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Ordinance 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 Swiss Federal Council,

based on the Federal Act of 23 June 20061 on Collective Investment Schemes (CISA; referred to below as: the Act),

decrees:

Title 1 General Provisions

Chapter 1 Object and Scope

Art. 1


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1. Jan. 2020 (AS 2019 4633).

Art. 1a Investment club

(Art. 2 para. 2 let. f CISA)

Ir­re­spect­ive of its leg­al status, an in­vest­ment club must meet the fol­low­ing re­quire­ments:

a.
The mem­ber­ship rights are set out in the rel­ev­ant con­stitutive doc­u­ment for its chosen leg­al status.
b.
The mem­bers or a sec­tion of the mem­bers take the in­vest­ment de­cisions.
c.
The mem­bers are in­formed about the status of the in­vest­ments on a reg­u­lar basis.
d.
The num­ber of mem­bers does not ex­ceed twenty.

1 Ori­gin­ally Art. 1

Art. 1b Operating companies

(Art. 2 para. 2 let. d CISA)

1For the pur­pose of ap­ply­ing the Act and ir­re­spect­ive of their leg­al status, op­er­at­ing com­pan­ies which are en­gaged in en­tre­pren­eur­i­al activ­it­ies are com­pan­ies:

a.
which have either their re­gistered of­fice as defined by their art­icles of as­so­ci­ation or their ac­tu­al re­gistered of­fice in Switzer­land or which are es­tab­lished in Switzer­land if their re­gistered of­fice as defined by their art­icles of as­so­ci­ation is loc­ated in an­oth­er state;
b.
which pur­sue their activ­it­ies on a com­mer­cial basis or on a scale which re­quires com­mer­cially or­gan­ised busi­ness op­er­a­tions; and
c.
whose main pur­pose is the man­age­ment of a ser­vices, pro­duc­tion or trad­ing busi­ness.

2Op­er­at­ing com­pan­ies are in par­tic­u­lar com­pan­ies which:

a.
de­vel­op or con­struct real es­tate;
b.
pro­duce, buy, sell or ex­change goods and com­mod­it­ies;
c.
of­fer oth­er ser­vices out­side the fin­an­cial sec­tor.

3Op­er­at­ing com­pan­ies are also com­pan­ies which in the course of their op­er­at­ing activ­it­ies avail them­selves of the ser­vices of ex­tern­al ser­vice pro­viders or of com­pan­ies with­in their group, provided en­tre­pren­eur­i­al de­cisions in day-to-day busi­ness op­er­a­tions re­main at all times with the com­pany it­self by vir­tue of the ex­press agree­ment of rights to in­flu­ence leg­al re­la­tion­ships, to ex­ert con­trol and to is­sue dir­ect­ives.

4Com­pan­ies in ac­cord­ance with Art­icle 13 para­graph 2 let­ters c and d of the Act which as­sume con­trol of the vot­ing rights in com­pan­ies or sit on the body re­spons­ible for the gov­ernance, su­per­vi­sion and con­trol of their par­ti­cip­a­tions are not deemed to be op­er­at­ing com­pan­ies.

5In ad­di­tion to their en­tre­pren­eur­i­al activ­it­ies, op­er­at­ing com­pan­ies may also en­gage in in­vest­ments. These may, however, merely rep­res­ent a sub­or­din­ate or ac­cess­ory activ­ity with re­spect to the main pur­pose.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 1c


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4633).

Art. 2 Investment company

(Art. 2 para. 3 CISA)

Newly es­tab­lished in­vest­ment com­pan­ies whose is­sue pro­spect­us provides for a list­ing on a Swiss stock ex­change are treated as equi­val­ent to lis­ted com­pan­ies provided list­ing is com­pleted with­in one year.

Art. 3 and 4


1 Re­pealed by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4459).

Chapter 2 Collective Investment Schemes

Art. 5 Definition of collective investment scheme

(Art. 7 para. 3 and 4 CISA)

1Ir­re­spect­ive of leg­al status, col­lect­ive in­vest­ment schemes are as­sets provided by at least two mu­tu­ally in­de­pend­ent in­vestors for the pur­pose of col­lect­ive in­vest­ment and which are man­aged ex­tern­ally.

2In­vestors are mu­tu­ally in­de­pend­ent when they provide as­sets that are mu­tu­ally in­de­pend­ent in leg­al and de facto terms.

3For group com­pan­ies in the same group of com­pan­ies pur­su­ant to Art­icle 3 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Novem­ber 20192 (FinIO), the re­quire­ment for the as­sets to be in­de­pend­ent pur­su­ant to para­graph 2 does not ap­ply.3

4The as­sets of a col­lect­ive in­vest­ment scheme may be provided by a single in­vestor (single in­vestor fund) where such in­vestor is an in­vestor pur­su­ant to Art­icle 4 para­graph 3 let­ter b, e or f of the Fin­an­cial Ser­vices Act of 15 June 20184 (FinSA).5

5The re­stric­tion of in­vestor eli­gib­il­ity to in­vestors as defined in para­graph 4 must be dis­closed in the rel­ev­ant doc­u­ments pur­su­ant to Art­icle 15 para­graph 1 of the Act.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 RS 954.11
3 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
4 RS 950.1
5 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 6


1 Re­pealed by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4459).

Art. 6a Investors

(Art. 10 para. 3ter CISA)

The fin­an­cial in­ter­me­di­ary:

a.
shall, with­in the mean­ing of Art­icle 10 para­graph 3ter of the Act, in­form in­vestors that they are deemed qual­i­fied in­vestors;
b.
shall ex­plain the risks that this en­tails; and
c.
shall in­form them that they have the op­tion of de­clar­ing in writ­ing or in an­oth­er form demon­strable via text that they do not wish to be deemed qual­i­fied in­vestors.

1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS2019 4459).

Chapter 3 Authorisation and Approval

Section 1 General

Art. 7 Authorisation documentation

(Art. 13 and 14 CISA)

Any party ap­ply­ing for au­thor­isa­tion un­der Art­icle 13 of the Act must sub­mit the fol­low­ing doc­u­ments to FINMA:

a.1
the art­icles of as­so­ci­ation and the or­gan­isa­tion­al reg­u­la­tions in the case of a SICAV and a SI­CAF;
b.
the com­pany agree­ment in the case of a lim­ited part­ner­ship for col­lect­ive in­vest­ment;
c.2
the rel­ev­ant or­gan­isa­tion­al doc­u­ments in the case of the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes.

1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
2 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 8 Exemption from the authorisation requirement

(Art. 13 para. 3 CISA)

Any party au­thor­ised as a fund man­age­ment com­pany is ex­emp­ted from the duty to ob­tain au­thor­isa­tion for rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes.


1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 9


1 Re­pealed by No I of the Or­din­ance of 13. Febr. 2013, with ef­fect from 1 March 2013 (AS 2013 607).

Art. 10 Good reputation, guarantees and specialist qualifications

(Art. 14 para. 1 let. a, abis and b CISA)

1The per­sons re­spons­ible for the ad­min­is­tra­tion and the man­age­ment shall be suit­ably qual­i­fied for the en­vis­aged activ­ity on the basis of their edu­ca­tion and train­ing, ex­per­i­ence and ca­reer his­tory.

2The en­vis­aged activ­ity at the au­thor­ised party as well as the nature of the in­ten­ded in­vest­ments must also be taken in­to ac­count when as­sess­ing the re­quire­ments.


1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 11


1 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4633).

Art. 12 Organisational structure

(Art. 14 para. 1 let. c CISA)

1The ex­ec­ut­ive board must com­prise at least two per­sons. These per­sons must have their place of res­id­ence at a loc­a­tion which is suit­able for the prop­er man­age­ment of the busi­ness op­er­a­tions.

2The au­thor­ised sig­nat­or­ies of the li­censee must sign jointly.

3The li­censee must define its or­gan­isa­tion­al struc­ture in a set of or­gan­isa­tion­al reg­u­la­tions.1

4It must em­ploy per­son­nel who are prop­erly and suit­ably qual­i­fied for its activ­ity.

5FINMA may re­quire that an in­tern­al audit be per­formed if re­quired by the scope and nature of the activ­ity.

6In jus­ti­fied in­stances, it may grant derog­a­tions from these re­quire­ments.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 12a Risk management, internal control system and compliance

(Art. 14 para. 1ter CISA)

1The li­censee must en­sure it has prop­er and ap­pro­pri­ate risk man­age­ment, an in­tern­al con­trol sys­tem (ICS) and com­pli­ance cov­er­ing its en­tire busi­ness activ­it­ies.

2Risk man­age­ment must be or­gan­ised so that all ma­ter­i­al risks can be ad­equately iden­ti­fied, as­sessed, con­trolled and mon­itored.

3The li­censee shall sep­ar­ate the func­tions of risk man­age­ment, the in­tern­al con­trol sys­tem and com­pli­ance in func­tion­al and hier­arch­ic­al terms from the op­er­at­ing units, in par­tic­u­lar from the in­vest­ment de­cisions func­tion (port­fo­lio man­age­ment).

4FINMA may grant derog­a­tions from these re­quire­ments in jus­ti­fied in­stances.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 12b Delegation of tasks

(Art. 14 para. 1ter CISA)

1Tasks are deemed to be del­eg­ated if the SICAV and the rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes ap­point a ser­vice pro­vider to in­de­pend­ently and per­man­ently per­form in full or in part a ma­ter­i­al task, thereby chan­ging the cir­cum­stances un­der­ly­ing the au­thor­isa­tion.

2Ma­ter­i­al tasks are deemed to be:

a.
for a SICAV: tasks in ac­cord­ance with Art­icle 26 CISA;
b.
for a rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes: tasks in ac­cord­ance with Art­icle 124 CISA.

1 In­ser­ted by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 12c Delegable tasks

(Art. 14 para. 1ter CISA)

1The SICAVs and the rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes may del­eg­ate to third parties only those tasks which do not need to be with­in the de­cision-mak­ing re­mit of the body re­spons­ible for man­age­ment or for gov­ernance, su­per­vi­sion and con­trol.

2Del­eg­a­tion must not im­pair the ap­pro­pri­ate­ness of the op­er­a­tion­al or­gan­isa­tion.

3The op­er­a­tion­al or­gan­isa­tion is no longer deemed to be ap­pro­pri­ate if the SICAV or the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes:

a.
does not have the ne­ces­sary per­son­nel re­sources and spe­cial­ist know­ledge to se­lect, in­struct and mon­it­or the third party and man­age the as­so­ci­ated risks; or
b.
does not have the ne­ces­sary rights to is­sue in­struc­tions to or con­trol the third party.

1 In­ser­ted by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 12d Delegation of tasks: responsibility and procedures

(Art. 14 para. 1ter CISA)

1The SICAV or the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes re­mains re­spons­ible for the ful­fil­ment of su­per­vis­ory du­ties and when del­eg­at­ing tasks shall safe­guard cli­ents' in­terests.

2They shall agree with the third party in writ­ing or in an­oth­er form demon­strable via text which tasks are to be del­eg­ated. The fol­low­ing in par­tic­u­lar are to be laid down in the agree­ment:

a.
the au­thor­it­ies and re­spons­ib­il­it­ies;
b.
any powers of sub­deleg­a­tion;
c.
the third party's duty to render ac­count;
d.
the rights to con­trol of the SICAV and the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes.

3The SICAVs and the rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes shall lay down in their or­gan­isa­tion­al prin­ciples the tasks del­eg­ated as well as de­tails of the pos­sib­il­ity of sub­deleg­a­tion.

4Del­eg­a­tion is to be or­gan­ised so that the SICAV or the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes, its in­tern­al aud­it­ors, the audit firm and FINMA can in­spect and re­view the del­eg­ated task.


1 In­ser­ted by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 13 Financial guarantees

(Art. 14 para. 1 let. d CISA)

The li­censee has suf­fi­cient fin­an­cial guar­an­tees if it meets the rel­ev­ant pro­vi­sions re­gard­ing the min­im­um cap­it­al or min­im­um in­vest­ment amount.

Art. 13a Documents of foreign collective investment schemes

(Art. 15 para. 1 let. e CISA)

For for­eign col­lect­ive in­vest­ment schemes, the fol­low­ing doc­u­ments must be sub- mit­ted to FINMA for ap­prov­al:

a.
the pro­spect­us;
b.2
the key in­form­a­tion doc­u­ment in ac­cord­ance with Art­icles 58–63 and 66 FinSA3;
c.
the col­lect­ive in­vest­ment agree­ment for the con­trac­tu­al col­lect­ive in­vest­ment schemes;
d.
the art­icles of as­so­ci­ation and the in­vest­ment reg­u­la­tions or the com­pany agree­ment of col­lect­ive in­vest­ment schemes or­gan­ised un­der com­pany law;
e.
oth­er doc­u­ments that would be ne­ces­sary for ap­prov­al un­der ap­plic­able for­eign laws and those for Swiss col­lect­ive in­vest­ment schemes in ac­cord­ance with Art­icle 15 para­graph 1 of the Act.

1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
3 SR 950.1

Art. 14 Change of organisational structure and documents

(Art. 16 CISA)

1In the event of changes to the or­gan­isa­tion­al struc­ture, au­thor­isa­tion must be ob­tained from FINMA. The doc­u­ments defined in Art­icle 7 must be sub­mit­ted to FINMA.

2Changes to doc­u­ments in ac­cord­ance with Art­icle 15 of the Act must be sub­mit­ted to FINMA, with the ex­cep­tion of:

a.
the rel­ev­ant doc­u­ments of for­eign col­lect­ive in­vest­ment schemes;
b.
any change in the total lim­ited part­ners' con­tri­bu­tions in the com­pany agree­ment of the lim­ited part­ner­ship for col­lect­ive in­vest­ment;
c.1
changes to doc­u­ments re­quir­ing ap­prov­al in the case of a do­mest­ic col­lect­ive in­vest­ment scheme where such doc­u­ments re­late ex­clus­ively to pro­vi­sions on sales and dis­tri­bu­tion re­stric­tions and are re­quired in the con­text of for­eign laws, in­ter­na­tion­al treat­ies, bi­lat­er­al or su­per­vis­ory ar­range­ments, etc.

1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 15 Duty to report

(Art. 16 CISA)

1The li­censees, with the ex­cep­tion of the cus­todi­an bank, shall re­port:

a.
any change in the per­sons re­spons­ible for the ad­min­is­tra­tion and the man­age­ment;
b.
facts which might call in­to ques­tion the good repu­ta­tion or the guar­an­tee of ir­re­proach­able busi­ness con­duct by the per­sons re­spons­ible for the ad­min­is­tra­tion and the man­age­ment, spe­cific­ally the in­stig­a­tion of crim­in­al pro­ceed­ings against them;
c.
any change in sig­ni­fic­ant equity hold­ers, ex­cept for com­pany share­hold­ers in a SICAV and lim­ited part­ners in a lim­ited part­ner­ship for col­lect­ive in­vest­ment;
d.
facts which might call in­to ques­tion the good repu­ta­tion of sig­ni­fic­ant equity hold­ers, spe­cific­ally the in­stig­a­tion of crim­in­al pro­ceed­ings against them;
e.
facts which call in­to ques­tion the prudent and sound busi­ness prac­tice of the li­censees ow­ing to the in­flu­ence of the sig­ni­fic­ant equity hold­ers;
f.
any change with re­spect to the fin­an­cial guar­an­tees (Art. 13), in par­tic­u­lar if the min­im­um re­quire­ments are no longer met.

2The cus­todi­an bank shall re­port any change of ex­ec­ut­ive per­sons en­trus­ted with the per­form­ance of the cus­todi­an bank's du­ties (Art. 72 para. 2 CISA).

3Fur­ther­more, changes to the pro­spect­us as well as to the key in­form­a­tion doc­u­ment must also be re­por­ted in ac­cord­ance with Art­icles 58–63 and 66 FinSA1.2

4The rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes that are not offered ex­clus­ively to qual­i­fied in­vestors must re­port:3

a.4
meas­ures taken by a for­eign su­per­vis­ory au­thor­ity against the col­lect­ive in­vest­ment scheme, spe­cific­ally its with­draw­al of ap­prov­al;
b.5
changes to the doc­u­ments for for­eign col­lect­ive in­vest­ment schemes in ac­cord­ance with Art­icle 13a;
c.6
...

5The re­port must be made im­me­di­ately to FINMA, which shall es­tab­lish wheth­er the re­por­ted facts com­ply with the Act.


1 SR 950.1
2 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
3 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
4 Amended by An­nex No 6 of the Fin­an­cial Mar­ket Audit Act of 15 Oct. 2008, in force since 1 Jan. 2009 (AS 2008 5363).
5 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
6 Re­pealed by No I of the Or­din­ance of 13 Feb. 2013, with ef­fect from 1. March 2013 (AS 2013 607).

