schutz des Kindes bei internationalen Adoptionen
BG-KKE Bundesgesetz über internationale Kindesentführung und die Haager Übereinkommen zum Schutz von Kindern und Erwachsenen
BGBB Bundesgesetz über das bäuerliche Bodenrecht
BGFA Bundesgesetz über die Freizügigkeit der Anwältinnen und Anwälte
BGG Bundesgesetz über das Bundesgericht
BIV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Insolvenz von Banken und Effektenhändlern
BPG Bundespersonalgesetz
BPR Bundesgesetz über die politischen Rechte
BV Bundesverfassung der Schweizerischen Eidgenossenschaft
BVG Bundesgesetz über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge
BZG Bundesgesetz über den Bevölkerungsschutz und den Zivilschutz
BankG Bundesgesetz über die Banken und Sparkassen
BankV Verordnung über die Banken und Sparkassen
BetmG Bundesgesetz über die Betäubungsmittel und die psychotropen Stoffe
BewG Bundesgesetz über den Erwerb von Grundstücken durch Personen im Ausland
BewV Verordnung über den Erwerb von Grundstücken durch Personen im Ausland
BöB Bundesgesetz über das öffentliche Beschaffungswesen
BüG Bundesgesetz über Erwerb und Verlust des Schweizer Bürgerrechts
D:
DBG Bundesgesetz über die direkte Bundessteuer
DSG Bundesgesetz über den Datenschutz
E:
EBG Eisenbahngesetz
EMRK Konvention zum Schutze der Menschenrechte und Grundfreiheiten
EOG Bundesgesetz über den Erwerbsersatz für Dienstleistende und bei Mutterschaft
EOV Verordnung zum Erwerbsersatzgesetz
EÖBV Verordnung über die elektronische öffentliche Beurkundung
F:
FHG Bundesgesetz über den eidgenössischen Finanzhaushalt
FINMAG Bundesgesetz über die Eidgenössische Finanzmarktaufsicht
FKG Bundesgesetz über die Eidgenössische Finanzkontrolle
FMedG Bundesgesetz über die medizinisch unterstützte Fortpflanzung
FZG Bundesgesetz über die Freizügigkeit in der beruflichen Alters-, Hinterlassenen- und Invalidenvorsorge
FinfraG Bundesgesetz über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FinfraV Verordnung über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FinfraV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FusG Bundesgesetz über Fusion, Spaltung, Umwandlung und Vermögensübertragung
G:
GBV Grundbuchverordnung
GSG Bundesgesetz über die von der Schweiz als Gaststaat gewährten Vorrechte, Immunitäten und Erleichterungen sowie finanziellen Beiträge
GUMG Bundesgesetz über genetische Untersuchungen beim Menschen
GeBüV Verordnung über die Führung und Aufbewahrung der Geschäftsbücher
GebV SchKG Gebührenverordnung zum Bundesgesetz über Schuldbetreibung und Konkurs
GlG Bundesgesetz über die Gleichstellung von Frau und Mann
H:
HEsÜ Übereinkommen über den internationalen Schutz von Erwachsenen
HKsÜ Übereinkommen
HRegV Handelsregisterverordnung
I:
IPRG Bundesgesetz über das Internationale Privatrecht
J:
JStG Bundesgesetz über das Jugendstrafrecht
JStPO Schweizerische Jugendstrafprozessordnung
K:
KAG Bundesgesetz über die kollektiven Kapitalanlagen
KAKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über den Konkurs von kollektiven Kapitalanlagen
KG Bundesgesetz über Kartelle und andere Wettbewerbsbeschränkungen
KKV Verordnung über die kollektiven Kapitalanlagen
KKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die kollektiven Kapitalanlagen
KOV Verordnung über die Geschäftsführung der Konkursämter (KOV)
KVG Bundesgesetz über die Krankenversicherung
L:
LVG Bundesgesetz über die wirtschaftliche Landesversorgung
LugÜ Übereinkommen über die gerichtliche Zuständigkeit und die Anerkennung und Vollstreckung von Entscheidungen in Zivil- und Handelssachen
M:
MSchG Bundesgesetz über den Schutz von Marken und Herkunftsangaben
MStG Militärstrafgesetz
MWSTG Bundesgesetz über die Mehrwertsteuer
MWSTV Mehrwertsteuerverordnung
O:
OAV-SchKG Verordnung betreffend die Oberaufsicht über Schuldbetreibung und Konkurs
OHG Bundesgesetz über die Hilfe an Opfer von Straftaten
OR Bundesgesetz betreffend die Ergänzung des Schweizerischen Zivilgesetzbuches (Fünfter Teil: Obligationenrecht)
P:
PAVO Verordnung über die Aufnahme von Pflegekindern
PBV Verordnung über die Bekanntgabe von Preisen
ParlG Bundesgesetz über die Bundesversammlung
PartG Bundesgesetz über die eingetragene Partnerschaft gleichgeschlechtlicher Paare
PatGG Bundesgesetz über das Bundespatentgericht
PfG Pfandbriefgesetz
PrHG Bundesgesetz über die Produktehaftpflicht
PüG Preisüberwachungsgesetz
R:
RAG Bundesgesetz über die Zulassung und Beaufsichtigung der Revisorinnen und Revisoren
S:
SVG Strassenverkehrsgesetz
SVKG Verordnung über die Sanktionen bei unzulässigen Wettbewerbsbeschränkungen
SchKG Bundesgesetz über Schuldbetreibung und Konkurs
StBOG Bundesgesetz über die Organisation der Strafbehörden des Bundes
