(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 29 of the Act on be­half of third parties or tak­ing up en­tre­pren­eur­i­al activ­it­ies for the pur­suit of com­mer­cial pur­poses.

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 gov­ern­ing body re­spons­ible for ul­ti­mate man­age­ment, su­per­vi­sion and con­trol of its par­ti­cip­a­tions, in or­der to safe­guard the in­terests of the lim­ited 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.

(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.

^3bisHigh-net-worth in­di­vidu­als pur­su­ant to Art­icle 6 who have sub­mit­ted a writ­ten de­clar­a­tion pur­su­ant to Art­icle 6a para­graph 1 may par­ti­cip­ate in the com­pany as lim­ited part­ners, where spe­cified by the com­pany agree­ment.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

(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. 103 para. 2 CISA)

¹The fol­low­ing are spe­cific­ally per­mit­ted:

a.¹

con­struc­tion, real es­tate and in­fra­struc­ture pro­jects;

b.

al­tern­at­ive in­vest­ments.

²The com­pany agree­ment reg­u­lates the de­tails.

³Only con­struc­tion, real es­tate and in­fra­struc­ture pro­jects by per­sons which are neither dir­ectly nor in­dir­ectly re­lated with the fol­low­ing are per­mit­ted:

a.

the gen­er­al part­ner;

b.

the per­sons re­spons­ible for the man­age­ment and the busi­ness op­er­a­tions; or

c.

the in­vestors.²

⁴The gen­er­al part­ner, the per­sons re­spons­ible for the man­age­ment and the busi­ness op­er­a­tions and closely re­lated nat­ur­al and leg­al per­sons, as well as the in­vestors of a lim­ited part­ner­ship for col­lect­ive in­vest­ment, may not ac­quire real es­tate and in­fra­struc­ture as­sets from the lat­ter nor as­sign any such as­sets to it.³

(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 Art­icle 29 of the Act on be­half of third parties.

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

(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.

(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 mil­lion 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.

(Art. 110 CISA)

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

²FINMA may au­thor­ise oth­er in­vest­ments.

(Art. 112 CISA)

Art­icle 39 ap­plies ac­cord­ingly.

(Art. 113 para. 3 CISA)

Art­icle 111 ap­plies ac­cord­ingly.

(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.

(Art. 120 para. 2c 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.

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

¹A fund man­age­ment com­pany of a for­eign col­lect­ive in­vest­ment scheme or a for­eign fund man­age­ment com­pany that is ad­mit­ted for dis­tri­bu­tion in Switzer­land shall provide evid­ence that it has con­cluded a writ­ten rep­res­ent­at­ive agree­ment.

²A fund man­age­ment com­pany of a for­eign col­lect­ive in­vest­ment scheme or a fund man­age­ment com­pany that is ad­mit­ted for dis­tri­bu­tion in Switzer­land and the cus­todi­an bank shall provide evid­ence that they have con­cluded a writ­ten pay­ing agent agree­ment.

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

a.

the rights and du­ties of the for­eign col­lect­ive in­vest­ment scheme and 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 schemes are dis­trib­uted in Switzer­land; and

c.

the duty of a for­eign col­lect­ive in­vest­ment scheme 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.

(Art. 124 para. 2 CISA)

The 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.

(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.

(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.

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

¹The rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes must have a min­im­um cap­it­al of 100 000 Swiss francs. This must be paid up in cash.

²In all oth­er re­spects, Art­icles 19 and 20 ap­ply mu­tatis mutandis.

(Art. 120 para. 4 CISA)

¹The rep­res­ent­at­ive of a for­eign col­lect­ive in­vest­ment scheme that in Switzer­land is dis­trib­uted solely to qual­i­fied in­vestors must con­clude a writ­ten dis­tri­bu­tion agree­ment pur­su­ant to Art­icle 30a with the fin­an­cial in­ter­me­di­ary pur­su­ant to Art­icle 19 para­graph 1^bis of the Act.