Art. 16 Requirements for the simplified approval procedure

(Art. 17 CISA)

1The sim­pli­fied ap­prov­al pro­ced­ure may only be ad­op­ted where the fund reg­u­la­tions:

a.
com­ply with a format which FINMA has re­cog­nised as be­ing the min­im­um stand­ard, such as mod­el reg­u­la­tions and pro­spect­uses of a spe­cif­ic in­dustry body; or
b.
com­ply with a set of stand­ards which FINMA has re­cog­nised as bind­ing in re­la­tion to the rel­ev­ant li­censee.

2FINMA shall give the ap­plic­ant con­firm­a­tion of its re­ceipt of the ap­plic­a­tion.

3Where ad­di­tion­al in­form­a­tion is re­quired for the pur­pose of as­sess­ing the ap­plic­a­tion, FINMA may in­struct the ap­plic­ant to sub­mit such in­form­a­tion at a sub­sequent time.

Art. 17 Time limits for the simplified approval procedure

(Art. 17 CISA)

1Open-ended col­lect­ive in­vest­ment schemes for qual­i­fied in­vestors are deemed to have been ap­proved on ex­piry of the fol­low­ing time lim­its:

a.
se­cur­it­ies funds, real es­tate funds and oth­er funds for tra­di­tion­al in­vest­ments: fol­low­ing re­ceipt of the ap­plic­a­tion;
b.
oth­er funds for al­tern­at­ive in­vest­ments: four weeks fol­low­ing re­ceipt of the ap­plic­a­tion.

2FINMA shall ap­prove open-ended col­lect­ive in­vest­ment schemes which are dir­ec­ted to­wards the pub­lic at the latest with­in the fol­low­ing time lim­its:

a.
se­cur­it­ies funds: four weeks fol­low­ing re­ceipt of the ap­plic­a­tion;
b.
real es­tate funds and oth­er funds for tra­di­tion­al in­vest­ments: six weeks fol­low­ing re­ceipt of the ap­plic­a­tion;
c.
oth­er funds for al­tern­at­ive in­vest­ments: eight weeks fol­low­ing re­ceipt of the ap­plic­a­tion.

3The peri­od be­gins one day fol­low­ing re­ceipt of the ap­plic­a­tion.

4Where FINMA re­quires fur­ther in­form­a­tion, the com­mence­ment of the peri­od must be post­poned from the time the re­quest is made un­til such time as the in­form­a­tion is re­ceived by FINMA.

Art. 18 Subsequent amendment of documents

(Art. 17 CISA)

1FINMA may de­mand that a sub­sequent amend­ment be made to the doc­u­ments for col­lect­ive in­vest­ment schemes for qual­i­fied in­vestors for a peri­od of up to three months fol­low­ing sim­pli­fied ap­prov­al.

2The in­vestors must:

a.
be made aware of the pos­sib­il­ity of an amend­ment in ad­vance;
b.
be in­formed of sub­sequent amend­ments in the me­dia of pub­lic­a­tion.

Section 2 ...

Art. 19


1 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).

Art. 20 Components of capital

(Art. 14 para. 1 let. d CISA)1

1In the case of a com­pany lim­ited by shares and a part­ner­ship lim­ited by shares, the cap­it­al is the share and par­ti­cip­a­tion cap­it­al, and in the case of a lim­ited li­ab­il­ity com­pany it is the is­sued cap­it­al.

2In the case of part­ner­ships, the cap­it­al is:2

a.
the cap­it­al ac­counts;
b.
the part­ner­ship con­tri­bu­tions; and
c.
the as­sets of the part­ners with un­lim­ited li­ab­il­ity.

3The cap­it­al ac­counts and as­sets of the part­ners with un­lim­ited li­ab­il­ity may only be coun­ted to­wards the cap­it­al if a de­clar­a­tion is provided to the ef­fect that:3

a.
in the event of li­quid­a­tion, bank­ruptcy or ad­min­is­tra­tion pro­ceed­ings such as­sets shall be sub­or­din­ate to the claims of all oth­er cred­it­ors; and
b.
an ob­lig­a­tion ex­ists:4
1.
not to net such as­sets with its own claims nor se­cure them from its own as­sets,
2.
not to re­duce any of the com­pon­ents of the cap­it­al as defined in para­graph 2 let­ters a and c to the ex­tent that the min­im­um cap­it­al is no longer main­tained without the pri­or con­sent of the audit com­pany.

4The de­clar­a­tion in ac­cord­ance with para­graph 3 is ir­re­voc­able. It must be made in writ­ing or in an­oth­er form demon­strable via text and filed with a li­censed audit firm.5


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
3 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
4 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
5 In­ser­ted by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 21


1 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).

Art. 22 Qualifying capital

(Art. 14 para. 1 let. d CISA)

1Leg­al en­tit­ies may in­clude the fol­low­ing in qual­i­fy­ing cap­it­al:

a.
the paid-up share and par­ti­cip­a­tion cap­it­al in the case of a com­pany lim­ited by shares and part­ner­ship lim­ited by shares, and the is­sued cap­it­al in the case of a lim­ited li­ab­il­ity com­pany;
b.
the gen­er­al stat­utory re­serve and oth­er re­serves;
c.
re­tained earn­ings;
d.
the net profit for the cur­rent fin­an­cial year after de­duct­ing the es­tim­ated earn­ings dis­tri­bu­tion, provided an audited in­ter­im fin­an­cial state­ment in­clud­ing full in­come state­ment is avail­able;
e.
hid­den re­serves, provided they are as­signed to a sep­ar­ate ac­count and des­ig­nated as own funds. Their al­low­ab­il­ity must be con­firmed in the audit re­port1.

2Part­ner­ships may in­clude the fol­low­ing in qual­i­fy­ing cap­it­al:2

a.
the cap­it­al ac­counts;
b.
the part­ner­ship con­tri­bu­tions;
c.3
...
d.
the funds of the part­ners with un­lim­ited li­ab­il­ity, provided the con­di­tions stated in Art­icle 20 para­graph 3 are met.

3...4

4The qual­i­fy­ing cap­it­al as defined in para­graphs 1 and 2 let­ters a–d must ac­count for at least 50 per­cent of the total re­quired.


1 Ex­pres­sion in ac­cord­ance with No 6 of the Fin­an­cial Mar­ket Audit Act of 15 Oct. 2008, in force since 1 Jan. 2009 (AS 2008 5363).
2 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
3 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).
4 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).

Art. 23 Deductions in relation to the calculation of qualifying capital

(Art. 14 para. 1 let. d CISA)

The fol­low­ing shall be de­duc­ted when cal­cu­lat­ing cap­it­al ad­equacy:

a.
the loss car­ried for­ward and the loss for the cur­rent fin­an­cial year;
b.
any un­se­cured al­low­ance and pro­vi­sion for the cur­rent fin­an­cial year;
c.1
...
d.
in­tan­gible as­sets (in­clud­ing start-up and or­gan­isa­tion­al costs as well as good­will) with the ex­cep­tion of soft­ware;
e.
in the case of a com­pany lim­ited by shares and part­ner­ship lim­ited by shares, the shares which they hold in the com­pany at their own risk;
f.
in the case of a lim­ited li­ab­il­ity com­pany, the cap­it­al con­tri­bu­tion which it holds in the com­pany at its own risk; g. the car­ry­ing amount of in­vest­ments, un­less a con­sol­id­a­tion is per­formed in ac­cord­ance with Art­icle 29;
g.2
the car­ry­ing amount of par­ti­cip­a­tions.

1 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).
2 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 24


1 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).

Art. 24a


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).

Art. 25–28


1 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).

Art. 29


1 Re­pealed by No I of the Or­din­ance of 13 Feb. 2013, with ef­fect from 1. March 2013 (AS 2013 607).

Art. 29a–29f


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS2019 4633).

Art. 30


1 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).

Art. 30a


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).

Chapter 4 Protection of Investors' Interests

Art. 31 Duty of loyalty

(Art. 20 para. 1 let. a CISA)

1Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold the as­sets of these schemes in safe­keep­ing, or their agents, may only pur­chase in­vest­ments from col­lect­ive in­vest­ment schemes for their own ac­count at the mar­ket price and may only sell such in­vest­ments from their own port­fo­li­os at the mar­ket price.1

2In re­la­tion to ser­vices del­eg­ated to third parties they shall waive the com­pens­a­tion owed to them in ac­cord­ance with the fund reg­u­la­tions, com­pany agree­ment, in­vest­ment reg­u­la­tions or dis­cre­tion­ary man­age­ment agree­ment where such com­pens­a­tion is not used for pay­ment of the ser­vices rendered by such third parties.

3Where in­vest­ments of a col­lect­ive in­vest­ment scheme are trans­ferred to an­oth­er scheme of the same li­censee or a scheme be­long­ing to a re­lated li­censee, no costs may be levied.

4Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold the as­sets of these schemes in safe­keep­ing, or their agents, may not levy any is­sue or re­demp­tion fees if they pur­chase tar­get funds which:2

a.
they man­age them­selves either dir­ectly or in­dir­ectly; or
b.
are man­aged by a com­pany to which they are re­lated by vir­tue of:
1.
com­mon man­age­ment,
2.
con­trol, or
3.
a sig­ni­fic­ant dir­ect or in­dir­ect in­terest.3

5When a man­age­ment fee is levied on in­vest­ments in tar­get funds pur­su­ant to para­graph 4, Art­icle 73 para­graph 4 ap­plies ac­cord­ingly.4

6FINMA reg­u­lates the de­tails. It may de­clare that para­graph 4 and 5 also ap­plies to oth­er products.5


1 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
2 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
3 Amended by No I of the Or­din­ance of 28 Jan. 2009, in force since 1 March 2009 (AS 2009 719).
4 Amended by No I of the Or­din­ance of 28 Jan. 2009, in force since 1 March 2009 (AS 2009 719).
5 In­ser­ted by No I of the Or­din­ance of 28 Jan. 2009, in force since 1 March 2009 (AS 2009 719).

Art. 32 Special duty of loyalty in relation to real estate investments

(Art. 20 para. 1 let. a, 21 para. 3 and 63 CISA)

1Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold the as­sets of these schemes in safe­keep­ing, or their agents, shall cal­cu­late the fees pay­able to closely re­lated nat­ur­al or leg­al per­sons that par­ti­cip­ate in the plan­ning, con­struc­tion, pur­chas­ing or sale of a build­ing for the ac­count of the col­lect­ive in­vest­ment scheme; the fees shall be based ex­clus­ively on the nor­mal prices pre­vail­ing in the sec­tor.1

2The valu­ation ex­pert shall check the fee in­voice pri­or to set­tle­ment there­of and if ne­ces­sary fur­nish the li­censee and the audit com­pany with a re­port.

3Where real es­tate in­vest­ments of a col­lect­ive in­vest­ment scheme are trans­ferred to an­oth­er scheme of the same li­censee or a re­lated li­censee, no com­pens­a­tion may be levied for buy­ing and selling work un­der­taken.

4Pay­ments by real es­tate com­pan­ies to the mem­bers of their ad­min­is­tra­tion, to their man­age­ment and to their per­son­nel shall be in­cluded in the com­pens­a­tion to which the fund man­age­ment com­pany and the SICAV are en­titled in ac­cord­ance with the fund reg­u­la­tions.


1 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 32a Exceptions to the ban on transactions with closely connected persons

(Art. 63 para. 3 and 4 CISA)

1Pur­su­ant to Art­icle 63 para­graph 4 of the Act, FINMA may in jus­ti­fied in­di­vidu­al cases grant an ex­emp­tion from the ban on trans­ac­tions with closely re­lated per­sons pur­su­ant to Art­icle 63 para­graphs 2 and 3 of the Act if:

a.
the rel­ev­ant doc­u­ments of the col­lect­ive in­vest­ment scheme provide for such a pos­sib­il­ity;
b.
the ex­emp­tion is in the in­terests of the in­vestors;
c.
in ad­di­tion to the valu­ation by the reg­u­lar valu­ation ex­perts for the real es­tate fund, a valu­ation ex­pert who is in­de­pend­ent of such ex­perts or their em­ploy­er and of the fund man­age­ment com­pany or SICAV as well as the cus­todi­an bank of the real es­tate fund pur­su­ant to Art­icle 64 para­graph 1 of the Act con­firms the mar­ket con­form­ity of the pur­chase and sale price for the prop­erty and of the trans­ac­tion costs.

2Fol­low­ing con­clu­sion of the trans­ac­tion, the fund man­age­ment com­pany or SICAV pre­pares a re­port con­tain­ing the fol­low­ing:

a.
in­form­a­tion on the in­di­vidu­al prop­er­ties ac­quired or trans­ferred and their value on the date of ac­quis­i­tion or trans­fer;
b.
the valu­ation re­ports by the reg­u­lar valu­ation ex­perts;
c.
the re­port on the mar­ket con­form­ity of the pur­chase or sales price by the valu­ation ex­perts pur­su­ant to para­graph 1 lit. c.

3As part of its audit of the fund man­age­ment com­pany or SICAV, the audit com­pany con­firms ad­her­ence to the spe­cial duty of loy­alty in re­la­tion to real es­tate in­vest­ments.

4The ap­proved trans­ac­tions with closely re­lated per­sons are men­tioned in the an­nu­al re­port of the col­lect­ive in­vest­ment scheme.

5In the case of prop­er­ties where the fund man­age­ment com­pany, SICAV or per­sons closely re­lated thereto have con­struc­tion pro­jects car­ried out, FINMA may not grant any ex­emp­tions from the pro­hib­i­tion of trans­ac­tions with closely re­lated per­sons.2


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 32b Conflicts of interest

(Art. 20 para. 1 let. a CISA)

Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold the as­sets of these schemes in safe­keep­ing, or their agents, must take ef­fect­ive or­gan­isa­tion­al and ad­min­is­trat­ive meas­ures to identi­fy, pre­vent, settle and mon­it­or con­flicts of in­terest in or­der to pre­vent the lat­ter from harm­ing the in­terests of the in­vestors. Where con­flicts of in­terest can­not be avoided, they shall be dis­closed to the in­vestors.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 33 Due diligence

(Art. 20 para. 1 let. b CISA)

1Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold the as­sets of these schemes in safe­keep­ing, or their agents, shall en­sure the ef­fect­ive sep­ar­a­tion of the activ­it­ies of de­cision-mak­ing (as­set man­age­ment), im­ple­ment­a­tion (trad­ing and set­tle­ment) and ad­min­is­tra­tion.1

2FINMA may in jus­ti­fied in­di­vidu­al in­stances per­mit ex­emp­tions or or­der the sep­ar­a­tion of ad­di­tion­al func­tions.


1 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 34 Duty of disclosure

(Art. 20 para. 1 let. c and 23 CISA)

1Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold the as­sets of these schemes in safe­keep­ing, or their agents, shall draw in­vestors' at­ten­tion to the risks as­so­ci­ated with a spe­cif­ic type of in­vest­ing in par­tic­u­lar.

2They shall dis­close all costs in­curred on the is­sue and re­demp­tion of units and in the ad­min­is­tra­tion of the col­lect­ive in­vest­ment scheme. In ad­di­tion, they shall dis­close the man­ner in which the man­age­ment fee is used and the levy­ing of any per­form­ance fee.

3The duty of dis­clos­ure with re­gard to com­pens­a­tion for dis­tri­bu­tion of col­lect­ive in­vest­ment schemes en­com­passes the nature and scale of all fees and oth­er pe­cu­ni­ary be­ne­fits through which the activ­it­ies of the dis­trib­ut­or are to be com­pensated.

4Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold the as­sets of these schemes in safe­keep­ing, or their agents, shall en­sure a de­gree of trans­par­ency in the ex­er­cising of mem­ber­ship and cred­it­ors' rights such that in­vestors are in a po­s­i­tion to com­pre­hend the man­ner in which such rights are ex­er­cised.


1 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 34a


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Title 2 Open-Ended Collective Investment Schemes

Chapter 1 Contractual Fund

Section 1 Minimum Assets

Art. 35

1in­vest­ment fund or the sub­fund of an um­brella fund must be is­sued for sub­scrip­tion (launch) with­in one year of ap­prov­al by FINMA.

2The in­vest­ment fund or sub­fund of an um­brella fund must have net as­sets of at least 5 mil­lion Swiss francs at the latest one year fol­low­ing its launch.

3FINMA may ex­tend the time lim­its for a cor­res­pond­ing ap­plic­a­tion.

4Fol­low­ing ex­piry of the time peri­od as defined in para­graphs 2 and 3, the fund man­age­ment com­pany shall no­ti­fy FINMA of any short­fall forth­with.