StG Bundesgesetz über die Stempelabgaben
StGB Schweizerisches Strafgesetzbuch
StHG Bundesgesetz über die Harmonisierung der direkten Steuern der Kantone und Gemeinden
StPO Schweizerische Strafprozessordnung
StV Verordnung über die Stempelabgaben
SuG Bundesgesetz über Finanzhilfen und Abgeltungen
U:
URG Bundesgesetz über das Urheberrecht und verwandte Schutzrechte
URV Verordnung über das Urheberrecht und verwandte Schutzrechte
UVG Bundesgesetz über die Unfallversicherung
UVV Verordnung über die Unfallversicherung
UWG Bundesgesetz gegen den unlauteren Wettbewerb
V:
VAG Bundesgesetz betreffend die Aufsicht über Versicherungsunternehmen
VASR Verordnung über die anerkannten Standards zur Rechnungslegung
VBB Verordnung über das bäuerliche Bodenrecht
VBVV Verordnung über die Vermögensverwaltung im Rahmen einer Beistandschaft oder Vormundschaft
VDSG Verordnung zum Bundesgesetz über den Datenschutz
VG Bundesgesetz über die Verantwortlichkeit des Bundes sowie seiner Behördemitglieder und Beamten
VGG Bundesgesetz über das Bundesverwaltungsgericht
VKA Verordnung über die Katastrophenhilfe im Ausland
VKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über den Konkurs von Versicherungsunternehmen
VPAV Verordnung betreffend die Pfändung, Arrestierung und Verwertung von Versicherungsansprüchen nach dem Bundesgesetz vom 2. April 1908 über den Versicherungsvertrag
VStG Bundesgesetz über die Verrechnungssteuer
VStV Verordnung über die Verrechnungssteuer
VStrR Bundesgesetz über das Verwaltungsstrafrecht
VVAG Verordnung über die Pfändung und Verwertung von Anteilen an Gemeinschaftsvermögen
VVG Bundesgesetz über den Versicherungsvertrag
VZG Verordnung des Bundesgerichts über die Zwangsverwertung von Grundstücken
VegüV Verordnung gegen übermässige Vergütungen bei börsenkotierten Aktiengesellschaften
VeÜ-ZSSV Verordnung über die elektronische Übermittlung im Rahmen von Zivil- und Strafprozessen sowie von Schuldbetreibungs- und Konkursverfahren
VwVG Bundesgesetz über das Verwaltungsverfahren
VüKU Verordnung über die Kontrolle von Unternehmenszusammenschlüssen
VüS Verordnung über das Strafregister
W:
WG Bundesgesetz über Waffen, Waffenzubehör und Munition
Z:
ZG Zollgesetz
ZGB Schweizerisches Zivilgesetzbuch
ZPO Schweizerische Zivilprozessordnung
ZStV Zivilstandsverordnung
ZTG Zolltarifgesetz
Ü:
ÜbZ Übereinkunft betreffend Zivilprozessrecht
ÜüAVaS Übereinkommen über die Anerkennung und Vollstreckung ausländischer Schiedssprüche
ÜüRK Übereinkommen über die Rechte des Kindes
ÜüSKZGIA Übereinkommen über den Schutz von Kindern und die Zusammenarbeit auf dem Gebiet der Internationalen Adoption
ÜüiZR Übereinkommen über den internationalen Zugang zur Rechtspflege
ÜüzAiK Übereinkommen über die zivilrechtlichen Aspekte internationaler Kindesentführung
C:
CC Code civil suisse
CEDH Convention de sauvegarde des droits de l'homme et des libertés fondamentales
CL Convention concernant la compétence judiciaire, la reconnaissance et l'exécution des décisions en matière civile et commerciale
CLaH 2000 Convention sur la protection internationale des adultes
CLaH 96 Convention
CO Loi fédérale complétant le Code civil suisse
CP Code pénal suisse
CPC Code de procédure civile
CPM Code pénal militaire
CPP Code de procédure pénale suisse
Caclid Convention sur les aspects civils de l'enlèvement international d'enfants
Cpecmdi Convention sur la protection des enfants et la coopération en matière d'adoption internationale
Cprlsaé Convention pour la reconnaissance et l'exécution des sentences arbitrales étrangères
Crdl Convention relative aux droits de l'enfant
Crpc Convention relative à la procédure civile
Cst. Constitution fédérale de la Confédération suisse
Ctflij Convention tendant à faciliter l'accès international à la justice
D:
DPA Loi fédérale sur le droit pénal administratif
DPMin Loi fédérale régissant la condition pénale des mineurs
L:
LAA Loi fédérale sur l'assurance-accidents
LACI Loi fédérale sur l'assurance-chômage obligatoire et l'indemnité en cas d'insolvabilité
LAGH Loi fédérale sur l'analyse génétique humaine
LAMal Loi fédérale sur l'assurance-maladie
LAP Loi fédérale sur l'approvisionnement économique du pays
LAPG Loi fédérale sur les allocations pour perte de gain en cas de service et de maternité
LAVI Loi fédérale sur l'aide aux victimes d'infractions
LAVS Loi fédérale sur l'assurance-vieillesse et survivants
LArm Loi fédérale sur les armes, les accessoires d'armes et les munitions
LAsi Loi sur l'asile
LB Loi fédérale sur les banques et les caisses d'épargne
LBVM Loi fédérale sur les bourses et le commerce des valeurs mobilières
LCA Loi fédérale sur le contrat d'assurance