²It shall en­sure that it is able to provide in­vestors with the bind­ing doc­u­ments for the for­eign col­lect­ive in­vest­ment scheme.

(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. 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, to­geth­er with the an­nu­al and semi-an­nu­al re­port, in an of­fi­cial lan­guage. 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.

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 mu­tatis mutandis.⁴

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

⁵The pub­lic­a­tion and re­port­ing reg­u­la­tions do not ap­ply to for­eign col­lect­ive in­vest­ment schemes that are ex­clus­ively dis­trib­uted to qual­i­fied in­vestors.⁵

(Art. 126 para. 1 and 6 CISA)

¹The audit com­pany for the cus­todi­an bank shall veri­fy wheth­er the cus­todi­an bank is com­ply­ing with the su­per­vi­sion and con­trac­tu­al pro­vi­sions.

²If the audit com­pany for the cus­todi­an bank iden­ti­fies an in­fringe­ment of su­per­vi­sion or con­trac­tu­al pro­vi­sions or oth­er ir­reg­u­lar­it­ies, it shall in­form FINMA and the audit com­pany for the fund man­age­ment com­pany or for the in­vest­ment com­pany with vari­able cap­it­al (SICAV).

(Art. 126 para. 1 and 6 CISA)

¹The audit com­pany for the cus­todi­an bank shall spe­cify in a sep­ar­ate audit re­port wheth­er the cus­todi­an bank is com­ply­ing with the su­per­vi­sion and the con­trac­tu­al pro­vi­sions.

²It must also in­clude any re­ser­va­tion in the audit re­port un­der Art­icle 27 para­graph 1 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007² on the cus­todi­an bank.

³It shall sub­mit the audit re­port un­der para­graph 1 to the fol­low­ing re­cip­i­ents:

a.

the fund man­age­ment com­pany or the SICAV;

b.

FINMA;

c.

the audit com­pany for the fund man­age­ment com­pany or the SICAV.

⁴The audit com­pany for the fund man­age­ment com­pany or the SICAV shall take ac­count of the res­ults of the re­port on the audit of the cus­todi­an bank in their own audits.

⁵It may re­quest ad­di­tion­al in­form­a­tion from the audit com­pany for the cus­todi­an bank that it re­quires to carry out its tasks.

(Art. 126 para. 1 and 6 CISA)

Audit com­pan­ies for su­per­vised bod­ies that work to­geth­er in ac­cord­ance with Art­icle 31 of the Act must for their part also work closely to­geth­er.

(Art. 126 para. 5 and 6 CISA)

¹When audit­ing the ac­counts of col­lect­ive in­vest­ment schemes, the in­form­a­tion un­der Art­icles 89 para­graph 1 let­ters a-h and 90 of the Act shall be audited.

²In re­la­tion to the audit­ing of ac­counts of per­sons named in Art­icle 126 para­graph 1 of the Act, of the in­vest­ment funds man­aged and of any real es­tate com­pany be­long­ing to the real es­tate funds or to the real es­tate in­vest­ment com­pan­ies, FINMA may reg­u­late the de­tails re­lat­ing to form, con­tent, peri­od­icity, time lim­its and re­cip­i­ents of re­ports as well as the con­duct of the audit.

(Art. 96 CISA)

¹Where the con­tinu­ation of the in­vest­ment fund is in the in­terests of the in­vestors and a suit­able new fund man­age­ment com­pany or cus­todi­an bank can be found, FINMA may or­der the trans­fer of the fund con­tract thereto in­clud­ing rights and ob­lig­a­tions.

²Where the new fund man­age­ment com­pany enters in­to the fund con­tract, the li­ab­il­it­ies and own­er­ship of the as­sets and rights be­long­ing to the in­vest­ment fund must by law be passed to the new fund man­age­ment com­pany.

