Federal Act on Collective Investment Schemes

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

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

a.

Swiss col­lect­ive in­vest­ment schemes and per­sons who are re­spons­ible for the man­age­ment and dis­tri­bu­tion of such schemes, and the safe­keep­ing of as­sets held in them;

b.

for­eign col­lect­ive in­vest­ment schemes which are dis­trib­uted in Switzer­land;

c.

per­sons who man­age for­eign col­lect­ive in­vest­ment schemes in or from Switzer­land;

d.

per­sons who dis­trib­ute for­eign col­lect­ive in­vest­ment schemes in Switzer­land;

e.

per­sons who dis­trib­ute, from Switzer­land, for­eign col­lect­ive in­vest­ment schemes which are not ex­clus­ively re­served for qual­i­fied in­vestors as defined in Art­icle 10 para­graph 3, 3^bis or 3^ter, or sub­ject to equi­val­ent for­eign law;

f.

per­sons who rep­res­ent for­eign col­lect­ive in­vest­ment schemes in Switzer­land.¹

²The fol­low­ing are not gov­erned by this Act:

a.

in­sti­tu­tions and an­cil­lary in­sti­tu­tions in the oc­cu­pa­tion­al pen­sions sec­tor, in­clud­ing in­vest­ment found­a­tions;

b.

so­cial se­cur­ity in­sti­tu­tions and com­pens­a­tion funds;

c.

pub­lic au­thor­it­ies and in­sti­tu­tions;

d.

op­er­at­ing com­pan­ies which are en­gaged in busi­ness activ­it­ies;

e.

com­pan­ies which by way of a ma­jor­ity of the votes or by any an­oth­er way bring to­geth­er one or more com­pan­ies to form a group un­der single man­age­ment (hold­ing com­pan­ies);

f.

in­vest­ment clubs whose mem­bers are in a po­s­i­tion to man­age their fin­an­cial in­terests them­selves;

g.

as­so­ci­ations and found­a­tions as defined in the Swiss Civil Code²;

h.³

as­set man­agers of col­lect­ive in­vest­ment schemes whose in­vestors are qual­i­fied as defined in Art­icle 10 para­graph 3, 3^bis or 3^ter and which meet one of the fol­low­ing re­quire­ments:

1.

The as­sets un­der man­age­ment, in­clud­ing the as­sets ac­quired through the use of lever­aged fin­ance, amount in total to no more than CHF 100 mil­lion.

2.

The as­sets un­der man­age­ment of the col­lect­ive in­vest­ment schemes con­sist of non-lever­aged col­lect­ive in­vest­ment schemes where in­vestors are not per­mit­ted to ex­er­cise re­demp­tion rights for a peri­od of five years after their first in­vest­ment is made in each of these col­lect­ive in­vest­ment schemes, and amount to no more than CHF 500 mil­lion.

3.

The in­vestors are ex­clus­ively group com­pan­ies of the group of com­pan­ies to which the as­set man­ager be­longs.

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

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

a.

only share­hold­ers as defined in Art­icle 10 para­graphs 3, 3^bis and 3^ter are en­titled to par­ti­cip­ate in them; and

b.

their shares are re­gistered.⁵

⁴…⁶

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

²The fol­low­ing are not deemed to be dis­tri­bu­tion:

a.

the pro­vi­sion of in­form­a­tion and the sub­scrip­tion of col­lect­ive in­vest­ment schemes at the in­stig­a­tion of or at the own ini­ti­at­ive of in­vestors, es­pe­cially in the con­text of in­vest­ment ad­vis­ory agree­ments or for ex­e­cu­tion-only trans­ac­tions;

b.

the pro­vi­sion of in­form­a­tion and the sub­scrip­tion of col­lect­ive in­vest­ment schemes based on a writ­ten dis­cre­tion­ary man­age­ment agree­ment with fin­an­cial in­ter­me­di­ar­ies as defined in Art­icle 10 para­graph 3 let­ter a;

c.