LCD Loi fédérale contre la concurrence déloyale
LCF Loi fédérale sur le Contrôle fédéral des finances
LCR Loi fédérale sur la circulation routière
LCart Loi fédérale sur les cartels et autres restrictions à la concurrence
LCdF Loi fédérale sur les chemins de fer
LD Loi sur les douanes
LDA Loi fédérale sur le droit d'auteur et les droits voisins
LDFR Loi fédérale sur le droit foncier rural
LDIP Loi fédérale sur le droit international privé
LDP Loi fédérale sur les droits politiques
LEH Loi fédérale sur les privilèges, les immunités et les facilités, ainsi que sur les aides financières accordés par la Suisse en tant qu'Etat hôte
LEI Loi fédérale sur les étrangers et l'intégration
LEg Loi fédérale sur l'égalité entre femmes et hommes
LF-CLaH Loi fédérale relative à la Convention de La Haye sur l'adoption et aux mesures de protection de l'enfant en cas d'adoption internationale
LF-EEA Loi fédérale sur l'enlèvement international d'enfants et les Conventions de La Haye sur la protection des enfants et des adultes
LFAIE Loi fédérale sur l'acquisition d'immeubles par des personnes à l'étranger
LFC Loi sur les finances de la Confédération
LFINMA Loi sur l'Autorité fédérale de surveillance des marchés financiers
LFLP Loi fédérale sur le libre passage dans la prévoyance professionnelle vieillesse, survivants et invalidité
LFPr Loi fédérale sur la formation professionnelle
LFus Loi fédérale sur la fusion, la scission, la transformation et le transfert de patrimoine
LHID Loi fédérale sur l'harmonisation des impôts directs des cantons et des communes
LIA Loi fédérale sur l'impôt anticipé (LIA)
LIFD Loi fédérale sur l'impôt fédéral direct
LIMF Loi fédérale sur les infrastructures des marchés financiers et le comportement sur le marché en matière de négociation de valeurs mobilières et de dérivés*
LLCA Loi fédérale sur la libre circulation des avocats
LLG Loi sur l'émission de lettres de gage
LMP Loi fédérale sur les marchés publics
LN Loi fédérale sur l'acquisition et la perte de la nationalité suisse
LOAP Loi fédérale sur l'organisation des autorités pénales de la Confédération
LP Loi fédérale sur la poursuite pour dettes et la faillite
LPCC Loi fédérale sur les placements collectifs de capitaux*
LPD Loi fédérale sur la protection des données
LPM Loi fédérale sur la protection des marques et des indications de provenance
LPMA Loi fédérale sur la procréation médicalement assistée*
LPP Loi fédérale sur la prévoyance professionnelle vieillesse, survivants et invalidité
LPPCi Loi fédérale sur la protection de la population et sur la protection civile
LParl Loisur l'Assemblée fédérale
LPart Loi fédérale sur le partenariat enregistré entre personnes du même sexe
LPers Loi sur le personnel de la Confédération
LRCF Loi fédérale sur la responsabilité de la Confédération, des membres de ses autorités et de ses fonctionnaires
LRFP Loi fédérale sur la responsabilité du fait des produits
LSA Loi fédérale sur la surveillance des entreprises d'assurance
LSPr Loi fédérale concernant la surveillance des prix
LSR Loi fédérale sur l'agrément et la surveillance des réviseurs
LStup Loi fédérale sur les stupéfiants et les substances psychotropes
LSu Loi fédérale sur les aides financières et les indemnités
LT Loi fédérale sur les droits de timbre
LTAF Loi sur le Tribunal administratif fédéral
LTF Loi sur le Tribunal fédéral
LTFB Loi<em></em>sur le Tribunal fédéral des brevets
LTI Loi fédérale sur les titres intermédiés
LTVA Loi fédérale régissant la taxe sur la valeur ajoutée
LTaD Loi sur le tarif des douanes
LTr Loi fédérale sur le travail dans l'industrie, l'artisanat et le commerce
O:
OAAE Ordonnance sur l'acte authentique électronique
OACata Ordonnance sur l'aide en cas de catastrophe à l'étranger
OAIE Ordonnance sur l'acquisition d'immeubles par des personnes à l'étranger
OAOF Ordonnance sur l'administration des offices de faillite
OAdo Ordonnance sur l'adoption
OB Ordonnance sur les banques et les caisses d'épargne
OBVM Ordonnance sur les bourses et le commerce des valeurs mobilières
OCEl-PCPP Ordonnance sur la communication électronique dans le cadre de procédures civiles et pénales et de procédures en matière de poursuite pour dettes et de faillite
ODAu Ordonnance sur le droit d'auteur et les droits voisins
ODFR Ordonnance sur le droit foncier rural
OEC Ordonnance sur l'état civil
OELP Ordonnance sur les émoluments perçus en application de la loi fédérale sur la poursuite pour dettes et la faillite
OFA-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur la faillite des entreprises d'assurance
OFPC-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur la faillite de placements collectifs de capitaux