Section 2 Fund Contract

Art. 35a Minimum content of the fund contract

(Art. 26 para. 3 CISA)

1In par­tic­u­lar, the fund con­tract con­tains the fol­low­ing in­form­a­tion:

a.
the name of the in­vest­ment fund, to­geth­er with the name and re­gistered of­fice of the fund man­age­ment com­pany, the cus­todi­an bank and the man­ager of col­lect­ive as­sets;
b.
in­vestor eli­gib­il­ity;
c.
the in­vest­ment policy, in­vest­ment tech­niques, risk di­ver­si­fic­a­tion and the risks as­so­ci­ated with the in­vest­ment;
d.
the sub­di­vi­sion in­to sub­funds;
e.
the unit classes;
f.
in­vestors’ right to can­cel;
g.
the ac­count­ing year;
h.
the cal­cu­la­tion of the net as­set value and of the is­sue and re­demp­tion prices;
i.
the ap­pro­pri­ation of net in­come and cap­it­al gains from the sale of as­sets and rights;
j.
the type, amount and cal­cu­la­tion of all fees, the is­sue and re­demp­tion com­mis­sion to­geth­er with the in­cid­ent­al costs for the pur­chase and sale of the in­vest­ments (broker­age fees, charges, du­ties) that may be charged to the fund’s as­sets or to the in­vestors;
k.
the dur­a­tion of the con­tract and the con­di­tions of dis­sol­u­tion;
l.
the me­dia of pub­lic­a­tion;
m.
the con­di­tions for the de­fer­ment of re­demp­tion and com­puls­ory re­demp­tion;
n.2
the place at which the fund con­tract, pro­spect­us and the key in­form­a­tion doc­u­ment in ac­cord­ance with Art­icles 58–63 and 66 FinSA3, to­geth­er with the an­nu­al and semi-an­nu­al re­ports, may be ob­tained free of charge;
o.
the unit of ac­count;
p.
the re­struc­tur­ing.

2When ap­prov­ing the fund con­tract, FINMA shall only veri­fy the pro­vi­sions pur­su­ant to para­graph 1 lit. a–g and en­sure their com­pli­ance with the Act.

3When ap­prov­ing a con­trac­tu­al fund, FINMA, at the fund man­age­ment com­pany’s re­quest, shall veri­fy all pro­vi­sions of the fund con­tract and en­sure their com­pli­ance with the Act where the fund is to be offered abroad and such ac­tion is re­quired un­der for­eign law.4

4FINMA may form­al­ise the con­tent of the fund con­tract in ac­cord­ance with in­ter­na­tion­al de­vel­op­ments.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
3 SR 950.1
4 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 36 Investment policy guidelines

(Art. 26 para. 3 let. b CISA)

1The fund con­tract sets out the per­mit­ted in­vest­ments:

a.
by type (equity se­cur­it­ies, debt se­cur­it­ies, de­riv­at­ive in­stru­ments, res­id­en­tial prop­erty, com­mer­cial prop­er­ties; pre­cious metals; com­mod­it­ies, etc.);
b.
by coun­try, geo­graph­ic­al re­gion, sec­tor or cur­rency.

2For oth­er funds as defined in Art­icle 68 et seq. of the Act, it also sets out in­form­a­tion on the spe­cial fea­tures and risks of the in­di­vidu­al in­vest­ments in terms of their char­ac­ter­ist­ics and valu­ation.

3The fund con­tract sets out the per­mit­ted in­vest­ment tech­niques and in­stru­ments.

Art. 37 Fees and incidental costs

(Art. 26 para. 3 CISA)

1The fol­low­ing may be charged to the as­sets of the fund or any sub­funds:

a.
a man­age­ment fee for re­mu­ner­at­ing the activ­it­ies of the fund man­age­ment com­pany;
b.
cus­tody fees and oth­er costs for the re­mu­ner­a­tion of the cus­todi­an bank’s activ­ity, in­clud­ing the costs for the safe­keep­ing of the fund’s as­sets by third-party cus­todi­ans or col­lect­ive se­cur­it­ies de­pos­it­or­ies;
c.
a man­age­ment fee and any per­form­ance fees for the re­mu­ner­a­tion of the man­ager of col­lect­ive as­sets;
d.2
any dis­tri­bu­tion fees in re­mu­ner­a­tion of dis­tri­bu­tion activ­it­ies;
e.3
all the in­cid­ent­al costs lis­ted in para­graphs 2 and 2bis;
f.4
com­mis­sion in ac­cord­ance with para­graph 2ter.

2Where ex­pli­citly provided by the fund con­tract, the fol­low­ing in­cid­ent­al costs may be charged to the as­sets of the fund or the sub­funds:

a.
costs for the pur­chase and sale of the in­vest­ments, spe­cific­ally stand­ard broker­age fees, com­mis­sion, taxes and du­ties, as well as costs for the veri­fic­a­tion and main­ten­ance of qual­ity stand­ards in the case of phys­ic­al in­vest­ments;
b.5
...
c.
the su­per­vis­ory au­thor­ity’s fees in re­la­tion to the es­tab­lish­ment, amend­ment, li­quid­a­tion or mer­ger of the fund or any sub­funds;
d.
the su­per­vis­ory au­thor­ity's an­nu­al fees;
e.
the audit com­pany’s fees for an­nu­al audit­ing as well as cer­ti­fic­a­tion in the case of es­tab­lish­ments, amend­ments, li­quid­a­tion or mer­ger of the fund or any sub­funds;
f.
fees for leg­al and tax ad­visors in con­nec­tion with the es­tab­lish­ment, modi­fic­a­tion, li­quid­a­tion or mer­ger of funds or any sub­funds, as well as gen­er­ally up­hold­ing the in­terests of the fund and its in­vestors;
g.
not­ary and com­mer­cial re­gister ex­penses for re­gis­tra­tion in the Com­mer­cial Re­gister of li­censees un­der the col­lect­ive in­vest­ment schemes le­gis­la­tion;
h.
the cost of pub­lish­ing the net as­set value of the fund or its sub­funds, to­geth­er with all the costs of provid­ing no­tices to in­vestors, in­clud­ing trans­la­tion costs, provided such costs can­not be ascribed to any fail­ure on the part of the fund man­age­ment com­pany;
i.
the cost of print­ing leg­al doc­u­ments as well as the fund’s an­nu­al and semi-an­nu­al re­ports;
j.
the cost of any re­gis­tra­tion of the fund with a for­eign su­per­vis­ory au­thor­ity, and spe­cific­ally the com­mis­sion levied by the for­eign su­per­vis­ory au­thor­ity, trans­la­tion costs and re­mu­ner­a­tion for the rep­res­ent­at­ive or pay­ing agent abroad;
k.
costs re­lat­ing to the ex­er­cising of vot­ing rights or cred­it­ors’ rights by the fund, in­clud­ing the cost of fees paid to ex­tern­al ad­visors;
l.
costs and fees re­lat­ing to in­tel­lec­tu­al prop­erty re­gistered in the name of the fund or with rights of use for the fund;
m.
fees paid to the mem­bers of the board of dir­ect­ors of the SICAV and the cost of li­ab­il­ity in­sur­ance;
n.
all costs in­curred though any ex­traordin­ary steps taken to safe­guard the in­terests of in­vestors by the fund man­age­ment com­pany, man­ager of col­lect­ive as­sets or cus­todi­an bank.

2bisIn the case of real es­tate funds, where ex­pli­citly provided by the fund con­tract, the fol­low­ing in­cid­ent­al costs may ad­di­tion­ally be charged to the as­sets of the fund or the sub­funds:

a.
costs for the pur­chase and sale of real es­tate in­vest­ments, spe­cific­ally stand­ard broker­age fees, con­sult­ants' and law­yers' fees, not­ary and oth­er charges, as well as taxes;
b.
stand­ard broker­age fees paid in con­nec­tion with first let­tings of real es­tate;
c.
stand­ard costs for the man­age­ment of prop­er­ties by third parties;
d.
prop­erty ex­penses, in par­tic­u­lar main­ten­ance and op­er­at­ing costs, in­clud­ing in­sur­ance costs, pub­lic charges and the costs of gen­er­al and in­fra­struc­ture ser­vices, provided these are stand­ard ex­penses and not borne by third parties;
e.
fees of in­de­pend­ent valu­ation ex­perts and oth­er ex­perts for cla­ri­fic­a­tions serving the in­terests of in­vestors;
f.
con­sulta­tion fees and pro­ced­ur­al costs in con­nec­tion with the gen­er­al safe­guard­ing of the in­terests of the real es­tate fund and its in­vestors.6

2terWhere ex­pli­citly provided by the fund con­tract and where the activ­ity is not per­formed by third parties, the man­age­ment com­pany of a real es­tate fund may levy a fee for its own ef­forts in con­nec­tion with the fol­low­ing activ­it­ies:

a.
pur­chase and sale of real es­tate on the basis of the pur­chase or selling price;
b.
con­struc­tion of build­ings, with con­struc­tion costs serving as the basis in the case of renov­a­tions and al­ter­a­tions;
c.
man­age­ment of prop­er­ties on the basis of an­nu­al gross rent­al in­come.7

3The fund con­tract sets out the fees and in­cid­ent­al costs in a single, com­pre­hens­ive over­view, provid­ing a break­down by type, max­im­um amount and cal­cu­la­tion.

4Use of the term «all-in fee» is only per­miss­ible if it in­cludes all fees with the ex­cep­tion of is­sue and re­demp­tion fees but in­clud­ing in­cid­ent­al costs. If the term «flat fee» is used, spe­cif­ic in­form­a­tion must be provided in­dic­at­ing which fees and in­cid­ent­al costs it does not in­clude.

5The fund man­age­ment com­pany, man­ager of col­lect­ive as­sets and cus­todi­an bank may pay com­mis­sions only as re­im­burse­ment for the fund’s dis­tri­bu­tion activ­it­ies and only if this spe­cific­ally provided for in the fund con­tract.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
3 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
4 In­ser­ted by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
5 Re­pealed by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4459).
6 In­ser­ted by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
7 In­ser­ted by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 38 Issue and redemption price; supplementary charges and deductions

(Art. 26 para. 3 CISA)

1The in­vestors may be charged for the fol­low­ing:

a.
all-in in­cid­ent­al costs in­curred by the is­sue, re­demp­tion or con­ver­sion of units for the pur­chase and sale of in­vest­ments;
b.
a fee for sub­scrip­tions, con­ver­sions or re­demp­tions to the dis­trib­ut­or to cov­er the costs as­so­ci­ated with dis­tri­bu­tion.

2The fund con­tract de­scribes in a com­pre­hens­ible, trans­par­ent man­ner the fees that may be charged to the in­vestors, as well as their scale and the meth­od of cal­cu­la­tion.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 39 Media of publication

(Art. 26 para. 3 CISA)1

1The pro­spect­us for the in­vest­ment fund must spe­cify one or more me­dia of pub­lic­a­tion in which the in­form­a­tion re­quired by the Act and the Or­din­ance shall be made avail­able to in­vestors. The me­dia of pub­lic­a­tion may be print me­dia or elec­tron­ic plat­forms that are pub­licly ac­cess­ible and re­cog­nized by FINMA.2

2All facts which are sub­ject to the dis­clos­ure re­quire­ment, and in re­la­tion to which in­vestors are en­titled to lodge ob­jec­tions with FINMA, in ad­di­tion to the dis­sol­u­tion of an in­vest­ment fund, must be pub­lished in the me­dia of pub­lic­a­tion in­ten­ded for such pur­pose.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 40 Unit classes

(Art. 26 para. 3 let. k and 78 para. 3 CISA)

1The fund man­age­ment com­pany may cre­ate, li­quid­ate or merge unit classes sub­ject to the con­sent of the cus­todi­an bank and the ap­prov­al of FINMA. In do­ing so it shall ad­dress the fol­low­ing spe­cif­ic cri­ter­ia: cost struc­ture, ref­er­ence cur­rency, cur­rency hedging, dis­tri­bu­tion or re­in­vest­ment of in­come, min­im­um in­vest­ment or in­vestor eli­gib­il­ity.

2The pro­ced­ur­al de­tails are set out in the pro­spect­us. The risk that a class may be li­able for an­oth­er class must be spe­cific­ally dis­closed in the pro­spect­us.

3The fund man­age­ment com­pany an­nounces the cre­ation, dis­sol­u­tion or mer­ging of unit classes in the me­dia of pub­lic­a­tion. Only a mer­ger is deemed to be an amend­ment to the fund con­tract, and is gov­erned by Art­icle 27 of the Act.

4Art­icle 112 para­graph 3a-c ap­plies ac­cord­ingly.

5The units or unit classes of a do­mest­ic ex­change-traded fund (ETF) must be per­man­ently lis­ted on an au­thor­ised Swiss stock ex­change. Where a for­eign col­lect­ive in­vest­ment scheme ap­proved for of­fer to non-qual­i­fied in­vestors in Switzer­land is an ETF, as a min­im­um those units or unit classes offered in Switzer­land to non-qual­i­fied in­vestors must be per­man­ently lis­ted on an au­thor­ised Swiss stock ex­change.1


1 In­ser­ted by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 41 Amendments to the fund contract; duty to publish, time limit for lodging objections, entry into force and cash repayments

(Art. 27 para. 2 and 3 CISA)

1The fund man­age­ment com­pany shall pub­lish any amend­ment to the fund con­tract in the me­dia of pub­lic­a­tion of the rel­ev­ant fund in the form spe­cified by the Act. In this pub­lic­a­tion, the fund man­age­ment com­pany shall in­form in­vestors in a clear, com­pre­hens­ible man­ner about which amend­ments to the fund con­tract are covered by FINMA’s veri­fic­a­tion and as­cer­tain­ment of com­pli­ance with the Act.1

1bisAmend­ments that are re­quired by law, provided such amend­ments do not af­fect the rights of in­vestors or are of an ex­clus­ively form­al nature, may be ex­emp­ted by FINMA from the duty to pub­lish.2

2The peri­od in which ob­jec­tions to the amend­ment of the fund con­tract may be lodged com­mences on the day fol­low­ing an­nounce­ment in the me­dia of pub­lic­a­tion.

2bisWhen ap­prov­ing the amend­ment to the fund con­tract, FINMA shall only veri­fy the amend­ments to the pro­vi­sions pur­su­ant to Art­icle 35a para­graph 1 lit. a–g and en­sure their com­pli­ance with the Act.3

2terWhere in re­la­tion to the ap­prov­al of a fund con­tract pur­su­ant to Art­icle 35a para­graph 3 FINMA has veri­fied all pro­vi­sions and en­sured their com­pli­ance with the Act, it shall also in re­la­tion to the amend­ment to such fund con­tract veri­fy all pro­vi­sions and en­sure their com­pli­ance with the Act if the in­vest­ment fund is to be offered abroad and such ac­tion is re­quired un­der for­eign law.4

3In its de­cision FINMA spe­cifies the date on which the amend­ment to the fund con­tract enters in­to force.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
3 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
4 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS2019 4459).

Art. 42–50


1 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4633).

Chapter 2 Investment Company with Variable Capital

Section 1 General Provisions

Art. 51 Self and externally managed SICAVs

(Art. 36 para. 3 CISA)

1The self-man­aged SICAV per­forms its own ad­min­is­tra­tion. It may only del­eg­ate port­fo­lio man­age­ment in ac­cord­ance with Art­icle 36 para­graph 3 of the Act to a man­ager of col­lect­ive as­sets that is sub­ject to a re­cog­nised su­per­vis­ory body.

2The ex­tern­ally man­aged SICAV del­eg­ates ad­min­is­tra­tion to an au­thor­ised fund man­age­ment com­pany. Ad­min­is­tra­tion also in­cludes dis­tri­bu­tion of the SICAV. In ad­di­tion, the ex­tern­ally man­aged SICAV del­eg­ates port­fo­lio man­age­ment to the same fund man­age­ment com­pany or to a man­ager of col­lect­ive as­sets that is sub­ject to a re­cog­nised su­per­vis­ory body.

3The pro­vi­sions of Art­icle 64 are re­served.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 52 Object

(Art. 36 para. 1 let. d CISA)

A SICAV may only man­age its own as­sets or those of its sub­funds. It is spe­cific­ally pro­hib­ited from ren­der­ing ser­vices pur­su­ant to Art­icle 26 and 34 of the Fin­an­cial In­sti­tu­tions Act of 15 June 20182 (Fin­IA) on be­half of third parties.


1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
2 SR 954.1

Art. 53 Minimum assets

(Art. 36 para. 2 CISA)

In re­la­tion to the min­im­um as­sets of a SICAV, Art­icle 35 ap­plies ac­cord­ingly.