the pro­vi­sion of in­form­a­tion and the sub­scrip­tion of col­lect­ive in­vest­ment schemes based on a writ­ten dis­cre­tion­ary man­age­ment agree­ment with an in­de­pend­ent as­set man­ager which:

1.

in its ca­pa­city as a fin­an­cial in­ter­me­di­ary is gov­erned by Art­icle 2 Para­graph 3e of the Anti-Money Laun­der­ing Act of 10 Oc­to­ber 1997²,

2.

is gov­erned by the code of con­duct is­sued by a spe­cif­ic in­dustry body, such code of con­duct be­ing re­cog­nised as the min­im­um stand­ard by the Swiss Fin­an­cial Mar­ket Su­per­vis­ory Au­thor­ity (FINMA),

3.

the dis­cre­tion­ary man­age­ment agree­ment com­plies with the stand­ards of a spe­cif­ic in­dustry body, such stand­ards be­ing re­cog­nized as the min­im­um stand­ard by FINMA;

d.

the pub­lic­a­tion of prices, net as­set val­ues and tax data by reg­u­lated fin­an­cial in­ter­me­di­ar­ies;

e.

the of­fer­ing of stock op­tion schemes in the form of col­lect­ive in­vest­ment schemes to em­ploy­ees.

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

a.

Cli­ents par­ti­cip­ate in such in-house funds ex­clus­ively on the basis of a writ­ten dis­cre­tion­ary man­age­ment agree­ment.

b.

No unit cer­ti­fic­ates are is­sued.

c.¹

They do not dis­trib­ute such in-house funds.

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

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

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

a.

they are is­sued, guar­an­teed or se­cured in an equi­val­ent man­ner by:²

1.

a bank as defined in the Fed­er­al Act on Banks and Sav­ings Banks of 8 Novem­ber 1934³,

2.

an in­sur­ance com­pany as defined in the Fed­er­al Act on the Su­per­vi­sion of In­sur­ance Com­pan­ies of 17 Decem­ber 2004⁴,

3.

a se­cur­it­ies deal­er as defined in the Stock Ex­change Act of 24 March 1995⁵,

4.

a for­eign in­sti­tu­tion that is sub­ject to equi­val­ent stand­ards of su­per­vi­sion,

b.

a sim­pli­fied pro­spect­us is avail­able for them.

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

²The sim­pli­fied pro­spect­us must com­ply with the fol­low­ing re­quire­ments:

a.

It must de­scribe, in ac­cord­ance with a stand­ard format, the key char­ac­ter­ist­ics of the struc­tured product (key data), its profit and loss pro­spects, to­geth­er with the sig­ni­fic­ant risks for in­vestors.

b.

It must be eas­ily un­der­stood by the av­er­age in­vestor.

c.

It must make ref­er­ence to the fact that the struc­tured product is neither a col­lect­ive in­vest­ment scheme, nor does it re­quire the au­thor­isa­tion of FINMA.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

³Qual­i­fied in­vestors pur­su­ant to this Act spe­cific­ally in­clude:¹

a.²

reg­u­lated fin­an­cial in­ter­me­di­ar­ies such as banks, se­cur­it­ies traders, fund man­age­ment com­pan­ies and as­set man­agers of col­lect­ive in­vest­ment schemes, as well as cent­ral banks;

b.

reg­u­lated in­sur­ance in­sti­tu­tions;

c.

pub­lic en­tit­ies and re­tire­ment be­ne­fits in­sti­tu­tions with pro­fes­sion­al treas­ury op­er­a­tions;

d.

com­pan­ies with pro­fes­sion­al treas­ury op­er­a­tions;

e. and f.

…³

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

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

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

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

a.⁷

…

b.

the re­quire­ment to pro­duce a pro­spect­us;

c.

the re­quire­ment to pro­duce a semi-an­nu­al re­port;

d.

the re­quire­ment to provide in­vestors with the right to ter­min­ate their in­vest­ment at any time;

e.

the re­quire­ment to is­sue and re­deem units in cash;

f.

risk di­ver­si­fic­a­tion.