OGPCT Ordonnance sur la gestion du patrimoine dans le cadre d'une curatelle ou d'une tutelle
OHS-LP Ordonnance relative à la haute surveillance en matière de poursuite et de faillite
OIA Ordonnance sur l'impôt anticipé
OIB-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur l'insolvabilité des banques et des négociants en valeurs mobilières
OIMF Ordonnance sur les infrastructures des marchés financiers et le comportement sur le marché en matière de négociation de valeurs mobilières et de dérivés
OIMF-FINMA Ordonnance
OIP Ordonnance sur l'indication des prix
OLAA Ordonnance sur l'assurance-accidents
OLPD Ordonnance relative à la loi fédérale sur la protection des données
OLT 1 Ordonnance 1 relative à la loi sur le travail
ONCR Ordonnance sur les normes comptables reconnues
OPC Ordonnance concernant la saisie et la réalisation de parts de communautés
OPC-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur les placements collectifs de capitaux
OPCC Ordonnance sur les placements collectifs de capitaux
OPE Ordonnance sur le placement d'enfants
ORAb Ordonnance contre les rémunérations abusives dans les sociétés anonymes cotées en bourse
ORC Ordonnance sur le registre du commerce
ORF Ordonnance sur le registre foncier
ORFI Ordonnance du Tribunal fédéral sur la réalisation forcée des immeubles
OS Ordonnance sur la surveillance des entreprises d'assurance privées
OS LCart Ordonnance sur les sanctions en cas de restrictions illicites à la concurrence
OS-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur la surveillance des entreprises d'assurance privées
OSAss Ordonnance concernant la saisie, le séquestre et la réalisation des droits découlant d'assurances d'après la loi fédérale du 2 avril 1908 sur le contrat d'assurance
OT Ordonnance sur les droits de timbre
OTVA Ordonnance régissant la taxe sur la valeur ajoutée
Occd Ordonnance sur le contrôle des concentrations d'entreprises
Ocj Ordonnance sur le casier judiciaire
Olico Ordonnance concernant la tenue et la conservation des livres de comptes
P:
PA Loi fédérale sur la procédure administrative
PPMin Loi fédérale sur la procédure pénale applicable aux mineurs
R:
RAPG Règlement sur les allocations pour perte de gain
RAVS Règlement sur l'assurance-vieillesse et survivants
C:
C Convenzione
CC Codice civile svizzero
CEDU Convenzione per la salvaguardia dei diritti dell'uomo e delle libertà fondamentali
CLug Convenzione concernente la competenza giurisdizionale, il riconoscimento e l'esecuzione delle decisioni in materia civile e commerciale
CO Legge federale di complemento del Codice civile svizzero
CP Codice penale svizzero
CPC Codice di diritto processuale civile svizzero
CPM Codice penale militare
CPP Codice di diritto processuale penale svizzero
Ccrldsae Convenzione concernente il riconoscimento e l'esecuzione delle sentenze arbitrali estere
Cdf Convenzione sui diritti del fanciullo
Cost. Costituzione federale della Confederazione Svizzera
Crapc Convenzione relativa alla procedura civile
Csacrim Convenzione sugli aspetti civili del rapimento internazionale di minori
Cspida Convenzione sulla protezione internazionale degli adulti
Cspmscmai Convenzione sulla protezione dei minori e sulla cooperazione in materia di adozione internazionale
Cvfliag Convenzione volta a facilitare l'accesso internazionale alla giustizia
D:
DPA Legge federale sul diritto penale amministrativo
DPMin Legge federale sul diritto penale minorile
L:
LADI Legge federale sull'assicurazione obbligatoria contro la disoccupazione e l'indennità per insolvenza
LAFE Legge federale sull'acquisto di fondi da parte di persone all'estero
LAID Legge federale sull'armonizzazione delle imposte dirette dei Cantoni e dei Comuni
LAINF Legge federale sull'assicurazione contro gli infortuni
LAMal Legge federale sull'assicurazione malattie
LAP Legge federale sull'approvvigionamento economico del Paese
LAPub Legge federale sugli acquisti pubblici
LAV Legge federale concernente l'aiuto alle vittime di reati
LAVS Legge federale su l'assicurazione per la vecchiaia e per i superstiti
LArm Legge federale sulle armi, gli accessori di armi e le munizioni
LAsi Legge sull'asilo
LBCR Legge federale sulle banche e le casse di risparmio
LBVM Legge federale sulle borse e il commercio di valori mobiliari
LCA Legge federale sul contratto d'assicurazione
LCF Legge federale sul controllo federale delle finanze
LCSl Legge federale contro la concorrenza sleale
LCStr Legge federale sulla circolazione stradale
LCart Legge federale sui cartelli e altre limitazioni della concorrenza
LCit Legge federale su l'acquisto e la perdita della cittadinanza svizzera
LD Legge sulle dogane