Art. 54 Minimum investment amount

1In re­spect of a self-man­aged SICAV and an ex­tern­ally man­aged SICAV that del­eg­ates ad­min­is­tra­tion to an au­thor­ised fund man­age­ment com­pany and port­fo­lio man­age­ment to an­oth­er man­ager of col­lect­ive as­sets, com­pany share­hold­ers must provide a min­im­um in­vest­ment amount of 500,000 Swiss francs at the time of form­a­tion.

2Where the ex­tern­ally man­aged SICAV del­eg­ates ad­min­is­tra­tion and port­fo­lio man­age­ment to the same au­thor­ised fund man­age­ment com­pany, com­pany share- hold­ers must provide a min­im­um in­vest­ment amount of 250,000 Swiss francs at the time of form­a­tion.

3The min­im­um in­vest­ment amount must be main­tained at all times.

4A SICAV shall no­ti­fy FINMA of any short­fall im­me­di­ately.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 55 Definition and level of capital adequacy

(Art. 39 CISA)

1The hold­ings provided by the com­pany share­hold­ers are in­cluded in the cap­it­al.

2The fol­low­ing must be de­duc­ted from the cap­it­al:

a.
any bal­ance sheet loss at­trib­ut­able to the com­pany share­hold­ers;
b.
any al­low­ances and pro­vi­sions at­trib­ut­able to the com­pany share­hold­ers;
c.
in­tan­gible as­sets (in­clud­ing start-up and or­gan­isa­tion­al costs as well as good­will) with the ex­cep­tion of soft­ware.

3The self-man­aged SICAV cal­cu­lates the re­quired level of cap­it­al ad­equacy in ac­cord­ance with Art­icle 59 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Novem­ber 20191 (FinIO).2

3bisAn ex­tern­ally man­aged SICAV that del­eg­ates ad­min­is­tra­tion to an au­thor­ised fund man­age­ment com­pany and port­fo­lio man­age­ment to a man­ager of col­lect­ive as­sets cal­cu­lates the re­quired level of cap­it­al ad­equacy in ac­cord­ance with Art­icle 59 FinIO. It may de­duct 20 per­cent from this amount.3

3terAn ex­tern­ally man­aged SICAV that del­eg­ates port­fo­lio man­age­ment to a bank pur­su­ant to the Fed­er­al Bank­ing Act of 8 Novem­ber 19344 or to a se­cur­it­ies firm pur­su­ant to the Fin­IA5 with its re­gistered of­fice in Switzer­land may be ex­emp­ted by FINMA from the duty to in­clude its own re­sources in the as­sets.6

4Where an ex­tern­ally man­aged SICAV del­eg­ates ad­min­is­tra­tion and port­fo­lio man­age­ment to the same au­thor­ised fund man­age­ment com­pany, it is not re­quired to in­clude its own re­sources in the as­sets (Art. 59 para. 4 FinIO).7

5The pre­scribed ra­tio between the equity and total as­sets of a self-man­aged SICAV as well as an ex­tern­ally man­aged SICAV that del­eg­ates ad­min­is­tra­tion to an au­thor­ised fund man­age­ment com­pany and port­fo­lio man­age­ment to a man­ager of col­lect­ive as­sets shall be main­tained at all times.8

6A SICAV no­ti­fies FINMA of cap­it­al in­ad­equacy im­me­di­ately.

7FINMA reg­u­lates the de­tails.


1 SR954.11
2 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
3 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
4 SR 952.0
5 SR 954.1
6 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
7 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
8 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 56 Net issue price at time of initial issue

(Art. 40 para. 4 CISA)

All shares have the same net is­sue price at the time of ini­tial is­sue of their cat­egory, ir­re­spect­ive of wheth­er they be­long to dif­fer­ent cat­egor­ies. This rep­res­ents the is­sue price pay­able by the in­vestors at the time of is­sue less any fees and in­cid­ent­al costs.

Art. 57


1 Re­pealed by No I of the Or­din­ance of 13 Feb. 2013, with ef­fect from 1. March 2013 (AS 2013 607).

Art. 58 Issue and redemption of shares

(Art. 42 para. 1 and 3 CISA)

1Art­icles 37 and 38 ap­ply ac­cord­ingly.

2Com­pany share­hold­ers may re­deem their shares if:

a.
the ap­pro­pri­ate ra­tio between hold­ings of the com­pany share­hold­ers and total as­sets of the SICAV is main­tained even after re­demp­tion; and
b.
the min­im­um in­vest­ment amount is main­tained.

Art. 59 Investment in treasury shares

(Art. 42 para. 2 and 94 CISA)

In­vest­ments by a sub­fund in oth­er sub­funds of the same SICAV do not con­sti­tute an in­vest­ment in treas­ury shares.

Art. 60 Media of publication

(Art. 43 para. 1 let. f CISA)

Art­icle 39 ap­plies ac­cord­ingly.

Art. 61 SICAV with share classes

(Art. 40 para. 4 and 78 para. 3 CISA)

1Where provided by the art­icles of as­so­ci­ation, a SICAV may cre­ate, dis­solve or merge share classes with the ap­prov­al of FINMA.

2Art­icle 40 ap­plies ac­cord­ingly. The mer­ger re­quires the ap­prov­al of the gen­er­al meet­ing of share­hold­ers.

3The risk that a class of shares may be li­able for an­oth­er class must be dis­closed in the pro­spect­us.

Art. 62 Voting rights

(Art. 40 para. 4, 47 and 94 CISA)

1Share­hold­ers have the right to vote on:

a.
the sub­fund in which they are in­ves­ted;
b.
the com­pany if the de­cision af­fects the SICAV as a whole.

2If the share of vot­ing rights as­signed to a sub­fund dif­fers sig­ni­fic­antly from the share of as­sets as­signed to the sub­fund, the share­hold­ers may at the gen­er­al meet­ing re­solve to split or merge the shares of a share cat­egory in ac­cord­ance with para­graph 1 let­ter b. FINMA must give its con­sent for such de­cision to be val­id.

3FINMA may or­der the split­ting or mer­ging of shares in a share class.

Art. 62a Custodian bank

(Art. 44a CISA)

In re­la­tion to the cus­todi­an bank, Art­icle 15 para­graph 2 of the present Or­din­ance and Art­icle 53 FinIO2 ap­ply ac­cord­ingly.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
2 SR 954.11

Art. 62b Content of investment regulations

(Art. 43 and 44 CISA)

1The con­tent and ap­prov­al of the in­vest­ment reg­u­la­tions are based on the pro­vi­sions on the fund con­tract, un­less the law or art­icles of as­so­ci­ation provide oth­er­wise.

2When con­ven­ing the gen­er­al meet­ing, the SICAV in­forms share­hold­ers in the form pre­scribed in the art­icles of as­so­ci­ation about:2

a.
which changes to the in­vest­ment reg­u­la­tions FINMA has veri­fied; and
b.
which of these changes FINMA has es­tab­lished as be­ing in com­pli­ance with the Act.

3Para­graphs 1 and 2 ap­ply to the art­icles of as­so­ci­ation ac­cord­ingly, provided the lat­ter reg­u­late the con­tents of the in­vest­ment reg­u­la­tions.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Section 2 Organisation

Art. 63 General meeting

(Art. 50 and 94 CISA)

1The art­icles of as­so­ci­ation may provide for gen­er­al meet­ings in re­spect of in­di­vidu­al sub­funds where de­cisions are in­volved which af­fect only such sub­funds.

2Share­hold­ers which to­geth­er hold at least 10 per­cent of the votes of all or some sub­funds may re­quest that items be in­cluded on the agenda for dis­cus­sion at the gen­er­al meet­ing of the SICAV or sub­fund.

3The gen­er­al meet­ing of the SICAV or sub­funds is re­spons­ible for amend­ing the in­vest­ment reg­u­la­tions provided such amend­ment:

a.
is not re­quired by law;
b.1
af­fects the rights of share­hold­ers; or
c.
is not of an ex­clus­ively form­al nature.

4In the me­dia of pub­lic­a­tion, the SICAV pub­lishes the ma­ter­i­al amend­ments to the fund reg­u­la­tions re­solved by the gen­er­al meet­ing and ap­proved by FINMA, in­dic­at­ing the of­fices from which the amended word­ing may be ob­tained free of charge.

5The pro­vi­sion re­gard­ing im­port­ant res­ol­u­tions passed by the gen­er­al meet­ing of a com­pany lim­ited by shares (Art. 704 CO2) does not ap­ply.3


1 Amended by No I of the Or­din­ance of 13. Feb. 2008, in force since 1 March 2008 (AS 2008 571).
2 SR 220
3 In­ser­ted by An­nex No 6 of the Fin­an­cial Mar­ket Audit Act of 15 Oct. 2008, in force since 1 Jan. 2009 (AS 2008 5363).

Art. 64 Board of directors

(Art. 51 CISA)

1The board of dir­ect­ors has the fol­low­ing tasks:

a.
per­form­ing the du­ties re­quired un­der Art­icle 716a of the Swiss Code of Ob­lig­a­tions 1;
b.
de­term­in­ing the prin­ciples of the in­vest­ment policy;
c.2
ap­point­ing the cus­todi­an bank or an in­sti­tu­tion in ac­cord­ance with Art­icle 44a para­graph 2 of the Act;
d.
cre­at­ing new sub­funds, where provided by the art­icles of as­so­ci­ation;
e.3
draw­ing up the pro­spect­us and the key in­form­a­tion doc­u­ment;
f.
ad­min­is­tra­tion.

2The tasks laid down in para­graph 1a–c may not be del­eg­ated.

3In a self-man­aged SICAV, the tasks defined in para­graph 1 let­ters d and e, in ad­di­tion to the ad­min­is­trat­ive sub-tasks defined in para­graph 1 let­ter f, spe­cific­ally risk man­age­ment, the struc­tur­ing of the in­tern­al con­trol sys­tem (ICS) and com­pli­ance, may only be del­eg­ated to the ex­ec­ut­ive board.

4In re­la­tion to the or­gan­isa­tion­al struc­ture of a self-man­aged SICAV, Art­icle 51 para­graph 1, Art­icle 52 para­graph 1 and Art­icle 53 FinIO4 ap­ply ac­cord­ingly.5


1 SR 220
2 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
3 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS2019 4459).
4 SR 954.11
5 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 65 Delegation of tasks

(Art. 36 para. 3 and 51 para. 5 CISA)

Art­icles 32 and 35 Fin­IA2 ap­ply ac­cord­ingly to the del­eg­a­tion of tasks.


1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
2 SR 954.1

Art. 66


1 Re­pealed by No I of the Or­din­ance of 13 Feb. 2013, with ef­fect from 1. March 2013 (AS 2013 607).

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

Section 1 General Provisions

Art. 67 Compliance with investment regulations

(Art. 53 ff. CISA)

1Un­less spe­cified oth­er­wise, the per­cent­age re­stric­tions giv­en in this chapter re­late to the fund as­sets at mar­ket val­ues; they must be main­tained at all times.

2If the lim­its are ex­ceeded as a res­ult of mar­ket changes, the in­vest­ments must be re­stored to the per­mit­ted level with­in a reas­on­able peri­od, tak­ing due ac­count of the in­vestors' in­terests.

3Se­cur­it­ies funds and oth­er funds must com­ply with the in­vest­ment re­stric­tions with­in six months of launch.

4Real es­tate funds must com­ply with the in­vest­ment re­stric­tions with­in two years of launch.

5FINMA may ex­tend the time lim­its spe­cified in para­graphs 3 and 4 at the re­quest of the fund man­age­ment com­pany and the SICAV.

Art. 68 Subsidiary companies and permitted investments

(Art. 53 ff. CISA)

1With re­gard to the ad­min­is­tra­tion of col­lect­ive in­vest­ment schemes, the fund man­age­ment com­pany and the SICAV may de­ploy sub­si­di­ar­ies whose sole ob­ject is the hold­ing of as­sets for col­lect­ive in­vest­ment. FINMA reg­u­lates the de­tails.

2A SICAV may ac­quire mov­able and non-mov­able as­sets which are es­sen­tial for the dir­ect per­form­ance of its op­er­a­tions. FINMA reg­u­lates the de­tails.

Art. 69 Umbrella funds

(Art. 92 ff. CISA)

1Um­brella funds may only com­prise sub­funds of the same type.

2The fol­low­ing types of fund qual­i­fy:

a.
se­cur­it­ies funds;
b.
real es­tate funds;
c.
oth­er funds for tra­di­tion­al in­vest­ments;
d.
oth­er funds for al­tern­at­ive in­vest­ments..

3In the case of col­lect­ive in­vest­ment schemes which in­clude sub­funds, the in­vest­ment re­stric­tions and tech­niques for each in­di­vidu­al sub­fund ap­ply.

Section 2 Securities Funds

Art. 70 Permitted investments

(Art. 54 para. 1 and 2 CISA)

1The fol­low­ing in­vest­ments are per­mit­ted:

a.
se­cur­it­ies in ac­cord­ance with Art­icle 71;
b.
de­riv­at­ive fin­an­cial in­stru­ments in ac­cord­ance with Art­icle 72;
c.
units in col­lect­ive in­vest­ment schemes which com­ply with the re­quire­ments spe­cified in Art­icle 73;
d.
money mar­ket in­stru­ments as spe­cified in Art­icle 74;
e.
sight or time de­pos­its with a term to ma­tur­ity not ex­ceed­ing twelve months held with banks dom­i­ciled in Switzer­land or in a mem­ber state of the European Uni­on or in an­oth­er coun­try provided that the bank is sub­ject to su­per­vi­sion in that coun­try which is equi­val­ent to the stand­ard of su­per­vi­sion in Switzer­land.

2The fol­low­ing are not per­mit­ted:

a.
in­vest­ments in pre­cious metals or pre­cious metals cer­ti­fic­ates, com­mod­it­ies or com­mod­ity cer­ti­fic­ates;
b.
short-selling of in­vest­ments in ac­cord­ance with para­graph 1 let­ters a, b, c and d.

3In­vest­ments in as­sets oth­er than those named in para­graph 1 may not ex­ceed 10 per­cent of the fund's total as­sets.

4...1


1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 71 Securities

(Art. 54 CISA)

1Se­cur­it­ies are deemed to be equity or debt se­cur­it­ies pur­su­ant to Art­icle 54 para­graph 1 of the Act which em­body a par­ti­cip­a­tion right or claim or the right to ac­quire such se­cur­it­ies and rights by way of sub­scrip­tion or ex­change, spe­cific­ally war­rants.

2In­vest­ments in se­cur­it­ies from new is­sues are per­mit­ted only if the terms of is­sue provide for their ad­mis­sion to a stock ex­change or oth­er reg­u­lated mar­ket which is open to the pub­lic. If one year fol­low­ing pur­chase they are not yet ad­mit­ted on the stock ex­change or oth­er mar­ket open to the pub­lic, such se­cur­it­ies must be sold with­in one month.

3FINMA may form­al­ise the per­mit­ted in­vest­ments for a se­cur­it­ies fund in ac­cord­ance with the laws cur­rently in force in the European Com­munit­ies.1


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 72 Derivative financial instruments

(Art. 54 and 56 CISA)

1De­riv­at­ive fin­an­cial in­stru­ments are per­mit­ted if:

a.
their un­der­ly­ings are in­stru­ments as defined in Art­icle 70 para­graph 1 let­ters a-d, fin­an­cial in­dices, in­terest rates, ex­change rates, loans or cur­ren­cies;
b.
the un­der­ly­ings are in­stru­ments per­mit­ted by the fund reg­u­la­tions; and
c.
they are traded on a stock ex­change or oth­er reg­u­lated mar­ket open to the pub­lic.

2In the case of trans­ac­tions in­volving OTC de­riv­at­ives, the fol­low­ing con­di­tions shall be com­plied with in ad­di­tion:

a.
The coun­ter­party is a reg­u­lated fin­an­cial in­ter­me­di­ary spe­cial­iz­ing in such trans­ac­tions.
b.
The OTC de­riv­at­ives are traded daily or may be re­turned to the is­suer at any time. In ad­di­tion, it is pos­sible for them to be val­ued in a re­li­able and trans- par­ent man­ner.

3A se­cur­it­ies fund's over­all ex­pos­ure as­so­ci­ated with de­riv­at­ive fin­an­cial in­stru­ments may not ex­ceed 100 per­cent of the net as­sets. The over­all ex­pos­ure may not ex­ceed 200 per­cent of the fund's total net as­sets. When tak­ing ac­count of the pos­sib­il­ity of tem­por­ary bor­row­ing amount­ing to no more than 10 per­cent of the net as­sets (Art. 77 para 2), the over­all ex­pos­ure may not ex­ceed 210 per­cent of the fund's total net as­sets.