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

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

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

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

²The fol­low­ing are re­quired to ob­tain au­thor­isa­tion:

a.

fund man­age­ment com­pan­ies;

b.

SICAVs;

c.

lim­ited part­ner­ships for col­lect­ive in­vest­ment;

d.

SI­CAFs;

e.²

cus­todi­an banks of Swiss col­lect­ive in­vest­ment schemes;

f.³

as­set man­agers of col­lect­ive in­vest­ment schemes;

g.

dis­trib­ut­ors;

h.

rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes.

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

⁴…⁵

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

¹Au­thor­isa­tion is gran­ted if:

a.

the per­sons re­spons­ible for man­age­ment and the busi­ness op­er­a­tions have a good repu­ta­tion, guar­an­tee prop­er man­age­ment, and pos­sess the re­quis­ite spe­cial­ist qual­i­fic­a­tions;

b.

the sig­ni­fic­ant equity hold­ers have a good repu­ta­tion and do not ex­ert their in­flu­ence to the det­ri­ment of prudent and sound busi­ness prac­tice;

c.

com­pli­ance with the du­ties stem­ming from this Act is as­sured by in­tern­al reg­u­la­tions and an ap­pro­pri­ate or­gan­isa­tion­al struc­ture;

d.

suf­fi­cient fin­an­cial guar­an­tees are avail­able;

e.

the ad­di­tion­al au­thor­isa­tion con­di­tions lis­ted in the rel­ev­ant pro­vi­sions of the Act are met.

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

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

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

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

a.

nat­ur­al and leg­al per­sons:

b.

gen­er­al and lim­ited part­ner­ships;

c.

fin­an­cially re­lated parties which meet this cri­terion on a com­bined basis.⁴

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

a.

for in­vest­ment fund, the col­lect­ive in­vest­ment con­tract (Art. 25);

b.

for SICAVs, the art­icles of as­so­ci­ation and in­vest­ment reg­u­la­tions;

c.

for lim­ited part­ner­ships for col­lect­ive in­vest­ment, the com­pany agree­ment;

d.

SI­CAFs, the art­icles of as­so­ci­ation and in­vest­ment reg­u­la­tions;

e.¹

the rel­ev­ant doc­u­ments of for­eign col­lect­ive in­vest­ment schemes which are dis­trib­uted to non-qual­i­fied in­vestors.

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

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

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

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

a.

leg­al per­sons in the form of com­pan­ies lim­ited by shares, part­ner­ships lim­ited by shares or lim­ited li­ab­il­ity com­pan­ies;

b.

gen­er­al and lim­ited part­ner­ships;

c.

Swiss branches of a for­eign as­set man­ager of col­lect­ive in­vest­ment schemes, provided:

1.

the as­set man­ager, in­clud­ing its branch, is sub­ject to an ap­pro­pri­ate su­per­vis­ory con­trol at its re­gistered of­fice,

2.

the as­set man­ager is ad­equately or­gan­ised and has com­men­sur­ate fin­an­cial re­sources and qual­i­fied per­son­nel to op­er­ate a branch in Switzer­land, and

3.

an agree­ment ex­ists on co­oper­a­tion and the ex­change of in­form­a­tion between FINMA and the rel­ev­ant for­eign su­per­vis­ory au­thor­it­ies.

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

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

a.

the pro­tect­ive pur­pose of this Act is not im­paired; and

b.

the as­set man­age­ment of col­lect­ive in­vest­ment schemes has been trans­ferred to them by the fol­low­ing per­sons only:

1.

li­censees pur­su­ant to Art­icle 13 para­graph 2 let­ters a-d and f, or

2.

for­eign fund man­age­ment com­pan­ies or com­pan­ies which in terms of or­gan­isa­tion and in­vestor rights are sub­ject to reg­u­la­tions which are equi­val­ent to the pro­vi­sions of this Act.