LDA Legge federale sul diritto d'autore e sui diritti di protezione affini
LDFR Legge federale sul diritto fondiario rurale
LDIP Legge federale sul diritto internazionale privato
LDP Legge federale sui diritti politici
LEF Legge federale sulla esecuzione e sul fallimento
LEGU Legge federale sugli esami genetici sull'essere umano
LF-CAA Legge federale relativa alla Convenzione dell'Aia sull'adozione e a provvedimenti per la protezione del minore nelle adozioni internazionali
LF-RMA Legge federale sul rapimento internazionale dei minori e sulle Convenzioni dell'Aia sulla protezione dei minori e degli adulti
LFC Legge federale sulle finanze della Confederazione
LFINMA Legge federale concernente l'Autorità federale di vigilanza sui mercati finanziari
LFLP Legge federale sul libero passaggio nella previdenza professionale per la vecchiaia, i superstiti e l'invalidità
LFPr Legge federale sulla formazione professionale
LFus Legge federale sulla fusione, la scissione, la trasformazione e il trasferimento di patrimonio
LICol Legge federale sugli investimenti collettivi di capitale
LIFD Legge federale sull'imposta federale diretta
LIP Legge federale sull'imposta preventiva
LIPG Legge federale sulle indennità di perdita di guadagno per chi presta servizio e in caso di maternità
LIVA Legge federale concernente l'imposta sul valore aggiunto
LInFi Legge federale sulle infrastrutture del mercato finanziario e il comportamento sul mercato nel commercio di valori mobiliari e derivati
LL Legge federale sul lavoro nell'industria, nell'artigianato e nel commercio
LLCA Legge federale sulla libera circolazione degli avvocati
LOAP Legge federale sull'organizzazione delle autorità penali della Confederazione
LOF Legge sulle obbligazioni fondiarie
LPAM Legge federale concernente la procreazione con assistenza medica
LPD Legge federale sulla protezione dei dati
LPM Legge federale sulla protezione dei marchi e delle indicazioni di provenienza
LPP Legge federale sulla previdenza professionale per la vecchiaia, i superstiti e l'invalidità
LPPC Legge federale sulla protezione della popolazione e sulla protezione civile
LPar Legge federale sulla parità dei sessi
LParl Legge federale sull'Assemblea federale
LPers Legge sul personale federale
LRDP Legge federale sulla responsabilità per danno da prodotti
LResp Legge federale su la responsabilità della Confederazione, dei membri delle autorità federali e dei funzionari federali
LSA Legge federale sulla sorveglianza delle imprese di assicurazione
LSO Legge federale sui privilegi, le immunità e le facilitazioni, nonché sugli aiuti finanziari accordati dalla Svizzera quale Stato ospite
LSPr Legge federale sulla sorveglianza dei prezzi
LSR Legge federalesull'abilitazione e la sorveglianza dei revisori
LStrI Legge federale sugli stranieri e la loro integrazione
LStup Legge federale sugli stupefacenti e sulle sostanze psicotrope
LSu Legge federale sugli aiuti finanziari e le indennità
LTAF Legge sul Tribunale amministrativo federale
LTB Legge federale sulle tasse di bollo
LTCo Legge federale sui titoli contabili
LTD Legge sulla tariffa delle dogane
LTF Legge sul Tribunale federale
LTFB Legge sul Tribunale federale dei brevetti
LUD Legge federale sull'unione domestica registrata di coppie omosessuali
Lferr Legge federale sulle ferrovie
O:
OABCT Ordinanza sull'amministrazione di beni nell'ambito di una curatela o di una tutela
OACata Ordinanza sull'aiuto in caso di catastrofe all'estero
OAFE Ordinanza sull'acquisto di fondi da parte di persone all'estero
OAINF Ordinanza sull'assicurazione contro gli infortuni
OAMin Ordinanza sull'accoglimento di minori a scopo di affiliazione
OAPuE Ordinanza sugli atti pubblici in forma elettronica
OAV-LEF Ordinanza concernente l'alta vigilanza sulla esecuzione e sul fallimento
OAVS Ordinanza sull'assicurazione per la vecchiaia e per i superstiti
OAdoz Ordinanza sull'adozione
OBCR Ordinanza sulle banche e le casse di risparmio
OBVM Ordinanza sulle borse e il commercio di valori mobiliari
OCE-PCPE Ordinanza sulla comunicazione per via elettronica nell'ambito di procedimenti civili e penali nonché di procedure d'esecuzione e fallimento
ODAu Ordinanza sul diritto d'autore e sui diritti di protezione affini
ODFR Ordinanza sul diritto fondiario rurale
ODiC Ordinanza concernente il pignoramento e la realizzazione di diritti in comunione
OFA-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sul fallimento delle imprese di assicurazione
OFICol-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sul fallimento degli investimenti collettivi di capitale
OIB-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sull'insolvenza di banche e commercianti di valori mobiliari