4War­rants must be treated in the same man­ner as fin­an­cial in­stru­ments.

Art. 73 Investments in other collective investment schemes (target funds)

(Art. 54 and 57 para. 1 CISA)

1The fund man­age­ment com­pany and the SICAV may only in­vest in tar­get funds if:

a.
their doc­u­ments re­strict in­vest­ments in oth­er tar­get funds for their part to a total of 10 per­cent;
b.
these funds are sub­ject to pro­vi­sions equi­val­ent to those per­tain­ing to se­cur­it­ies funds in re­spect of the ob­ject, or­gan­isa­tion, in­vest­ment policy, in­vestor pro­tec­tion, risk di­ver­si­fic­a­tion, as­set se­greg­a­tion, bor­row­ing, lend­ing, shortselling of se­cur­it­ies and money mar­ket in­stru­ments, is­sue and re­demp­tion of units and con­tent of the semi-an­nu­al and an­nu­al re­ports;
c.
the tar­get funds are ad­mit­ted as col­lect­ive in­vest­ment schemes in the coun­try of dom­i­cile, where they are sub­ject to in­vestor pro­tec­tion which is equi­val­ent to that in Switzer­land, and in­ter­na­tion­al leg­al as­sist­ance is en­sured.

2They may in­vest a max­im­um of:

a.
20 per­cent of the fund's as­sets in units of the same tar­get fund; and
b.1
30 per­cent of the fund’s as­sets in units of tar­get funds that do not meet the rel­ev­ant dir­ect­ives of the European Uni­on (un­der­tak­ings for col­lect­ive in­vest­ment in trans­fer­able se­cur­it­ies, UCITS) but are equi­val­ent to these or Swiss se­cur­it­ies funds pur­su­ant to Art­icle 53 of the Act.

3In re­la­tion to in­vest­ments in tar­get funds, Art­icles 78-84 do not ap­ply.

4If, in ac­cord­ance with the fund reg­u­la­tions, a sig­ni­fic­ant por­tion of the fund as­sets may be in­ves­ted in tar­get funds:

a.2
the fund reg­u­la­tions and the pro­spect­us must con­tain in­form­a­tion about the max­im­um level of man­age­ment fees to be borne by the in­vest­ing col­lect­ive in­vest­ment scheme it­self as well as by the tar­get funds;
b.
the an­nu­al re­port must spe­cify the max­im­um por­tion of man­age­ment fees that the in­vest­ing col­lect­ive in­vest­ment scheme and the tar­get funds may each bear.

1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 73a Master feeder- structures

(Art. 54 and 57 para. 1 CISA)

1A feed­er fund is a col­lect­ive in­vest­ment scheme that by way of derog­a­tion from Art­icle 73 para­graph 2 let­ter a in­vests at least 85 per­cent of the fund’s as­sets in units of the same tar­get fund (mas­ter fund).

2The mas­ter fund is a Swiss col­lect­ive in­vest­ment scheme of the same type as the feed­er fund but is not it­self a feed­er fund and does not hold any units in such a fund.

3A feed­er fund may in­vest up to 15 per­cent of its fund as­sets in li­quid as­sets (Art. 75) or de­riv­at­ive fin­an­cial in­stru­ments (Art. 72). The de­riv­at­ive fin­an­cial in­stru­ments may only be used for hedging pur­poses.

4FINMA reg­u­lates the de­tails.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 74 Money market instruments

(Art. 54 para. 1 CISA)

1The fund man­age­ment com­pany and the SICAV may ac­quire money mar­ket in­stru­ments if these are li­quid and can be val­ued and are traded on a stock ex­change or oth­er reg­u­lated mar­ket that is open to the pub­lic.

2Money mar­ket in­stru­ments that are not traded on a stock ex­change or oth­er reg­u­lated mar­ket that is open to the pub­lic may only be ac­quired if the is­sue or the is­suer is sub­ject to pro­vi­sions re­gard­ing cred­it­or or in­vestor pro­tec­tion and if the money mar­ket in­stru­ments are is­sued or guar­an­teed by:

a.
the Swiss Na­tion­al Bank;
b.
the cent­ral bank of a mem­ber state of the European Uni­on;
c.
the European Cent­ral Bank;
d.
the European Uni­on;
e.
the European In­vest­ment Bank;
f.
the Or­gan­isa­tion for Eco­nom­ic Co­oper­a­tion and De­vel­op­ment (OECD);
g.
an­oth­er state in­clud­ing its con­stitu­ent parts;
h.
a pub­lic in­ter­na­tion­al body of which Switzer­land or at least one mem­ber state of the European Uni­on is a mem­ber;
i.
a pub­lic body;
j.
a com­pany whose se­cur­it­ies are traded on a stock ex­change or oth­er reg­u­lated mar­ket open to the pub­lic;
k.1
a bank, se­cur­it­ies firm or oth­er in­sti­tu­tion that is sub­ject to su­per­vi­sion equi­val­ent to that in Switzer­land.

1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 75 Liquid assets

(Art. 54 para. 2 CISA)

Li­quid as­sets com­prise bank cred­it bal­ances and claims arising from re­pur­chase agree­ments at sight or on de­mand with ma­tur­it­ies of up to twelve months.

Art. 76 Securities lending and repurchase agreements (repo, reverse repo)

(Art. 55 para. 1 let. a and b CISA)

1Se­cur­it­ies lend­ing and re­pur­chase agree­ments may only be used for the ef­fi­cient man­age­ment of the fund's as­sets. The cus­todi­an bank is li­able for the prop­er, ef­fi­cient set­tle­ment of se­cur­it­ies lend­ing and re­pur­chase trans­ac­tions.

2Banks, brokers, in­sur­ance in­sti­tu­tions and se­cur­it­ies clear­ing or­gan­isa­tions may be used as bor­row­ers in the con­text of se­cur­it­ies lend­ing provided they spe­cial­ise in se­cur­it­ies lend­ing and fur­nish col­lat­er­al which cor­res­ponds to the scope and risk of the pro­posed trans­ac­tions. Re­pur­chase trans­ac­tions may be con­duc­ted un­der the same con­di­tions with the in­sti­tu­tions men­tioned.

3Se­cur­it­ies lend­ing and re­pur­chase trans­ac­tions are gov­erned by a stand­ard­ised frame­work agree­ment.

Art. 77 Raising and granting of loans; encumbrance of the fund's assets

(Art. 55 para. 1 let. c and d and para. 2 CISA)

1At the ex­pense of a se­cur­it­ies fund:

a.
no loans may be gran­ted, nor may any guar­an­tees be con­cluded;
b.
no more than 25 per­cent of the fund's net as­sets may be pledged or own­er- ship there­of be trans­ferred as col­lat­er­al.

2Se­cur­it­ies funds may bor­row the equi­val­ent of up to 10 per­cent of the net as­sets on a tem­por­ary basis.

3Se­cur­it­ies lend­ing and re­pur­chase agree­ments in the form of re­verse re­pos are not deemed to be lend­ing pur­su­ant to para­graph 1a.

4Re­pur­chase agree­ments in the form of re­pos pur­su­ant to para­graph 2 are deemed to be bor­row­ing un­less the funds ob­tained are used as part of an ar­bit­rage trans­ac­tion for the ac­quis­i­tion of se­cur­it­ies of a sim­il­ar type in con­nec­tion with a re­verse repo.

Art. 78 Risk diversification in relation to securities and money market instruments

(Art. 57 CISA)

1In­clud­ing the de­riv­at­ive fin­an­cial in­stru­ments, the fund man­age­ment com­pany and the SICAV may in­vest up to 10 per­cent of the fund's as­sets in se­cur­it­ies or money mar­ket in­stru­ments of the same is­suer.

2The total value of the se­cur­it­ies and money mar­ket in­stru­ments of the is­suers in which more than 5 per­cent of the fund's as­sets are in­ves­ted may not ex­ceed 40 per­cent of the fund's as­sets. This lim­it does not ap­ply to sight or time de­pos­its as defined in Art­icle 79 or to trans­ac­tions in OTC de­riv­at­ives as defined in Art­icle 80, to which the coun­ter­party is a bank as defined in Art­icle 70 para­graph 1e.

Art. 79 Risk diversification in relation to sight and time deposits

(Art. 57 CISA)

The fund man­age­ment com­pany and the SICAV may in­vest up to 20 per­cent of the fund's as­sets in sight and time de­pos­its held with the same bank. In­vest­ments in bank de­pos­its (Art. 70 para. 1 let. e) in ad­di­tion to li­quid as­sets (Art. 75) are both sub­ject to this lim­it.

Art. 80 Risk diversification in relation to OTC transactions and derivatives

(Art. 57 CISA)

1The fund man­age­ment com­pany and the SICAV may in­vest up to 5 per­cent of the fund's as­sets in OTC trans­ac­tions with the same coun­ter­party.

2Where the coun­ter­party is a bank as defined in Art­icle 70 para­graph 1e, this lim­it is raised to 10 per­cent of the fund's as­sets.

3The de­riv­at­ive fin­an­cial in­stru­ments and claims against coun­ter­parties arising from OTC trans­ac­tions are sub­ject to the reg­u­la­tions on risk di­ver­si­fic­a­tion as defined in Art­icles 73 and 78-84. This does not ap­ply to de­riv­at­ives on in­dices which com­ply with the con­di­tions defined in Art­icle 82 para­graph 1 let­ter b.

4Where the claims arising from OTC trans­ac­tions are hedged us­ing col­lat­er­al in the form of li­quid as­sets such claims are not in­cluded in the cal­cu­la­tion of coun­ter­party risk. FINMA reg­u­lates the de­tails of the col­lat­er­al re­quire­ments. In do­ing so, it shall take ac­count of in­ter­na­tion­al stand­ards.1


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 4 No 1 of the Or­din­ance of 25 June 2014, in force since 1 Jan. 2015 (AS 2014 2321).

Art. 81 Overall limits

(Art. 57 CISA)

1In­vest­ments, de­pos­its and claims in ac­cord­ance with Art­icles 78–80 from the same is­suer may not ex­ceed 20 per­cent of the fund's over­all as­sets.

2In­vest­ments and money mar­ket in­stru­ments in ac­cord­ance with Art­icle 78 from the same group of com­pan­ies may not ex­ceed 20 per­cent of the fund's over­all as­sets.

3The lim­its defined in Art­icles 78–80 and 83 para­graph 1 may not be ac­cu­mu­lated.

4In the case of um­brella funds, these lim­its ap­ply to each in­di­vidu­al sub­fund.

5Com­pan­ies which form a group in ac­cord­ance with in­ter­na­tion­al ac­count­ing reg­u­la­tions are deemed to be a single is­suer.

Art. 82 Exceptions for index funds

(Art. 57 CISA)

1The fund man­age­ment com­pany and the SICAV may in­vest a max­im­um of 20 per­cent of the fund's as­sets in se­cur­it­ies or money mar­ket in­stru­ments from the same is­suer if:

a.
the fund reg­u­la­tions provide for the track­ing of an in­dex of equity or debt se­cur­it­ies which is re­cog­nized by FINMA (in­dex funds); and
b.
the in­dex is suf­fi­ciently di­ver­si­fied, rep­res­ent­at­ive of the mar­ket to which it relates, and is pub­lished in an ap­pro­pri­ate man­ner.

2The lim­it is in­creased to 35 per­cent for any se­cur­it­ies or money mar­ket in­stru­ments from the same is­suer where such in­stru­ments strongly dom­in­ate reg­u­lated mar­kets. This ex­emp­tion only ap­plies in re­la­tion to a single is­suer.

3The in­vest­ments defined in this art­icle are not con­sidered when ob­serving the lim­it of 40 per­cent defined in Art­icle 78 para­graph 2.

Art. 83 Exemptions for publicly guaranteed or issued investments

(Art. 57 para. 1 CISA)

1The fund man­age­ment com­pany and the SICAV may in­vest up to 35 per­cent of the fund's as­sets in se­cur­it­ies or money mar­ket in­stru­ments of the same is­suer provided such in­stru­ments are is­sued or guar­an­teed by:

a.
an OECD mem­ber coun­try;
b.
a pub­lic body from the OECD;
c.
a pub­lic in­ter­na­tion­al body of which Switzer­land or a mem­ber state of the European Uni­on is a mem­ber.

2Sub­ject to the ap­prov­al of FINMA, they may in­vest up to 100 per­cent of the fund's as­sets in se­cur­it­ies or money mar­ket in­stru­ments of the same is­suer. In such event the fol­low­ing rules must be ob­served:

a.
the in­vest­ments are spread across se­cur­it­ies or money mar­ket in­stru­ments from at least six dif­fer­ent is­sues;
b.
up to 30 per­cent of the fund's as­sets are in­ves­ted in se­cur­it­ies and money mar­ket in­stru­ments of the same is­sue;
c.
ref­er­ence is made in the pro­spect­us and in the ad­vert­ising ma­ter­i­al to the spe­cif­ic ap­prov­al of FINMA; the is­suers in which more than 35 per­cent of the fund's as­sets are in­ves­ted are also lis­ted therein;
d.
the fund reg­u­la­tions in­clude a list­ing of the is­suers in which more than 35 per­cent of the fund's as­sets may be in­ves­ted, to­geth­er with the cor­res­pond­ing guar­ant­ors.

3Provided the pro­tec­tion of in­vestors is not en­dangered, FINMA grants au­thor­isa­tion.

4The in­vest­ments defined in this art­icle are not con­sidered when ob­serving the lim­it of 40 per­cent defined in Art­icle 78 para­graph 2.

Art. 84 Limit to the equity interest in a single issuer

(Art. 57 para. 2 CISA)

1Neither the fund man­age­ment com­pany nor the SICAV may ac­quire equity se­cur­it­ies rep­res­ent­ing more than 10 per­cent of the over­all vot­ing rights in a com­pany or which would en­able it to ex­ert a ma­ter­i­al in­flu­ence on the man­age­ment of an is­su­ing com­pany.

2FINMA may grant an ex­cep­tion provided the fund man­age­ment com­pany or the SICAV provides evid­ence that it does not ex­ert a ma­ter­i­al in­flu­ence.

3The fund man­age­ment com­pany and the SICAV may ac­quire the fol­low­ing on be­half of the fund as­sets:

a.
up to 10 per­cent of the non-vot­ing equity pa­per, debt in­stru­ments or money mar­ket in­stru­ments of the same is­suer;
b.
up to 25 per­cent of the units in oth­er col­lect­ive in­vest­ment schemes which meets the re­quire­ments spe­cified in Art­icle 73.

4The lim­it defined in para­graph 3 does not ap­ply if, at the time of ac­quis­i­tion, the gross amount of the debt in­stru­ments, the money mar­ket in­stru­ments or the units in oth­er col­lect­ive in­vest­ment schemes can­not be cal­cu­lated.

5The lim­its defined in para­graphs 1 and 3 do not ap­ply to se­cur­it­ies and money mar­ket in­stru­ments which are is­sued or guar­an­teed by a coun­try or pub­lic body be­long­ing to the OECD or by in­ter­na­tion­al pub­lic bod­ies of which Switzer­land or a mem­ber state of the European Uni­on is a mem­ber.

Art. 85 Specific obligation to inform in the prospectus

(Art. 75 CISA)

1The pro­spect­us must provide in­form­a­tion about the cat­egor­ies of in­vest­ment in­stru­ments in which the fund is in­ves­ted and wheth­er trans­ac­tions in­volving de­riv­at­ive fin­an­cial in­stru­ments are con­duc­ted. Where trans­ac­tions in­volving de­riv­at­ive fin­an­cial in­stru­ments are con­duc­ted, an ex­plan­a­tion must be giv­en as to wheth­er such trans­ac­tions are con­duc­ted as part of the in­vest­ment strategy or for the hedging of in­vest­ment po­s­i­tions, and how the use of such in­stru­ments af­fects the risk pro­file of the se­cur­it­ies fund.

2Where the fund man­age­ment com­pany or the SICAV are per­mit­ted to in­vest the fund's as­sets primar­ily in in­vest­ments oth­er than those defined in Art­icle 70 para­graph 1 let­ters a and e, or where they con­sti­tute an in­dex fund (Art. 82), spe­cif­ic ref­er­ence must be made to this fact in the pro­spect­us and in the ad­vert­ising ma­ter­i­al.

3Where the net as­sets of a se­cur­it­ies fund ex­hib­it high volat­il­ity or a high lever­age ef­fect ow­ing to the com­pos­i­tion of the in­vest­ments or the in­vest­ment tech­niques ap­plied, spe­cif­ic ref­er­ence must be made to this fact in the pro­spect­us and in the ad­vert­ising ma­ter­i­al.