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

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

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

a.

fund busi­ness for for­eign col­lect­ive in­vest­ment schemes, provided an agree­ment ex­ists on the co­oper­a­tion and the ex­change of in­form­a­tion between FINMA and the rel­ev­ant for­eign su­per­vis­ory au­thor­it­ies in re­la­tion to the fund busi­ness and the for­eign law re­quires such an agree­ment;

b.

dis­cre­tion­ary man­age­ment of in­di­vidu­al port­fo­li­os;

c.

in­vest­ment ad­vis­ory ser­vices;

d.

dis­tri­bu­tion of col­lect­ive in­vest­ment schemes;

e.

rep­res­ent­a­tion of for­eign col­lect­ive in­vest­ment schemes.

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

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

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

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

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

¹…¹

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

²The Fed­er­al Coun­cil defines the au­thor­isa­tion con­di­tions.

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

⁴…³

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

a.

duty of loy­alty: they act in­de­pend­ently and ex­clus­ively in the in­terests of the in­vestors;

b.

due di­li­gence: they im­ple­ment the or­gan­isa­tion­al meas­ures that are ne­ces­sary for prop­er man­age­ment;

c.²

duty to provide in­form­a­tion: They en­sure the pro­vi­sion of trans­par­ent fin­an­cial state­ments and provide ap­pro­pri­ate in­form­a­tion about the col­lect­ive in­vest­ment schemes which they man­age and dis­trib­ute and the as­sets which they hold in safe­keep­ing; they dis­close all charges and fees in­curred dir­ectly or in­dir­ectly by the in­vestors and their ap­pro­pri­ation; they no­ti­fy in­vestors of com­pens­a­tion for the dis­tri­bu­tion of col­lect­ive in­vest­ment schemes in the form of com­mis­sions, broker­age fees and oth­er soft com­mis­sions in a full, truth­ful and com­pre­hens­ible man­ner.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

a.

in­volving in­vestors in ac­cord­ance with the num­ber and type of units which they have ac­quired in the in­vest­ment fund;

b.

man­aging the fund's as­sets in ac­cord­ance with the pro­vi­sions of the fund con­tract at its own dis­cre­tion and for its own ac­count.

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

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

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

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

³The Fed­er­al Coun­cil de­term­ines the min­im­um con­tents.¹

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

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

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

⁴FINMA pub­lishes its de­cision in the me­dia of pub­lic­a­tion.

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

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

³The share cap­it­al must be di­vided in­to re­gistered shares.

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

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

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

a.

dis­cre­tion­ary man­age­ment of in­di­vidu­al port­fo­li­os;

b.

in­vest­ment ad­vis­ory ser­vices;

c.

safe­keep­ing and tech­nic­al ad­min­is­tra­tion of col­lect­ive in­vest­ment schemes.

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

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

a.

it de­cides on the is­sue of units, in­vest­ments and their valu­ation;

b.

it cal­cu­lates the net as­set value;

c.

it de­term­ines is­sue and re­demp­tion prices in ad­di­tion to in­come dis­tri­bu­tions;

d.

it ex­er­cises all rights as­so­ci­ated with the in­vest­ment fund.

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

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

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

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

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

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

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

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

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

¹The fund man­age­ment com­pany is en­titled to:

a.

re­ceive the fees stip­u­lated in the fund con­tract;

b.

be ex­empt from any li­ab­il­it­ies which may have aris­en in the course of the prop­er ex­e­cu­tion of its du­ties;

c.

re­ceive re­im­burse­ment of the ex­penses in­curred in con­nec­tion with such li­ab­il­it­ies.

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

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

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

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

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

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

⁶It pub­lishes its de­cision in the me­dia of pub­lic­a­tion.

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

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

¹SICAV is a com­pany:

a.

whose cap­it­al and num­ber of shares are not spe­cified in ad­vance;

b.

whose cap­it­al is di­vided in­to com­pany and in­vestor shares;

c.

for whose li­ab­il­it­ies only the com­pany's as­sets are li­able;

d.

whose sole ob­ject is col­lect­ive cap­it­al in­vest­ment.