OICol Ordinanza sugli investimenti collettivi di capitale
OICol-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sugli investimenti collettivi di capitale
OIP Ordinanza sull'indicazione dei prezzi
OIPG Ordinanza sulle indennità di perdita di guadagno
OIPrev Ordinanza sull'imposta preventiva
OIVA Ordinanza concernente l'imposta sul valore aggiunto
OInFi Ordinanza sulle infrastrutture del mercato finanziario e il comportamento sul mercato nel commercio di valori mobiliari e derivati
OInFi-FINMA Ordinanza
OLL 1 Ordinanza 1 concernente la legge sul lavoro
OLPD Ordinanza relativa alla legge federale sulla protezione dei dati
ONCR Ordinanza sulle norme contabili riconosciute
ORC Ordinanza sul registro di commercio
ORF Ordinanza sul registro fondiario
OReSA Ordinanza contro le retribuzioni abusive nelle società anonime quotate in borsa
OS Ordinanza sulla sorveglianza delle imprese di assicurazione private
OS LCart Ordinanza sulle sanzioni in caso di limitazioni illecite della concorrenza
OS-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sulla sorveglianza delle imprese di assicurazione private
OSC Ordinanza sullo stato civile
OTB Ordinanza concernente le tasse di bollo
OTLEF Ordinanza sulle tasse riscosse in applicazione della legge federale sulla esecuzione e sul fallimento
Occdci Ordinanza concernente il controllo delle concentrazioni di imprese
Ocg Ordinanza sul casellario giudiziale
Olc Ordinanza sulla tenuta e la conservazione dei libri di commercio
P:
PA Legge federale sulla procedura amministrativa
PPMin Legge federale di diritto processuale penale minorile
R:
RFF Regolamento del Tribunale federale concernente la realizzazione forzata di fondi
RPAss Regolamento
RUF Regolamento concernente l'amministrazione degli uffici dei fallimenti
A:
AIG Federal Act on Foreign Nationals and Integration
AdoV Ordinance on Adoption
AsylG Asylum Act
B:
BBG Federal Acton Vocational and Professional Education and Training
BEG Federal Act on Intermediated Securities
BG-KKE Federal Act on International Child Abduction and the Hague Conventions on the Protection of Children and Adults
BIV-FINMA Ordinance of the Swiss Financial Market Supervisory Authority on the Insolvency of Banks and Securities Dealers
BPR Federal Act on Political Rights
BV Federal Constitution of the Swiss Confederation
BetmG Federal Act on Narcotics and Psychotropic Substances
D:
DSG Federal Act on Data Protection
F:
FINMAG Federal Act on the Swiss Financial Market Supervisory Authority
FMedG Federal Act on Medically Assisted Reproduction
FinfraG Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
FinfraV Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
FinfraV-FINMA Ordinance of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
G:
GSG Federal Act on the Privileges, Immunities and Facilities and the Financial Subsidies granted by Switzerland as a Host State
GUMG Federal Act on Human Genetic Testing
GlG Federal Act on Gender Equality
K:
KAG Federal Act on Collective Investment Schemes
KG Federal Act on Cartels and other Restraints of Competition
KKV Ordinance on Collective Investment Schemes
KKV-FINMA Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes
M:
MSchG Federal Act on the Protection of Trade Marks and Indications of Source
MWSTG Federal Act on Value Added Tax
MWSTV Ordinance on Value Added Tax
O:
OR Federal Act on the Amendment of the Swiss Civil Code
P:
ParlG Federal Act on the Federal Assembly
PatGG Federal Act on the Federal Patent Court
S:
SVKG Ordinance on Sanctions imposed for Unlawful Restraints of Competition
StGB Swiss Criminal Code
StPO Swiss Criminal Procedure Code
U:
URG Federal Act on Copyright and Related Rights
V:
VDSG 235.11
VwVG Federal Act on Administrative Procedure
VüKU Ordinance on the Control of Concentrations of Undertakings
Z:
ZGB Swiss Civil Code
ZPO Swiss Civil Procedure Code
ZTG Customs Tariff Act
A:
AHVG Bundesgesetz über die Alters- und Hinterlassenenversicherung
AHVV Verordnung über die Alters- und Hinterlassenenversicherung
AIG Bundesgesetz über die Ausländerinnen und Ausländer und über die Integration
AVIG Bundesgesetz über die obligatorische Arbeitslosenversicherung und die Insolvenzentschädigung
AVO Verordnung über die Beaufsichtigung von privaten Versicherungsunternehmen
AVO-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Beaufsichtigung von privaten Versicherungsunternehmen
AdoV Verordnung über die Adoption
ArG Bundesgesetz über die Arbeit in Industrie, Gewerbe und Handel
ArGV 1 Verordnung 1 zum Arbeitsgesetz
AsylG Asylgesetz
B:
BBG Bundesgesetzüber die Berufsbildung
BEG Bundesgesetz über Bucheffekten
BEHG Bundesgesetz über die Börsen und den Effektenhandel