Section 3 Real Estate Funds

Art. 86 Permitted investments

(Art. 59 para. 1 and 62 CISA)

1The in­vest­ments of real es­tate funds or real es­tate SICAVs must be spe­cific­ally named in the fund reg­u­la­tions.1

2The fol­low­ing real es­tate, which is entered on the basis of the re­gis­tra­tion of the fund man­age­ment com­pany, SICAV or fund man­age­ment com­pany ap­poin­ted by the SICAV pur­su­ant to para­graph 2bis, is deemed to be real es­tate pur­su­ant to Art­icle 59 para­graph 1 let­ter a of the Act:2

a.
res­id­en­tial build­ings;
b.
prop­er­ties which are used ex­clus­ively or mainly for com­mer­cial pur­poses; mainly means where the in­come from the com­mer­cial ele­ment ac­counts for at least 60 per­cent of the total in­come from real es­tate (com­mer­cially used prop­er­ties);
c.
mixed-use build­ings used for res­id­en­tial as well as com­mer­cial pur­poses; mixed means where the in­come from the com­mer­cial ele­ment ac­counts for more than 20 per­cent but less than 60 per­cent of the in­come from real es­tate;
d.
con­domin­i­ums;
e.
build­ing land (in­clud­ing prop­er­ties for de­moli­tion) and build­ings un­der con­struc­tion;
f.
lease­hold land.

2bisThe real es­tate must be entered in the Land Re­gister un­der the name of the fund man­age­ment com­pany or SICAV with a re­mark to the ef­fect that it be­longs to the real es­tate fund. Where the real es­tate fund or SICAV un­der whose name the real es­tate is re­gistered has sub­funds, the sub­fund to which the real es­tate be­longs must be spe­cified.3

3The fol­low­ing in­vest­ments are also per­mit­ted:

a.
mort­gage notes or oth­er con­trac­tu­al charges on prop­erty;
b.
par­ti­cip­a­tions in and claims against real es­tate com­pan­ies as defined in Art­icle 59 para­graph 1 let­ter b of the Act;
c.
units in oth­er real es­tate funds (in­clud­ing real es­tate in­vest­ment trusts or RE­ITs) and real es­tate in­vest­ment com­pan­ies and cer­ti­fic­ates which are traded on a stock ex­change or oth­er reg­u­lated mar­ket which is open to the pub­lic, as defined in Art­icle 59 para­graph 1 let­ter c of the Act;
d.
for­eign real es­tate se­cur­it­ies as defined in Art­icle 59 para­graph 1 let­ter d of the Act.

4Un­developed plots of land be­long­ing to a real es­tate fund must be con­nec­ted to the in­fra­struc­ture net­work and suit­able for im­me­di­ate de­vel­op­ment and must also pos­sess leg­ally ef­fect­ive plan­ning per­mis­sion for their de­vel­op­ment. Con­struc­tion work must com­mence pri­or to the ex­piry of the peri­od for which the rel­ev­ant plan­ning per­mis­sion is val­id.4


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
3 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
4 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 87 Risk diversification and limits

(Art. 62 CISA)

1Real es­tate funds must spread their in­vest­ments over at least ten prop­er­ties. Res­id­en­tial es­tates which have been built us­ing the same prin­ciples of con­struc­tion and neigh­bour­ing plots of land are deemed to be a single prop­erty.

2The mar­ket value of a single prop­erty may not ex­ceed 25 per­cent of the fund's as­sets.

3The fol­low­ing lim­its ex­pressed as a per­cent­age of the fund's as­sets ap­ply to the in­vest­ments defined in a–d:

a.
up to 30 per­cent of the fund's as­sets may be in­ves­ted in build­ing land, in­clud­ing prop­er­ties for de­moli­tion, and build­ings un­der con­struc­tion;
b.1
up to 30 per­cent of the fund's as­sets may be in­ves­ted in lease­hold land;
c.
up to 10 per­cent of the fund's as­sets may be in­ves­ted in mort­gage notes and oth­er rights of li­en on real es­tate;
d.
up to 25 per­cent of the fund's as­sets may be in­ves­ted in oth­er real es­tate funds and real es­tate in­vest­ment com­pan­ies as defined in Art­icle 86 para­graph 3 let­ter c.

4The in­vest­ments defined in para­graph 3 let­ters a and b may to­geth­er ac­count for up to 40 per­cent of the fund's as­sets.2

5FINMA may grant ex­emp­tions in jus­ti­fied in­di­vidu­al in­stances.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 88 Dominant influence of the fund management company and the SICAV in the case of ordinary co-ownership

(Art. 59 para. 2 CISA)

1The fund man­age­ment com­pany and the SICAV are deemed to ex­ert a dom­in­ant in­flu­ence if they have a ma­jor­ity of the co-own­er­ship shares and votes.

2In a set of rules gov­ern­ing use and ad­min­is­tra­tion as defined in Art­icle 647 para­graph of the Swiss Civil Code (CC)1 they shall re­tain all rights, meas­ures and ac­tions provided for in Art­icles 647a–651 CC.

3The right of pre-emption pur­su­ant to Art­icle 682 CC may not be sus­pen­ded un­der con­tract.

4Co-own­er­ship of com­mon fa­cil­it­ies as­so­ci­ated with prop­er­ties held by the col­lect­ive in­vest­ment scheme which are part of a more ex­tens­ive de­vel­op­ment must not grant a con­trolling in­flu­ence. In such cases, the right of pre-emption pur­su­ant to para­graph 3 may be sus­pen­ded un­der con­tract.


1 SR 210

Art. 89 Liabilities; short-term fixed interest securities and funds available at short notice

(Art. 60 CISA)

1Li­ab­il­it­ies are deemed to be bor­row­ings, ob­lig­a­tions from busi­ness activ­it­ies, in ad­di­tion to all claims arising from units on which no­tice has been giv­en.

2Short-term fixed in­terest se­cur­it­ies are deemed to be debt se­cur­it­ies with a term or re­sid­ual term to ma­tur­ity of up to twelve months.

3Funds avail­able at short no­tice are deemed to be cash on hand, postal check1 and bank ac­count de­pos­its at sight and on de­mand with ma­tur­it­ies of up to twelve months, as well as guar­an­teed cred­it fa­cil­it­ies with a bank for up to 10 per­cent of the fund's net as­sets. The cred­it fa­cil­it­ies must be in­cluded in the max­im­um level of pledging per­mit­ted pur­su­ant to Art­icle 96 para­graph 1.


1 Fol­low­ing the FCD of 7 June 2013, which con­ver­ted Swis­s­Post in­to Swiss Post Ltd un­der spe­cial le­gis­la­tion and spun off Post Fin­ance as a private com­pany lim­ited by shares, the ref­er­ence to postal check de­pos­its has been ir­rel­ev­ant since 26 June 2013.

Art. 90 Collateral for construction projects

(Art. 65 CISA)

Fixed-in­come se­cur­it­ies with a term or re­sid­ual term to ma­tur­ity of up to 24 months may be held as col­lat­er­al for im­pend­ing con­struc­tion pro­jects.

Art. 91 Derivative financial instruments

(Art. 61 CISA)

De­riv­at­ive fin­an­cial in­stru­ments are per­mit­ted for the hedging of in­terest rate, cur­rency, cred­it and mar­ket risk. The pro­vi­sions ap­plic­able to se­cur­it­ies funds (Art. 72) ap­ply ac­cord­ingly.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 91a Closely related persons

(Art. 63 para. 2 and 3 CISA)

1In par­tic­u­lar, closely re­lated per­sons in­clude:

a.
the fund man­age­ment com­pany, SICAV, cus­todi­an bank and their agents, spe­cific­ally ar­chi­tects and build­ing con­tract­ors com­mis­sioned by them;
b.
the mem­bers of the board of dir­ect­ors and em­ploy­ees of the fund man­age­ment com­pany or SICAV;
c.
the board of dir­ect­ors and mem­bers of the ex­ec­ut­ive board as well as em­ploy­ees of the cus­todi­an bank ap­poin­ted to mon­it­or the real es­tate funds;
d.
the audit com­pany and the em­ploy­ees en­trus­ted with the audit­ing of the real es­tate funds;
e.
the valu­ation ex­perts;
f.
the real es­tate com­pan­ies not be­long­ing 100 per­cent to the real es­tate fund and mem­bers of the board of dir­ect­ors and em­ploy­ees of such real es­tate com­pan­ies;
g.
the prop­erty man­age­ment busi­nesses en­trus­ted with the man­age­ment of the real es­tate and mem­bers of the board of dir­ect­ors and em­ploy­ees of such prop­erty man­age­ment busi­nesses;
h.
the sig­ni­fic­ant equity hold­ers pur­su­ant to Art­icle 14 para­graph 3 of the Act of the com­pan­ies men­tioned in let­ters a–g above.

2Agents pur­su­ant to para­graph 1 let­ter a are not deemed to be closely re­lated per­sons if evid­ence can be provided that they neither ex­ert nor have ex­er­ted dir­ect or dir­ect in­flu­ence on the fund man­age­ment com­pany or the SICAV and the fund man­age­ment com­pany or SICAV are not biased in the mat­ter in any oth­er way.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 92 Valuation of real estate upon purchase or sale

(Art. 64 CISA)

1Real es­tate which the fund man­age­ment com­pany or SICAV wish to pur­chase must be val­ued in ad­vance.1

2The valu­ation ex­pert shall phys­ic­ally in­spect the prop­erty when per­form­ing the valu­ation.

3In the event of a sale, a new valu­ation may be waived if:

a.
the ex­ist­ing valu­ation is no older than three months; and
b.
there has not been any ma­ter­i­al change in the situ­ation.2

4The fund man­age­ment com­pany and the SICAV must ex­plain to the audit com­pany for the reas­on for any sale price which is be­low the es­tim­ated valu­ation or pur­chase price which is above such valu­ation.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 93 Valuation of properties belonging to the collective investment scheme

(Art. 64 CISA)1

1The mar­ket value of the prop­er­ties be­long­ing to the real es­tate fund must be re­appraised by the valu­ation ex­perts at the end of each ac­count­ing year.

2The prop­er­ties must be phys­ic­ally in­spec­ted by the valu­ation ex­perts at least every three years.

3The valu­ation ex­perts must provide the audit com­pany with jus­ti­fic­a­tion for their meth­od of valu­ation.

4Where the fund man­age­ment com­pany and the SICAV do not ad­opt the re­vised valu­ation fig­ure in their ac­counts, they must ex­plain this to the audit com­pany.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 94 Assessment and valuation in relation to construction projects

(Art. 64 and 65 CISA)1

1In re­la­tion to con­struc­tion pro­jects, the fund man­age­ment com­pany and the SICAV shall in­struct at least one valu­ation ex­pert to ex­am­ine wheth­er or not the prob­able costs are reas­on­able and in ac­cord­ance with the pre­vail­ing mar­ket situ­ation.

2Fol­low­ing the com­ple­tion of the build­ing, the fund man­age­ment com­pany and the SICAV shall in­struct at least one valu­ation ex­pert to as­sess the mar­ket value.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 95 Duty to publish

(Art. 67 CISA)1

1The fund man­age­ment com­pany and the SICAV shall pub­lish in the me­dia of pub­lic­a­tion the mar­ket value of the fund's as­sets and res­ult­ing net as­set value of the fund units sim­ul­tan­eously with the an­nounce­ment to the bank or se­cur­it­ies firm en­trus­ted with the reg­u­lar on and off-ex­change trad­ing of the units of the real es­tate fund.2

2In re­la­tion to real es­tate funds which are traded on a stock ex­change or oth­er reg­u­lated mar­ket open to the pub­lic, the rel­ev­ant reg­u­la­tions gov­ern­ing stock trad­ing must also be ob­served.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 96 Special powers

(Art. 65 CISA)

1In re­la­tion to pledging land and ced­ing the rights of li­en as col­lat­er­al pur­su­ant to Art­icle 65 para­graph 2 of the Act, the en­cum­brance may not ex­ceed on av­er­age one third of the mar­ket value of all real es­tate as­sets.1

1bisTo safe­guard li­quid­ity, the charge may be tem­por­ar­ily and ex­cep­tion­ally in­creased to half the mar­ket value where:

a.
pro­vi­sion is made in the fund reg­u­la­tions; and
b.
the in­terests of the in­vestors are safe­guarded.2

1terAs part of its audit of the real es­tate fund, the audit com­pany ex­presses its opin­ion on the con­di­tions pur­su­ant to para­graph 1bis.3

2Where the fund man­age­ment com­pany and the SICAV com­mis­sion the con­struc­tion of build­ings or carry out the re­fur­bish­ment of build­ings, they may dur­ing the peri­od of pre­par­a­tion, con­struc­tion or re­fur­bish­ment cred­it the in­come state­ment of the real es­tate fund for build­ing land and build­ings un­der con­struc­tion at the pre­vail­ing mar­ket rate, provided the costs do not ex­ceed the es­tim­ated mar­ket value as a res­ult.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
3 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 97 Issuing of units in real estate funds

(Art. 66 CISA)

1Units may be is­sued at any time. This may only be ef­fected in tranches.

2The fund man­age­ment com­pany and SICAV shall spe­cify at least:

a.
the planned num­ber of new units to be is­sued;
b.
the planned sub­scrip­tion ra­tio for the ex­ist­ing in­vestors;
c.
the is­su­ing meth­od for the sub­scrip­tion rights.

3The valu­ation ex­perts shall re­view the mar­ket value of each prop­erty in or­der to cal­cu­late the net as­set value and de­term­ine the is­sue price.

Art. 98 Early redemption of units in real estate funds

(Art. 66 CISA)

Units on which no­tice has been giv­en in the course of an ac­count­ing year may be re­deemed early by the fund man­age­ment com­pany and the SICAV at the close of said ac­count­ing year, provid­ing:

a.1
the in­vestor has stated this wish in writ­ing or in an­oth­er form demon­strable via text at the time of serving no­tice;
b.
the wishes of all in­vestors who have re­ques­ted early re­demp­tion can be met.

1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Section 4 Other Funds for Traditional and Alternative Investments

Art. 99 Permitted investments

(Art. 69 CISA)

1The fol­low­ing in­vest­ments are spe­cific­ally ad­mit­ted for oth­er funds:

a.
se­cur­it­ies;
b.
units in col­lect­ive in­vest­ment schemes;
c.
money mar­ket in­stru­ments;
d.
sight and time de­pos­its with a term of up to twelve months;
e.
pre­cious metals;
f.
de­riv­at­ive fin­an­cial in­stru­ments whose un­der­ly­ings are se­cur­it­ies, col­lect­ive in­vest­ment schemes, money mar­ket in­stru­ments, de­riv­at­ive fin­an­cial in­stru­ments, in­dices, in­terest rates, ex­change rates, loans, cur­ren­cies, pre­cious metals, com­mod­it­ies or sim­il­ar in­stru­ments;
g.
struc­tured products re­lat­ing to se­cur­it­ies, col­lect­ive in­vest­ment schemes, money mar­ket in­stru­ments, de­riv­at­ive fin­an­cial in­stru­ments, in­dices, in­terest rates, ex­change rates, cur­ren­cies, pre­cious metals, com­mod­it­ies or sim­il­ar in­stru­ments.

2In the case of oth­er funds for al­tern­at­ive in­vest­ments, FINMA may ad­mit oth­er in­vest­ments such as com­mod­it­ies and the cor­res­pond­ing com­mod­ity cer­ti­fic­ates.1

3In­vest­ments as defined in Art­icle 69 para­graph 2 of the Act must be ex­pli­citly named in the fund reg­u­la­tions.

4In the case of in­vest­ments in units of col­lect­ive in­vest­ment schemes, Art­icle 73 para­graph 4 ap­plies ac­cord­ingly.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 100 Investment techniques and restrictions

(Art. 70 para. 2 and 71 para. 2 CISA)

1Oth­er funds for tra­di­tion­al in­vest­ments may:

a.
raise loans for an amount not ex­ceed­ing 25 per­cent of the fund's net as­sets;
b.1
pledge or cede as col­lat­er­al no more than 60 per­cent of the fund's net as­sets;
c.
com­mit to an over­all ex­pos­ure of up to 225 per­cent of the fund's net as­sets;
d.
en­gage in short-selling.

2Oth­er funds for al­tern­at­ive in­vest­ments may:

a.
raise loans for an amount not ex­ceed­ing 50 per­cent of the fund's net as­sets;
b.2
pledge or cede as col­lat­er­al no more than 100 per­cent of the fund's net as­sets;
c.
com­mit to an over­all ex­pos­ure of up to 600 per­cent of the fund's net as­sets;
d.
en­gage in short-selling.