³Where the con­tinu­ation of the SICAV is in the in­terests of the in­vestors and a suit­able new SICAV can be found, FINMA may or­der the trans­fer of the as­sets thereto.

(Art. 1 and 144 CISA)

¹FINMA may de­term­ine the form for sub­mis­sion, spe­cific­ally:

a.

of the pro­spect­uses and sim­pli­fied pro­spect­uses;

b.

of the doc­u­ments spe­cified in Art­icle 15 para­graph 1a-e of the Act;

c.

of the an­nu­al and semi-an­nu­al re­ports.

²It may des­ig­nate a third party as the re­cip­i­ent of the sub­mis­sion.

¹With the ex­cep­tion of the fol­low­ing pro­vi­sions, this Or­din­ance ap­plies to the fol­low­ing from its com­mence­ment date:

a.

new col­lect­ive in­vest­ment schemes and ex­ist­ing in­vest­ment funds;

b.

all per­sons sub­ject to the duty to ob­tain au­thor­isa­tion in ac­cord­ance with Art­icle 13 of the Act;

c.

audit com­pan­ies pur­su­ant to Art­icle 126 et seq. of the Act.

²With­in one year of this Or­din­ance com­ing in­to force, in­vest­ment clubs must com­ply with the pro­vi­sions set out in Art­icle 1.

³With­in six months of this Or­din­ance com­ing in­to force, reg­u­lated fin­an­cial in­ter­me­di­ar­ies as defined in Art­icle 5 para­graph 1 let­ter a of the Act must is­sue sim­pli­fied pro­spect­uses which sat­is­fy the re­quire­ments of Art­icle 4 para­graph 3.

⁴With­in one year of this Or­din­ance com­ing in­to force, ex­ist­ing in­vest­ment funds and sub­funds of an um­brella fund must com­ply with the pro­vi­sion con­cern­ing min­im­um as­sets (Art. 35 para. 2).

⁵One year after this Or­din­ance comes in­to force, joint and sev­er­al guar­an­tees in ac­cord­ance Art­icle 15 para­graph 1e of the In­vest­ment Fund Or­din­ance of 19 Oc­to­ber 1994¹ are no longer be re­cog­nised as qual­i­fy­ing cap­it­al.

⁶With­in one year of this Or­din­ance com­ing in­to force, ex­ist­ing rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes shall com­ply with the pro­vi­sions con­cern­ing min­im­um cap­it­al (Art. 131) and pro­fes­sion­al in­dem­nity in­sur­ance (Art. 132).

⁷Ex­cep­tions which FINMA has gran­ted on a case-by-case basis to fund man­age­ment com­pan­ies of in­vest­ment funds for in­sti­tu­tion­al in­vestors with pro­fes­sion­al treas­ury op­er­a­tions in ac­cord­ance with Art­icle 2 para­graph 2 of the In­vest­ment Fund Or­din­ance (Art. 10 para. 5 CISA) con­tin­ue to ap­ply.

⁸ With­in one year of this Or­din­ance com­ing in­to force, the audit com­pan­ies of as­set man­agers and of rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes must at the least com­ply with the re­cog­ni­tion re­quire­ments spe­cified in Art­icle 136.

⁹ In spe­cial cases, FINMA may ex­tend the time lim­its cited in this Art­icle.

¹With­in three years of the Amend­ment of 29 June 2011 com­ing in­to force, the fund man­age­ment com­pany and the SICAV must pub­lish sim­pli­fied pro­spect­uses for ex­ist­ing se­cur­it­ies funds and oth­er funds for tra­di­tion­al in­vest­ments pur­su­ant to An­nex 3 and sub­mit these pro­spect­uses to FINMA.

²For se­cur­it­ies funds and oth­er funds for tra­di­tion­al in­vest­ments which are ap­proved with­in one year of the Amend­ment com­ing in­to force, the fund man­age­ment com­pany and the SICAV may pub­lish sim­pli­fied pro­spect­uses pur­su­ant to An­nex 2. Para­graph 1 ap­plies.