BEHV Verordnung über die Börsen und den Effektenhandel
BG-HAÜ Bundesgesetz zum Haager Adoptionsübereinkommen und über Massnahmen zum Schutz des Kindes bei internationalen Adoptionen
BG-KKE Bundesgesetz über internationale Kindesentführung und die Haager Übereinkommen zum Schutz von Kindern und Erwachsenen
BGBB Bundesgesetz über das bäuerliche Bodenrecht
BGFA Bundesgesetz über die Freizügigkeit der Anwältinnen und Anwälte
BGG Bundesgesetz über das Bundesgericht
BIV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Insolvenz von Banken und Effektenhändlern
BPG Bundespersonalgesetz
BPR Bundesgesetz über die politischen Rechte
BV Bundesverfassung der Schweizerischen Eidgenossenschaft
BVG Bundesgesetz über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge
BZG Bundesgesetz über den Bevölkerungsschutz und den Zivilschutz
BankG Bundesgesetz über die Banken und Sparkassen
BankV Verordnung über die Banken und Sparkassen
BetmG Bundesgesetz über die Betäubungsmittel und die psychotropen Stoffe
BewG Bundesgesetz über den Erwerb von Grundstücken durch Personen im Ausland
BewV Verordnung über den Erwerb von Grundstücken durch Personen im Ausland
BöB Bundesgesetz über das öffentliche Beschaffungswesen
BüG Bundesgesetz über Erwerb und Verlust des Schweizer Bürgerrechts
D:
DBG Bundesgesetz über die direkte Bundessteuer
DSG Bundesgesetz über den Datenschutz
E:
EBG Eisenbahngesetz
EMRK Konvention zum Schutze der Menschenrechte und Grundfreiheiten
EOG Bundesgesetz über den Erwerbsersatz für Dienstleistende und bei Mutterschaft
EOV Verordnung zum Erwerbsersatzgesetz
EÖBV Verordnung über die elektronische öffentliche Beurkundung
F:
FHG Bundesgesetz über den eidgenössischen Finanzhaushalt
FINMAG Bundesgesetz über die Eidgenössische Finanzmarktaufsicht
FKG Bundesgesetz über die Eidgenössische Finanzkontrolle
FMedG Bundesgesetz über die medizinisch unterstützte Fortpflanzung
FZG Bundesgesetz über die Freizügigkeit in der beruflichen Alters-, Hinterlassenen- und Invalidenvorsorge
FinfraG Bundesgesetz über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FinfraV Verordnung über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FinfraV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FusG Bundesgesetz über Fusion, Spaltung, Umwandlung und Vermögensübertragung
G:
GBV Grundbuchverordnung
GSG Bundesgesetz über die von der Schweiz als Gaststaat gewährten Vorrechte, Immunitäten und Erleichterungen sowie finanziellen Beiträge
GUMG Bundesgesetz über genetische Untersuchungen beim Menschen
GeBüV Verordnung über die Führung und Aufbewahrung der Geschäftsbücher
GebV SchKG Gebührenverordnung zum Bundesgesetz über Schuldbetreibung und Konkurs
GlG Bundesgesetz über die Gleichstellung von Frau und Mann
H:
HEsÜ Übereinkommen über den internationalen Schutz von Erwachsenen
HKsÜ Übereinkommen
HRegV Handelsregisterverordnung
I:
IPRG Bundesgesetz über das Internationale Privatrecht
J:
JStG Bundesgesetz über das Jugendstrafrecht
JStPO Schweizerische Jugendstrafprozessordnung
K:
KAG Bundesgesetz über die kollektiven Kapitalanlagen
KAKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über den Konkurs von kollektiven Kapitalanlagen
KG Bundesgesetz über Kartelle und andere Wettbewerbsbeschränkungen
KKV Verordnung über die kollektiven Kapitalanlagen
KKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die kollektiven Kapitalanlagen
KOV Verordnung über die Geschäftsführung der Konkursämter (KOV)
KVG Bundesgesetz über die Krankenversicherung
L:
LVG Bundesgesetz über die wirtschaftliche Landesversorgung
LugÜ Übereinkommen über die gerichtliche Zuständigkeit und die Anerkennung und Vollstreckung von Entscheidungen in Zivil- und Handelssachen
M:
MSchG Bundesgesetz über den Schutz von Marken und Herkunftsangaben
MStG Militärstrafgesetz
MWSTG Bundesgesetz über die Mehrwertsteuer
MWSTV Mehrwertsteuerverordnung
O:
OAV-SchKG Verordnung betreffend die Oberaufsicht über Schuldbetreibung und Konkurs
OHG Bundesgesetz über die Hilfe an Opfer von Straftaten
OR Bundesgesetz betreffend die Ergänzung des Schweizerischen Zivilgesetzbuches (Fünfter Teil: Obligationenrecht)
P:
PAVO Verordnung über die Aufnahme von Pflegekindern
PBV Verordnung über die Bekanntgabe von Preisen
ParlG Bundesgesetz über die Bundesversammlung
PartG Bundesgesetz über die eingetragene Partnerschaft gleichgeschlechtlicher Paare
PatGG Bundesgesetz über das Bundespatentgericht
PfG Pfandbriefgesetz
PrHG Bundesgesetz über die Produktehaftpflicht
PüG Preisüberwachungsgesetz
R:
RAG Bundesgesetz über die Zulassung und Beaufsichtigung der Revisorinnen und Revisoren
S:
SVG Strassenverkehrsgesetz
SVKG Verordnung über die Sanktionen bei unzulässigen Wettbewerbsbeschränkungen