3The in­vest­ment re­stric­tions shall be set out ex­pli­citly in the fund reg­u­la­tions. Such reg­u­la­tions shall also gov­ern the nature and scale of short-selling per­mit­ted.


1 Amended by No I of the Or­din­ance of 13 Feb. 2008, in force since 1 March 2008 (AS 2008 571).
2 Amended by No I of the Or­din­ance of 13 Feb. 2008, in force since 1 March 2008 (AS 2008 571).

Art. 101 Derogations

(Art. 69–71 CISA)

FINMA may in in­di­vidu­al cases grant a derog­a­tion from the reg­u­la­tions per­tain­ing to:

a.
the per­mit­ted in­vest­ments;
b.
the in­vest­ment tech­niques;
c.
the re­stric­tions;
d.
the risk di­ver­si­fic­a­tion.

Art. 102 Risk notice

(Art. 71 para. 3 CISA)

1The no­tice re­gard­ing spe­cial risks (warn­ing clause) re­quires the ap­prov­al of FINMA.

2The warn­ing clause must be placed on the first page of the fund reg­u­la­tions, the pro­spect­us and the key in­form­a­tion doc­u­ment in ac­cord­ance with Art­icles 58–63 and 66 FinSA1, and in all cases in the form in which it was ap­proved by FINMA.2


1 SR 950.1
2 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS2019 4459).

Chapter 4 General Provisions

Section 1 Custodian Bank

Art. 102a Organisational structure

(Art. 72 CISA)

1The cus­todi­an bank must have an or­gan­isa­tion­al struc­ture that is ap­pro­pri­ate to its tasks and em­ploy per­son­nel who pos­sess suit­able, rel­ev­ant qual­i­fic­a­tions for their activ­ity.

2For the ful­fil­ment of its activ­it­ies as cus­todi­an bank, it has at least three full-time em­ploy­ees with sig­nat­ory powers.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 103 Duty of disclosure

(Art. 72 para. 2 CISA)

The cus­todi­an bank shall no­ti­fy the audit com­pany of the ex­ec­ut­ive per­sons en­trus­ted with the tasks of cus­todi­an bank activ­ity.

Art. 104 Duties

(Art. 73 CISA)

1The cus­todi­an bank has the fol­low­ing tasks:

a.
It is re­spons­ible for ac­count and safe­keep­ing ac­count man­age­ment on be­half of the col­lect­ive in­vest­ment schemes, but does not have in­de­pend­ent ac­cess to their as­sets.
b.
It en­sures that in the case of trans­ac­tions re­lat­ing to the as­sets of the col­lect­ive in­vest­ment scheme the counter-value is trans­ferred thereto with­in the usu­al time lim­it.
c.
It no­ti­fies the fund man­age­ment com­pany or col­lect­ive in­vest­ment scheme if the counter-value is not re­fun­ded with­in the usu­al time lim­it and where pos­sible re­quests re­im­burse­ment for the as­set item con­cerned from the coun­ter­party.
d.
It keeps the re­quired re­cords and ac­counts in such man­ner that it is at all times able to dis­tin­guish between the as­sets held in safe cus­tody of the in­di­vidu­al col­lect­ive in­vest­ment schemes.
e.
In re­la­tion to as­sets that can­not be placed in safe cus­tody, it veri­fies own­er- ship of the fund man­age­ment com­pany or col­lect­ive in­vest­ment scheme and keeps a re­cord there­of.1

2In the case of real es­tate funds, it shall be re­spons­ible for the safe­keep­ing of mort­gage notes against which no loans have been raised, in ad­di­tion to the shares in real es­tate com­pan­ies. It may hold ac­counts with third parties for the pur­pose of the on­go­ing man­age­ment of real es­tate as­sets.

3In the case of col­lect­ive in­vest­ment schemes com­pris­ing sub­funds, all du­ties shall be per­formed by the same cus­todi­an bank.


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 105 Change of custodian bank, time limit for lodging objections, entry into force and cash payments

(Art. 74 CISA)

1Art­icle 41 ap­plies ac­cord­ingly to the change in cus­todi­an bank of a con­trac­tu­al fund.

2The de­cision to change cus­todi­an bank shall be pub­lished im­me­di­ately in the me­dia of pub­lic­a­tion of the SICAV.

Art. 105a Duties in relation to the delegation of safekeeping

(Art. 73 para. 2 and 2bis CISA)

Where the cus­todi­an bank trans­fers safe­keep­ing of the fund’s as­sets to a third-party cus­todi­an or cent­ral se­cur­it­ies de­pos­it­ory in Switzer­land or abroad, it shall veri­fy and mon­it­or wheth­er the lat­ter:2

a.
pos­sesses an ap­pro­pri­ate or­gan­isa­tion­al struc­ture, fin­an­cial guar­an­tees and the spe­cial­ist qual­i­fic­a­tions re­quired giv­en the nature and com­plex­ity of the as­sets en­trus­ted to it;
b.
is sub­ject to reg­u­lar ex­tern­al audits, thereby en­sur­ing that it pos­sesses the fin­an­cial in­stru­ments;
c.
the as­sets re­ceived from the cus­todi­an bank are kept in safe cus­tody in such a man­ner that by means of reg­u­lar port­fo­lio com­par­is­ons they can at all times be clearly iden­ti­fied as be­long­ing to the fund’s as­sets;
d.
com­plies with the pro­vi­sions ap­plic­able to the cus­todi­an bank with re­spect to the per­form­ance of the tasks del­eg­ated to it and the avoid­ance of con­flicts of in­terest.

1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Section 2 ...

Art. 106 and 107


1 Re­pealed by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, with ef­fect from 1. Jan. 2020 (AS 2019 4459).

Art. 107a


1 In­ser­ted by No I of the Or­din­ance of 29 June 2011 (AS 2011 3177). Re­pealed by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4459).

Art. 107b107e


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Re­pealed by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4459).

Section 3 Position of Investors

Art. 108 Payment; certification of units

(Art. 78 para. 1 and 2 CISA)

1The pay­ing agent shall be a bank un­der the Fed­er­al Act on Banks and Sav­ings Banks of 8 Novem­ber 19341.2

2Where the fund reg­u­la­tions provide for the de­liv­ery of unit cer­ti­fic­ates, the cus­todi­an bank, at the in­vestor’s re­quest, cer­ti­fies his or her rights in se­cur­it­ies (Art. 965 CO3) without par value, in re­gistered form and struc­tured as or­der in­stru­ments (Art. 967 and 1145 CO).4

3Unit cer­ti­fic­ates may only be is­sued after pay­ment of the is­sue price.

4The is­su­ing of frac­tions of units shall only be per­mit­ted in the case of in­vest­ment funds.


1 SR 952.0
2 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
3 SR 220
4 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 109 Exceptions from the right to redeem at any time

(Art. 79 CISA)

1The reg­u­la­tions of a col­lect­ive in­vest­ment scheme whose value is dif­fi­cult to as­cer­tain, or which has lim­ited mar­ket­ab­il­ity, may provide for no­tice to be served only on spe­cif­ic dates, sub­ject to a min­im­um of four times per year.

2FINMA may in the event of a jus­ti­fied re­quest re­strict the right to re­deem at any time de­pend­ing on the in­vest­ments and in­vest­ment policy. This shall ap­ply spe­cific­ally in the case of:

a.
in­vest­ments which are not lis­ted and not traded on an­oth­er reg­u­lated mar­ket open to the pub­lic;
b.
mort­gages;
c.
private equity in­vest­ments.

3Where the right to re­deem at any time is re­stric­ted, such fact must be stated ex­pli­citly in the fund reg­u­la­tions, in the pro­spect­us and in the key in­form­a­tion doc­u­ment.1

4The right to re­deem at any time may be sus­pen­ded for a max­im­um of five years.

5The fund man­age­ment com­pany and the SICAV may per­mit a pro rata cut­ting off of re­demp­tion ap­plic­a­tions on reach­ing a spe­cif­ic per­cent­age or threshold on a spe­cif­ic trad­ing day in ex­cep­tion­al cir­cum­stances if this is in the in­terests of the re­main­ing in­vestors (gat­ing). The re­main­ing por­tion of re­demp­tion ap­plic­a­tions shall be con­sidered sub­mit­ted for the sub­sequent valu­ation day. De­tails must be dis­closed in the fund reg­u­la­tions. FINMA ap­proves the in­clu­sion of gat­ing in the fund reg­u­la­tions.2

6The audit com­pany and FINMA must be in­formed im­me­di­ately of any de­cision on de­fer­ral or gat­ing as well as any lift­ing of such. In­vestors must also be no­ti­fied in a suit­able man­ner.3


1 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
2 In­ser­ted by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
3 In­ser­ted by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 110 Deferred repayment

(Art. 81 CISA)

1The fund reg­u­la­tions may provide for re­pay­ment to be de­ferred tem­por­ar­ily in the fol­low­ing ex­cep­tion­al cases:

a.
where a mar­ket which serves as the basis for the valu­ation of a sig­ni­fic­ant pro­por­tion of the fund's as­sets is closed, or if trad­ing on such mar­ket is re­stric­ted or sus­pen­ded;
b.
in the event of polit­ic­al, eco­nom­ic, mil­it­ary, mon­et­ary or oth­er emer­gen­cies;
c.
if, ow­ing to ex­change con­trols or re­stric­tions on oth­er as­set trans­fers, the col­lect­ive in­vest­ment scheme can no longer trans­act its busi­ness;
d.
in the event of large-scale with­draw­als of units which may sig­ni­fic­antly en­danger the in­terests of the oth­er in­vestors.

2The audit com­pany and FINMA must be in­formed im­me­di­ately of any de­cision to de­fer re­demp­tions. The de­cision must also be com­mu­nic­ated to the in­vestors in a suit­able man­ner.

Art. 111 Enforced redemption

(Art. 82 CISA)

1En­forced re­demp­tion pur­su­ant to Art­icle 82 of the Act is per­mit­ted only in ex­cep­tion­al cir­cum­stances.

2The reas­ons for en­forced re­demp­tion must be set out in the fund reg­u­la­tions.

Section 4 Open-Ended Collective Investment Schemes with Subfunds

Art. 112 Subfunds

(Art. 92–94 CISA)

1The fund man­age­ment com­pany and the SICAV shall pre­pare a single set of fund reg­u­la­tions for a col­lect­ive in­vest­ment scheme. Such reg­u­la­tions shall in­clude the des­ig­na­tion of the scheme and the ad­di­tion­al des­ig­na­tions of the in­di­vidu­al sub- funds.

2Where the fund man­age­ment com­pany or the SICAV has the right to cre­ate ad­di­tion­al sub­funds, or dis­solve or merge ex­ist­ing sub­funds, spe­cif­ic ref­er­ence must be made thereto in the fund reg­u­la­tions.

3The fund man­age­ment com­pany and the SICAV shall also set out in the fund reg­u­la­tions that:

a.
fees may be deb­ited only to that sub­fund for which a spe­cif­ic ser­vice is rendered;
b.
costs which can­not be clearly as­signed to a par­tic­u­lar sub­fund are charged to the in­di­vidu­al sub­funds in pro­por­tion to their as­sets;
c.
in­vestors are only en­titled to the as­sets and in­come of the par­tic­u­lar sub­fund in which they are in­ves­ted or whose shares they hold;
d.
only the sub­fund con­cerned is li­able for the li­ab­il­it­ies of that in­di­vidu­al sub­fund.

4The fees charged when in­vestors con­vert from one sub­fund to an­oth­er are cited ex­pli­citly in the fund reg­u­la­tions.

5In re­la­tion to the mer­ging of sub­funds, Art­icle 115 ap­plies ac­cord­ingly.

Art. 113


1 Re­pealed by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4633).

Section 5 Restructuring and Dissolution

Art. 114 Conditions relating to restructurings

(Art. 92 and 95 para. 1 CISA)

1In­vest­ment funds or sub­funds may be merged by the fund man­age­ment com­pany if:

a.
pro­vi­sion there­fore is made in the rel­ev­ant fund con­tracts;
b.
they are man­aged by the same fund man­age­ment com­pany;
c.1
the rel­ev­ant fund con­tracts are gen­er­ally identic­al in their re­quire­ments on the fol­low­ing:
1.
in­vest­ment policy, in­vest­ment tech­niques, risk di­ver­si­fic­a­tion as well as the risks as­so­ci­ated with the in­vest­ment policy,
2.
ap­pro­pri­ation of net in­come and cap­it­al gains from the dis­pos­al of as­sets and rights,
3.
nature, amount and cal­cu­la­tion of all re­mu­ner­a­tion, the is­sue and re­demp­tion fees as well as the in­cid­ent­al costs for the pur­chase and sale of in­vest­ments, such as broker­age fees, oth­er fees, levies, which may be charged to the fund as­sets or to in­vestors,
4.
term of the con­tract and the con­di­tions for ter­min­a­tion;
d.
the as­sets of the funds con­cerned are val­ued, the ex­change ra­tio is cal­cu­lated, and the as­sets and li­ab­il­it­ies are ac­quired on the same day;
e.
no costs arise as a res­ult for either the in­vest­ment fund or sub­funds, or the in­vestors.

2...2

3FINMA may make the mer­ging of in­vest­ment funds and the trans­fer of as­sets of a SICAV de­pend­ent on ad­di­tion­al con­di­tions, es­pe­cially in the case of real es­tate funds.


1 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
2 Re­pealed by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4459).

Art. 115 Procedure for the merging of collective investment schemes

(Art. 95 para. 1 let. a and b CISA)

1In the case of the mer­ging of two in­vest­ment funds, the in­vestors of the fund be­ing trans­ferred re­ceive an equi­val­ent num­ber of units in the ac­quir­ing fund. The fund be­ing trans­ferred is ter­min­ated without li­quid­a­tion.

2The fund con­tract gov­erns the mer­ging pro­ced­ure. In par­tic­u­lar, it con­tains pro­vi­sions re­gard­ing:

a.
the in­form­a­tion to be giv­en to the in­vestors;
b.
the audit com­pany's duty to in­spect the ac­counts at the time of the mer­ger.

3FINMA may grant lim­ited de­fer­ment of re­pay­ment if the mer­ger is likely to take more than one day.

4The fund man­age­ment com­pany shall no­ti­fy FINMA that the mer­ger has been com­pleted.

5...1


1 Re­pealed by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4459).

Art. 115a Transfer of assets, conversion and division

In the case of the trans­fer of as­sets of a SICAV, as well as the di­vi­sion and the con­ver­sion of an open-ended col­lect­ive in­vest­ment scheme, Art­icles 114 and 115 ap­ply ac­cord­ingly.


1 In­ser­ted by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).

Art. 116 Dissolution of a collective investment scheme

(Art. 96 and 97 CISA)

1The col­lect­ive in­vest­ment scheme shall be dis­solved and may be li­quid­ated im­me­di­ately provided:

a.
the fund man­age­ment com­pany or the cus­todi­an bank has served no­tice;
b.
the share­hold­ers of a SICAV have re­solved the dis­sol­u­tion.

2Where FINMA or­ders the dis­sol­u­tion of the col­lect­ive in­vest­ment scheme, such scheme shall be li­quid­ated im­me­di­ately.

3Pri­or to the fi­nal pay­ment, the fund man­age­ment com­pany or the SICAV shall ob­tain au­thor­isa­tion from FINMA.

4The trad­ing of units on the ex­change ceases at the time of dis­sol­u­tion.

5The ter­min­a­tion of the cus­todi­an bank agree­ment between the SICAV and the cus­todi­an bank shall be no­ti­fied to FINMA and the audit com­pany im­me­di­ately.

Title 3 Closed-Ended Collective Investment Schemes

Chapter 1 Limited Partnership for Collective Investment

Art. 117 Object

(Art. 98 para. 1 CISA)

1The lim­ited part­ner­ship for col­lect­ive in­vest­ment may only man­age its own in­vest­ments. It is spe­cific­ally pro­hib­ited from ren­der­ing ser­vices pur­su­ant to Art­icle 26 and 34 Fin­IA2 t on be­half of third parties or tak­ing up en­tre­pren­eur­i­al activ­it­ies for the pur­suit of com­mer­cial pur­poses.3

2It in­vests in risk cap­it­al of com­pan­ies and pro­jects and can de­term­ine their stra­tegic dir­ec­tion. It can also in­vest in in­stru­ments pur­su­ant to Art­icle 121.