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

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

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

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

³…³

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

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

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

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

¹The com­pany shares are re­gistered.

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

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

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

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

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

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

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

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

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

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

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

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

¹The art­icles of as­so­ci­ation must con­tain pro­vi­sions con­cern­ing:

a..

the com­pany name and its re­gistered of­fice;

b.

the ob­jects;

c.

the min­im­um in­vest­ment amount;

d.

the con­ven­ing of gen­er­al meet­ings;

e.

the ex­ec­ut­ive and gov­ern­ing bod­ies;

f.

the me­dia of pub­lic­a­tion.

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

a.

the term;

b.

the re­stric­tion of share­hold­er eli­gib­il­ity to qual­i­fied in­vestors and as­so­ci­ated lim­it­a­tion of the trans­fer­ab­il­ity of shares (Art. 40, Para. 3);

c.

the cat­egor­ies of shares and rights as­so­ci­ated there­with;

d.

the del­eg­a­tion of man­age­ment and rep­res­ent­a­tion, and the at­tend­ant pro­ced­ur­al de­tails (Art. 51);

e.

the passing of res­ol­u­tions by means of cor­res­pond­ence.

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

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

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

a.

the SICAV is ex­clus­ively open to qual­i­fied in­vestors;

b.

one or more in­sti­tu­tions which are sub­ject to equi­val­ent su­per­vi­sion ex­ecute the trans­ac­tions re­lated to set­tle­ment and spe­cial­ise in such trans­ac­tions (prime broker); and

c.

it is en­sured that the prime broker or the for­eign su­per­vis­ory au­thor­ity re­spons­ible for the prime broker will provide FINMA with all the in­form­a­tion and doc­u­ments that it re­quires to carry out its du­ties.

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

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

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

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

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

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

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

¹Each share car­ries one vote.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

a.

se­cur­it­ies lend­ing;

b.

re­pur­chase agree­ments;

c.

bor­row­ing of funds, though only on a tem­por­ary basis and up to a cer­tain per­cent­age;

d.

pledging or trans­fer­ring the own­er­ship of col­lat­er­al, however, only up to a cer­tain per­cent­age.

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

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

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

a.

such trans­ac­tions do not res­ult in a change to the in­vest­ment char­ac­ter­ist­ics of the se­cur­it­ies fund;

b.

they have an ap­pro­pri­ate or­gan­isa­tion­al struc­ture and ad­equate risk man­age­ment;

c.

the per­sons en­trus­ted with pro­cessing and mon­it­or­ing are qual­i­fied to do so, and can at all times com­pre­hend and track the ef­fect of the de­riv­at­ives used.

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

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

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

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

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

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

¹Real es­tate funds may in­vest their as­sets in:

a.

prop­erty, in­clud­ing fix­tures and fit­tings;

b.

in­vest­ments in and claims on real es­tate com­pan­ies whose sole ob­ject­ive is the pur­chase and sale and/or the rent­al and lease of their own prop­erty, provided that at least two thirds of their cap­it­al and vot­ing rights are in­cor­por­ated in the in­vest­ment fund;

c.

units in oth­er real es­tate in­vest­ment funds and lis­ted real es­tate in­vest­ment com­pan­ies amount­ing to no more than 25% of the fund's total as­sets;

d.

for­eign real es­tate se­cur­it­ies whose value can be ad­equately val­ued.

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

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

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

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

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

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

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

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

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

²Ap­prov­al is gran­ted if the valu­ation ex­perts:³

a.

pos­sess the ne­ces­sary qual­i­fic­a­tions;

b.

are in­de­pend­ent;

c.⁴

…

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

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

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

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

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

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

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

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

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

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

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

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

a.

those that have only lim­ited mar­ket­ab­il­ity;

b.

those that are sub­ject to strong price fluc­tu­ations;

c.

those that ex­hib­it lim­ited risk di­ver­si­fic­a­tion;

d.

those that are dif­fi­cult to value.