SchKG Bundesgesetz über Schuldbetreibung und Konkurs
StBOG Bundesgesetz über die Organisation der Strafbehörden des Bundes
StG Bundesgesetz über die Stempelabgaben
StGB Schweizerisches Strafgesetzbuch
StHG Bundesgesetz über die Harmonisierung der direkten Steuern der Kantone und Gemeinden
StPO Schweizerische Strafprozessordnung
StV Verordnung über die Stempelabgaben
SuG Bundesgesetz über Finanzhilfen und Abgeltungen
U:
URG Bundesgesetz über das Urheberrecht und verwandte Schutzrechte
URV Verordnung über das Urheberrecht und verwandte Schutzrechte
UVG Bundesgesetz über die Unfallversicherung
UVV Verordnung über die Unfallversicherung
UWG Bundesgesetz gegen den unlauteren Wettbewerb
V:
VAG Bundesgesetz betreffend die Aufsicht über Versicherungsunternehmen
VASR Verordnung über die anerkannten Standards zur Rechnungslegung
VBB Verordnung über das bäuerliche Bodenrecht
VBVV Verordnung über die Vermögensverwaltung im Rahmen einer Beistandschaft oder Vormundschaft
VDSG Verordnung zum Bundesgesetz über den Datenschutz
VG Bundesgesetz über die Verantwortlichkeit des Bundes sowie seiner Behördemitglieder und Beamten
VGG Bundesgesetz über das Bundesverwaltungsgericht
VKA Verordnung über die Katastrophenhilfe im Ausland
VKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über den Konkurs von Versicherungsunternehmen
VPAV Verordnung betreffend die Pfändung, Arrestierung und Verwertung von Versicherungsansprüchen nach dem Bundesgesetz vom 2. April 1908 über den Versicherungsvertrag
VStG Bundesgesetz über die Verrechnungssteuer
VStV Verordnung über die Verrechnungssteuer
VStrR Bundesgesetz über das Verwaltungsstrafrecht
VVAG Verordnung über die Pfändung und Verwertung von Anteilen an Gemeinschaftsvermögen
VVG Bundesgesetz über den Versicherungsvertrag
VZG Verordnung des Bundesgerichts über die Zwangsverwertung von Grundstücken
VegüV Verordnung gegen übermässige Vergütungen bei börsenkotierten Aktiengesellschaften
VeÜ-ZSSV Verordnung über die elektronische Übermittlung im Rahmen von Zivil- und Strafprozessen sowie von Schuldbetreibungs- und Konkursverfahren
VwVG Bundesgesetz über das Verwaltungsverfahren
VüKU Verordnung über die Kontrolle von Unternehmenszusammenschlüssen
VüS Verordnung über das Strafregister
W:
WG Bundesgesetz über Waffen, Waffenzubehör und Munition
Z:
ZG Zollgesetz
ZGB Schweizerisches Zivilgesetzbuch
ZPO Schweizerische Zivilprozessordnung
ZStV Zivilstandsverordnung
ZTG Zolltarifgesetz
Ü:
ÜbZ Übereinkunft betreffend Zivilprozessrecht
ÜüAVaS Übereinkommen über die Anerkennung und Vollstreckung ausländischer Schiedssprüche
ÜüRK Übereinkommen über die Rechte des Kindes
ÜüSKZGIA Übereinkommen über den Schutz von Kindern und die Zusammenarbeit auf dem Gebiet der Internationalen Adoption
ÜüiZR Übereinkommen über den internationalen Zugang zur Rechtspflege
ÜüzAiK Übereinkommen über die zivilrechtlichen Aspekte internationaler Kindesentführung
C:
CC Code civil suisse
CEDH Convention de sauvegarde des droits de l'homme et des libertés fondamentales
CL Convention concernant la compétence judiciaire, la reconnaissance et l'exécution des décisions en matière civile et commerciale
CLaH 2000 Convention sur la protection internationale des adultes
CLaH 96 Convention
CO Loi fédérale complétant le Code civil suisse
CP Code pénal suisse
CPC Code de procédure civile
CPM Code pénal militaire
CPP Code de procédure pénale suisse
Caclid Convention sur les aspects civils de l'enlèvement international d'enfants
Cpecmdi Convention sur la protection des enfants et la coopération en matière d'adoption internationale
Cprlsaé Convention pour la reconnaissance et l'exécution des sentences arbitrales étrangères
Crdl Convention relative aux droits de l'enfant
Crpc Convention relative à la procédure civile
Cst. Constitution fédérale de la Confédération suisse
Ctflij Convention tendant à faciliter l'accès international à la justice
D:
DPA Loi fédérale sur le droit pénal administratif
DPMin Loi fédérale régissant la condition pénale des mineurs
L:
LAA Loi fédérale sur l'assurance-accidents
LACI Loi fédérale sur l'assurance-chômage obligatoire et l'indemnité en cas d'insolvabilité
LAGH Loi fédérale sur l'analyse génétique humaine
LAMal Loi fédérale sur l'assurance-maladie
LAP Loi fédérale sur l'approvisionnement économique du pays
LAPG Loi fédérale sur les allocations pour perte de gain en cas de service et de maternité
LAVI Loi fédérale sur l'aide aux victimes d'infractions
LAVS Loi fédérale sur l'assurance-vieillesse et survivants
LArm Loi fédérale sur les armes, les accessoires d'armes et les munitions
LAsi Loi sur l'asile
LB Loi fédérale sur les banques et les caisses d'épargne