¹With­in three years of the Amend­ment of 29 June 2011 com­ing in­to force, rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes must for each for­eign col­lect­ive in­vest­ment scheme which they rep­res­ent in Switzer­land or which is com­par­able to an­oth­er fund for tra­di­tion­al in­vest­ments pub­lish a sim­pli­fied pro­spect­us pur­su­ant to An­nex 3 and sub­mit it to the FINMA.

²For for­eign col­lect­ive in­vest­ment schemes which are com­par­able to a Swiss se­cur­it­ies fund or an­oth­er fund for tra­di­tion­al in­vest­ments and which with­in one year of the Amend­ment com­ing in­to force are ap­proved for pub­lic dis­tri­bu­tion in and from Switzer­land, their rep­res­ent­at­ives may pub­lish sim­pli­fied pro­spect­uses pur­su­ant to An­nex 2. Para­graph 1 ap­plies.

¹Banks, se­cur­it­ies traders, in­sur­ance in­sti­tu­tions and as­set man­agers of col­lect­ive in­vest­ment schemes that op­er­ate as rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes must with­in one year of the Amend­ment of 13 Feb­ru­ary 2013 com­ing in­to force meet the stat­utory re­quire­ments and sub­mit an ap­plic­a­tion for ap­prov­al as a rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes. They may con­tin­ue their activ­it­ies un­til a de­cision re­gard­ing ap­prov­al has been reached.

²As­set man­agers of col­lect­ive in­vest­ment schemes that are or­gan­ised in ac­cord­ance with Swiss law, ex­ist­ing fund man­age­ment com­pan­ies and SI­CAFs must meet the rel­ev­ant ap­plic­able cap­it­al reg­u­la­tions pur­su­ant to Art­icles 19-22, 48 and 122b with­in one year of the Amend­ment com­ing in­to force.

³With­in one year of the Amend­ment com­ing in­to force, li­censees pur­su­ant to Art­icle 13 para­graph 2 let­ters a-d and f-h of the Act must com­ply with the pro­vi­sions con­cern­ing the or­gan­isa­tion­al struc­ture pur­su­ant to Art­icle 12 as well as the risk man­age­ment, in­tern­al con­trol sys­tem and com­pli­ance pur­su­ant to Art­icle 12a.

⁴With­in one year of the Amend­ment com­ing in­to force cus­todi­an banks must com­ply with the pro­vi­sions con­cern­ing the or­gan­isa­tion­al struc­ture pur­su­ant to Art­icles 12a and 102a.

⁵With­in two years of the Amend­ment com­ing in­to force, fin­an­cial in­ter­me­di­ar­ies that dis­trib­ute for­eign col­lect­ive in­vest­ment schemes to qual­i­fied in­vestors must com­ply with the pro­vi­sions of Art­icle 30a.

⁶Ex­ist­ing en­cum­brance ar­range­ments pur­su­ant to Art­icle 96 para­graph 1 which ex­ceed the threshold must be rec­ti­fied with­in five years.

⁷Unit cer­ti­fic­ates which are struc­tured as se­cur­it­ies in ac­cord­ance with Art­icle 108 para­graph 2 and which are in bear­er form must be con­ver­ted in­to re­gistered se­cur­it­ies by 31 Decem­ber 2016.

⁸Lim­ited part­ner­ships for col­lect­ive in­vest­ment which ad­mit high-net-worth in­di­vidu­als pur­su­ant to Art­icle 119 para­graph 3^bis as lim­ited part­ners must amend their com­pany agree­ment with­in two years. After the amend­ment comes in­to force, qual­i­fied in­vestors pur­su­ant to Art­icle 10 para­graph 3^ter of the Act may no longer ac­quire any in­vest­ments as lim­ited part­ners.

This Or­din­ance comes in­to force on 1 Janu­ary 2007.