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

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

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

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

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

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

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

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

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

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

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

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

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

a.

the cal­cu­la­tion of the net as­set value and of the is­sue and re­demp­tion prices of the units is in com­pli­ance with this Act and with the fund reg­u­la­tions;

b.

the in­vest­ment de­cisions are in com­pli­ance with this Act and with the fund reg­u­la­tions;

c.

the in­come is ap­pro­pri­ated in ac­cord­ance with the fund reg­u­la­tions.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

a.

in the case of an in­vest­ment fund, a claim against the fund man­age­ment com­pany to par­ti­cip­ate in the as­sets and in­come of the in­vest­ment fund in ac­cord­ance with the fund units they ac­quire;

b.

in the case of a SICAV, an in­terest in the com­pany and its un­ap­pro­pri­ated net earn­ings in ac­cord­ance with the shares they ac­quire.

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

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

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

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

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

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

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

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

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

The Fed­er­al Coun­cil en­forces re­demp­tion if:

a.

this is ne­ces­sary to safe­guard the repu­ta­tion of the fin­an­cial mar­ket, and spe­cific­ally to com­bat money laun­der­ing;

b.

the in­vestor no longer meets the stat­utory, reg­u­lat­ory or con­trac­tu­al re­quire­ments, or the re­quire­ments set out in the art­icles of as­so­ci­ation, for par­ti­cip­a­tion in a col­lect­ive in­vest­ment scheme.

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

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

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

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

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

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

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

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

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

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

³The rep­res­ent­at­ive has the same rights as the in­vestors.

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

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

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

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

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

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

a.

the an­nu­al ac­counts con­sist­ing of a state­ment of net as­sets or the bal­ance sheet and the profit and loss ac­count, to­geth­er with in­form­a­tion con­cern­ing the ap­pro­pri­ation of net in­come and the dis­clos­ure of ex­penses;

b.

the num­ber of units re­deemed and newly is­sued dur­ing the fin­an­cial year, as well as the fi­nal bal­ance of the is­sued units;

c.

the in­vent­ory of the fund's as­sets at mar­ket value and the res­ult­ing value (net as­set value) of a fund unit as of the last day of the fin­an­cial year;

d.

the valu­ation prin­ciples as well as the prin­ciples used for the cal­cu­la­tion of the net as­set value;

e.

a break­down of the buy and sell trans­ac­tions;

f.

the names of per­sons and com­pan­ies to which du­ties have been en­trus­ted;

g.

in­form­a­tion re­lat­ing to mat­ters of par­tic­u­lar eco­nom­ic or leg­al sig­ni­fic­ance, spe­cific­ally:

1.

amend­ments to the fund reg­u­la­tions,

2.

ma­ter­i­al ques­tions con­cern­ing in­ter­pret­a­tion of this Act and the fund reg­u­la­tions,

3.

a change of fund man­age­ment com­pany and cus­todi­an bank,

4.¹

changes con­cern­ing the ex­ec­ut­ive of­ficers at the fund man­age­ment com­pany, SICAV or as­set man­ager of col­lect­ive in­vest­ment schemes,

5.

leg­al dis­putes;

h.

the per­form­ance of the open-ended col­lect­ive in­vest­ment scheme, pos­sibly bench­mark­ing it with com­par­able in­vest­ments;

i.

a brief re­port by the audit com­pany re­gard­ing the in­form­a­tion men­tioned above, as well as the items set out in Art­icle 90 in the case of real es­tate funds.

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

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

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

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

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

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

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

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

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

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

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

²Each sub­fund is li­able only for its own li­ab­il­it­ies.

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

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

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

a.

a mer­ger through the trans­fer of as­sets and li­ab­il­it­ies;

b.

a con­ver­sion to a dif­fer­ent leg­al status of a col­lect­ive in­vest­ment scheme;

c.

in the case of SICAVs: the trans­fer of as­sets in ac­cord­ance with Art­icles 69-77 of the Mer­gers Act of 3 Oc­to­ber 2003².