3To achieve this ob­ject, it may:

a.
take con­trol of vot­ing rights in com­pan­ies;
b.
sit on the body re­spons­ible for the gov­ernance, su­per­vi­sion and con­trol of its par­ti­cip­a­tions, in or­der to safe­guard the in­terests of the lim­ited part­ners.

1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 SR954.1
3 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 118 General partners

(Art. 98 para. 2 CISA)

1...1

2Where the com­pany has a gen­er­al part­ner, the gen­er­al part­ner must have a min­im­um paid-up share cap­it­al of 100,000 Swiss francs. Where it has sev­er­al gen­er­al part­ners, they must to­geth­er have a min­im­um paid-up share cap­it­al of 100,000 Swiss francs.

3In re­la­tion to the gen­er­al part­ners, the au­thor­isa­tion and re­port­ing du­ties defined in Art­icles 14 para­graph 1 and 15 para­graph 1 ap­ply ac­cord­ingly.


1 Re­pealed by No I of the Or­din­ance of 13 Feb. 2013, with ef­fect from 1 March 2013 (AS 2013 607).

Art. 119 Company agreement

(Art. 9 para. 3 and 102 CISA)1

1The gen­er­al part­ners may del­eg­ate in­vest­ment de­cisions and oth­er activ­it­ies, provided this is in the in­terests of ef­fi­cient man­age­ment.

2They shall ex­clus­ively com­mis­sion per­sons who are prop­erly qual­i­fied to ex­ecute such activ­it­ies, and shall en­sure the in­struc­tion, mon­it­or­ing and con­trol ne­ces­sary with re­spect to im­ple­ment­a­tion of the tasks as­signed.

3The per­sons hold­ing ex­ec­ut­ive powers with the gen­er­al part­ners may par­ti­cip­ate in the com­pany as lim­ited part­ners if:

a.
this is provided for in the com­pany agree­ment;
b.
the par­ti­cip­at­ing in­terest stems from their private as­sets; and
c.
the par­ti­cip­at­ing in­terest is sub­scribed at the time of launch.

3bis...2

4The com­pany agree­ment reg­u­lates the de­tails and must be pub­lished in an of­fi­cial lan­guage. FINMA may au­thor­ise a dif­fer­ent lan­guage in in­di­vidu­al cases.3


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Re­pealed by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, with ef­fect from 1 Jan. 2020 (AS 2019 4459).
3 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 120 Risk capital

(Art. 103 para. 1 CISA)

1Risk cap­it­al is gen­er­ally used for the dir­ect or in­dir­ect fin­an­cing of com­pan­ies and pro­jects in the ba­sic ex­pect­a­tion of gen­er­at­ing above-av­er­age ad­ded value, coupled with the above-av­er­age prob­ab­il­ity of mak­ing a loss.

2Fin­an­cing may take the fol­low­ing spe­cif­ic forms:

a.
equity cap­it­al;
b.
bor­rowed cap­it­al;
c.
mixed forms of equity and bor­rowed cap­it­al such as mezzan­ine fin­an­cing.

Art. 121 Other investments

(Art. 103 para. 2 CISA)

1The fol­low­ing are spe­cific­ally per­mit­ted:

a.1
con­struc­tion, real es­tate and in­fra­struc­ture pro­jects;
b.
al­tern­at­ive in­vest­ments;
c.2
oth­er in­vest­ments, in par­tic­u­lar in­vest­ments in real es­tate or in­fra­struc­ture;
d.3
mixed forms of all pos­sible in­vest­ments in ac­cord­ance with Art­icle 120 and Art­icle 121.

2The com­pany agree­ment reg­u­lates the de­tails.

3Con­struc­tion, real es­tate and in­fra­struc­ture pro­jects are per­mit­ted only if they are by per­sons that are neither dir­ectly nor in­dir­ectly re­lated to:

a.
the gen­er­al part­ner;
b.
the per­sons re­spons­ible for the ad­min­is­tra­tion and the man­age­ment; or
c.
the in­vestors.4

4The gen­er­al part­ner, the per­sons re­spons­ible for the ad­min­is­tra­tion and the man­age­ment and closely re­lated nat­ur­al and leg­al per­sons, and the in­vestors in a lim­ited part­ner­ship for col­lect­ive in­vest­ment, may ac­quire real es­tate and in­fra­struc­ture as­sets from that part­ner­ship or as­sign any such as­sets to it if:

a.
the mar­ket con­form­ity of the pur­chase and selling price of the real es­tate as­sets and in­fra­struc­ture as­sets as well as the trans­ac­tion costs are con­firmed by an in­de­pend­ent valu­ation ex­pert; and
b.
the share­hold­ers' meet­ing has ap­proved the trans­ac­tion.5

1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 In­ser­ted by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
3 In­ser­ted by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
4 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
5 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS2019 4459).

Chapter 2 Investment Company with Fixed Capital

Art. 122 Objects

(Art. 110 CISA)

1The in­vest­ment com­pany with fixed cap­it­al may only man­age its own as­sets. Its primary ob­ject is to gen­er­ate in­come and/or cap­it­al gains, whereby it does not pur­sue any en­tre­pren­eur­i­al activ­it­ies in the true sense. It is spe­cific­ally pro­hib­ited from ren­der­ing ser­vices pur­su­ant to Art­icles 26 and 34 Fin­IA1 on be­half of third parties.2

2It may del­eg­ate in­vest­ment de­cisions as well as spe­cif­ic tasks, provided this is in the in­terests of ef­fi­cient man­age­ment.


1 SR954.1
2 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 122a Minimum investment amount

(Art 110 para. 2 CISA)

1Shares amount­ing to at least 500,000 Swiss francs must be fully paid up in cash at the time of form­a­tion.

2The min­im­um in­vest­ment amount must be main­tained at all times.

3The SI­CAF shall no­ti­fy FINMA of any short­fall in the min­im­um in­vest­ment amount im­me­di­ately.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 122b Treasury shares of the governing bodies

(Art 110 para. 2 CISA)

The gov­ern­ing bod­ies must at all times hold treas­ury shares as a per­cent­age of the total as­sets of the SI­CAF as fol­lows, sub­ject to a max­im­um of 20 mil­lion Swiss francs:

a.
1 per­cent for that por­tion not ex­ceed­ing 50 mil­lion Swiss francs;
b.
¾ per­cent for that por­tion ex­ceed­ing 50 mil­lion but not ex­ceed­ing 100 mil-li­on Swiss francs;
c.
½ per­cent for that por­tion ex­ceed­ing 100 mil­lion but not ex­ceed­ing 150 mil­lion Swiss francs;
d.
¼ per­cent for that por­tion ex­ceed­ing 150 mil­lion but not ex­ceed­ing 250 mil­lion Swiss francs;
e.
⅛for that por­tion ex­ceed­ing 250 mil­lion Swiss francs.

1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

Art. 123 Permitted investments

(Art. 110 CISA)

1The pro­vi­sions con­cern­ing per­mit­ted in­vest­ments for oth­er funds ap­ply ac­cord­ingly.

2FINMA may au­thor­ise oth­er in­vest­ments.

Art. 124 Media of publication

(Art. 112 CISA)

Art­icle 39 ap­plies ac­cord­ingly.

Art. 125 Enforced redemption

(Art. 113 para. 3 CISA)

Art­icle 111 ap­plies ac­cord­ingly.

Art. 126 Amendments to the articles of association and investment regulations

(Art. 115 para. 3 CISA)

In the me­dia of pub­lic­a­tion, the SI­CAF shall pub­lish the sig­ni­fic­ant amend­ments to the art­icles of as­so­ci­ation and the fund reg­u­la­tions re­solved by the gen­er­al meet­ing and ap­proved by FINMA, in­dic­at­ing the loc­a­tions where the full word­ing of the amend­ments may be ob­tained free of charge.

Title 4 Foreign Collective Investment Schemes

Chapter 1 Approval

Art. 127 Designation of the foreign collective investment scheme

(Art. 120 para. 2 let. c and 122 CISA)1

If the des­ig­na­tion of a for­eign col­lect­ive in­vest­ment scheme provides grounds or might provide grounds for con­fu­sion or de­cep­tion, FINMA may re­quire a sup­ple­ment­ary ex­plan­a­tion.


1 Amended by No I of the Or­din­ance of 13 Feb. 2008, in force since 1 March 2008 (AS 2008 571).

Art. 127a Advertising for foreign collective investment schemes

(Art. 120 par. 1 and 4 CISA)

Ad­vert­ising for for­eign col­lect­ive in­vest­ment schemes trig­gers the du­ties in ac­cord­ance with Art­icle 120 para­graphs 1 and 4 of the Act.


1 In­ser­ted by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 128 Representative agreement and paying agent agreement

(Art. 120 para. 2 let. d CISA)

1A fund man­age­ment com­pany of a for­eign col­lect­ive in­vest­ment scheme or a for­eign fund man­age­ment com­pany whose col­lect­ive in­vest­ment scheme is ap­proved to be offered to non-qual­i­fied in­vestors in Switzer­land shall provide evid­ence that it:

a.
has con­cluded a rep­res­ent­at­ive agree­ment in writ­ing or in an­oth­er form demon­strable via text;
b.
has con­cluded a pay­ing agent agree­ment in writ­ing or in an­oth­er form demon­strable via text

2The cus­todi­an bank shall provide evid­ence that it has con­cluded a pay­ing agent agree­ment in writ­ing or in an­oth­er form demon­strable via text.

3In re­la­tion to the of­fer of for­eign col­lect­ive in­vest­ment schemes in Switzer­land, the rep­res­ent­at­ive agree­ment spe­cific­ally reg­u­lates:

a.
the rights and du­ties of the for­eign fund man­age­ment com­pany in ac­cord­ance with para­graph 1 and of the rep­res­ent­at­ive pur­su­ant to Art­icle 124 para­graph 2 of the Act, in par­tic­u­lar with re­gard to its duty to re­port, pub­lish and in­form, as well as the code of con­duct;
b.
the man­ner in which the col­lect­ive in­vest­ment scheme is offered in Switzer­land;
c.
the duty of the fund man­age­ment com­pany in ac­cord­ance with para­graph 1 to re­port to the rep­res­ent­at­ive, spe­cific­ally with re­gard to changes to the pro­spect­us and the or­gan­isa­tion­al struc­ture of the for­eign col­lect­ive in­vest­ment scheme.

4FINMA shall pub­lish a list of coun­tries with which it has con­cluded an agree­ment on co­oper­a­tion and the ex­change of in­form­a­tion pur­su­ant to Art­icle 120 para­graph 2 let­ter e of the Act.


1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 128a Duties of the representative

(Art. 124 para. 2 CISA)

1The rep­res­ent­at­ive of a for­eign col­lect­ive in­vest­ment shall have an ap­pro­pri­ate or­gan­isa­tion­al struc­ture for the ful­fil­ment of its du­ties pur­su­ant to Art­icle 124 of the Act.

2FINMA shall reg­u­late the de­tails of the or­gan­isa­tion and du­ties of the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes.2


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 In­ser­ted by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 129 Simplified, fast-track approval procedure

(Art. 120 para. 3 CISA)

FINMA may in in­di­vidu­al cases 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.


1 Amended by An­nex No 6 of the Fin­an­cial Mar­ket Audit Act of 15 Oct. 2008, in force since 1 Jan. 2009 (AS 2008 5363).

Art. 129a Exemptions

(Art. 120 par. 4 CISA)

For­eign col­lect­ive in­vest­ment schemes which are offered to qual­i­fied in­vestors in ac­cord­ance with Art­icle 5 para­graph 1 of the Fin­an­cial Ser­vices Act of 15 June 20182 (FinSA) with­in the scope of a per­man­ent in­vest­ment ad­vice re­la­tion­ship with­in the mean­ing of Art­icle 3 let­ter c item 4 FinSA are not re­quired to meet the con­di­tions of Art­icle 120 para­graph 2 let­ter d of the Act.


1 In­ser­ted by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
2 SR 950.1

Art. 129b Employee share participation schemes

(Art. 120 par. 5 CISA)

Em­ploy­ee share par­ti­cip­a­tion schemes are em­ploy­ee par­ti­cip­a­tion schemes in ac­cord­ance with Art­icle 5 FinIO2.


1 In­ser­ted by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
2 SR 954.11

Art. 130 Lapse of approval

(Art. 15 and 120 CISA)

The ap­prov­al for for­eign col­lect­ive in­vest­ment schemes pur­su­ant to Art­icles 15 and 120 of the Act lapses if the su­per­vis­ory au­thor­ity in the coun­try of dom­i­cile of the col­lect­ive in­vest­ment scheme with­draws its ap­prov­al.

Chapter 2 Representatives of Foreign Collective Investment Schemes

Art. 131 Minimum capital and furnishing of collateral

(Art. 14 para. 1 let. d CISA)

1The rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes must pos­sess min­im­um cap­it­al of 100 000 Swiss francs. This must be paid up in full and main­tained at all times.

2FINMA may per­mit part­ner­ships to provide, in­stead of min­im­um cap­it­al, col­lat­er­al in the form of a bank guar­an­tee or a cash de­pos­it in a blocked ac­count with a bank, said col­lat­er­al be­ing equi­val­ent to the min­im­um cap­it­al.

3Where there are le­git­im­ate grounds for so do­ing, FINMA may stip­u­late a dif­fer­ent min­im­um amount.

4In all oth­er re­spects, Art­icle 20 ap­plies ac­cord­ingly.


1 Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 131a Duties of the representative in respect of the offer of units to qualified investors

(Art. 120 para. 4 CISA)

The rep­res­ent­at­ive shall en­sure that in­vestors can ob­tain from it the prin­cip­al doc­u­ments of the for­eign col­lect­ive in­vest­ment scheme.


1 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 1 No II 9 of the Fin­an­cial In­sti­tu­tions Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).

Art. 132 Professional indemnity insurance

(Art. 14 para. 1 let. d CISA)

The rep­res­ent­at­ive shall con­clude pro­fes­sion­al in­dem­nity in­sur­ance ap­pro­pri­ate to its busi­ness activ­it­ies of at least 1 mil­lion Swiss francs, less the min­im­um cap­it­al or ef­fect­ive col­lat­er­al fur­nished in ac­cord­ance with Art­icle 131.

Art. 133 Publication and reporting regulations

(Art. 75–77, 83 para. 4 and 124 para. 2 CISA)1

1The rep­res­ent­at­ive of a for­eign col­lect­ive in­vest­ment scheme shall pub­lish the doc­u­ments pur­su­ant to Art­icles 13a and 15 para­graph 3, as well as the an­nu­al and semi-an­nu­al re­port, in an of­fi­cial lan­guage or in Eng­lish. FINMA may au­thor­ise pub­lic­a­tion in an­oth­er lan­guage, provided pub­lic­a­tion is dir­ec­ted only to­wards a spe­cif­ic in­vestor eli­gib­il­ity.2

2The fol­low­ing must be in­dic­ated in the pub­lic­a­tions and mar­ket­ing ma­ter­i­al:

a.
the coun­try of dom­i­cile of the col­lect­ive in­vest­ment scheme;
b.
the rep­res­ent­at­ive;
c.
the pay­ing agent;
d.3
the loc­a­tion where the doc­u­ments pur­su­ant to Art­icles 13a and 15 para­graph 3, to­geth­er with the an­nu­al and semi-an­nu­al re­port, may be ob­tained.

2bisIf in place of the key in­form­a­tion doc­u­ment an equi­val­ent doc­u­ment in ac­cord­ance with An­nex 10 of the Fin­an­cial Ser­vices Or­din­ance of 6 Novem­ber 20194 is used, the in­form­a­tion in ac­cord­ance with para­graph 2 may be con­tained in an an­nex to the key in­form­a­tion doc­u­ment.5

3The rep­res­ent­at­ive of a for­eign col­lect­ive in­vest­ment scheme shall sub­mit the an­nu­al and semi-an­nu­al re­ports to FINMA im­me­di­ately, no­ti­fy it of amend­ments to such doc­u­ments pur­su­ant to Art­icle 13a im­me­di­ately and pub­lish such amend­ments in the me­dia of pub­lic­a­tion. Art­icles 39 para­graph 1 and 41 para­graph 1, second sen­tence, ap­ply ac­cord­ingly.6

4It shall pub­lish the net as­set val­ues of units at reg­u­lar in­ter­vals.

5The pub­lic­a­tion and re­port­ing reg­u­la­tions do not ap­ply to for­eign col­lect­ive in- vest­ment schemes that are ex­clus­ively offered to qual­i­fied in­vestors.7


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS2019 4459).
3 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
4 SR 950.11
5 In­ser­ted by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS2019 4459).
6 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
7 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013 (AS 2013 607). Amended by An­nex 11 No 1 of the Fin­an­cial Ser­vices Or­din­ance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS2019 4459).

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