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

¹An in­vest­ment fund is dis­solved:

a.

if it was formed for an un­lim­ited peri­od: on no­tice by the fund man­age­ment com­pany or the cus­todi­an bank;

b.

if it was formed for a fixed peri­od: on ex­piry of such peri­od;

c.

by or­der of FINMA:

1.

if it was formed for a fixed peri­od: based on reas­on­able cause, at the re­quest of the fund man­age­ment com­pany or the cus­todi­an bank,

2.

if the min­im­um as­sets fall be­low the re­quired amount,

3.

in the cases spe­cified in Art­icle 13 para­graph 3 et seq.

²A SICAV is dis­solved:

a.

if it was formed for an un­lim­ited peri­od: by res­ol­u­tion of the com­pany share­hold­ers, provided such res­ol­u­tion is car­ried by at least two thirds of the com­pany shares;

b.

if it was formed for a fixed peri­od: on ex­piry of such peri­od;

c.

by or­der of FINMA:

1.

if it was formed for a fixed peri­od: based on reas­on­able cause, by res­ol­u­tion of the com­pany share­hold­ers, provided such res­ol­u­tion is car­ried by at least two thirds of the com­pany shares,

2.

if the min­im­um as­sets fall be­low the stip­u­lated amount,

3.

in the cases spe­cified in Art­icle 133 et seq.;

d.

in the oth­er cases spe­cified by the Act.

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

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

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

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

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

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

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

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

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

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

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

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

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

¹The part­ner­ship agree­ment must con­tain pro­vi­sions re­gard­ing:

a.

the part­ner­ship name and its re­gistered of­fice;

b.

the ob­ject;

c.

the com­pany name and the re­gistered of­fice of the gen­er­al part­ners;

d.

total lim­ited part­ners' con­tri­bu­tions;

e.

the dur­a­tion;

f.

the con­di­tions of the lim­ited part­ners' join­ing and de­part­ing;

g.

the main­ten­ance of a re­gister of lim­ited part­ners;

h.

the in­vest­ments, in­vest­ment policy, in­vest­ment re­stric­tions, risk di­ver­si­fic­a­tion, the risks as­so­ci­ated with in­vest­ment, and the in­vest­ment tech­niques;

i.

the del­eg­a­tion of man­age­ment and rep­res­ent­a­tion;

j.

the ap­point­ment of a cus­todi­an bank and a pay­ing agent.

²The part­ner­ship agree­ment must be in writ­ing.

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

¹The part­ner­ship con­ducts in­vest­ments in risk cap­it­al.

²The Fed­er­al Coun­cil may also per­mit oth­er in­vest­ments.

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

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

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

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

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

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

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

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

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

²In­ter­na­tion­ally re­cog­nised stand­ards must be ob­served.

The part­ner­ship is dis­solved:

a.

by res­ol­u­tion of the own­ers;

b.

for the reas­ons set forth in this Act and in the part­ner­ship agree­ment;

c.

by or­der of FINMA in the cases spe­cified in Art­icle 133 et seq.

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

a.

the sole ob­ject of which is the in­vest­ment of col­lect­ive cap­it­al;

b.

the share­hold­ers of which are not re­quired to be qual­i­fied pur­su­ant to Art­icle 10 para­graph 3; and

c.

which is not lis­ted on a Swiss stock ex­change.

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

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

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

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

¹The share cap­it­al is fully paid up.

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

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

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

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

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

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

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

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

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

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

a.

as­sets that were ac­cu­mu­lated on the basis of a fund con­tract or an­oth­er agree­ment with sim­il­ar ef­fect for the pur­pose of col­lect­ive in­vest­ment and are man­aged by a fund man­age­ment com­pany with its re­gistered of­fice and main ad­min­is­trat­ive of­fice abroad;

b.

com­pan­ies and schemes with their re­gistered of­fice and main ad­min­is­trat­ive of­fice loc­ated abroad whose pur­pose is col­lect­ive cap­it­al in­vest­ment and whose in­vestors have a leg­al right with re­gard to the com­pany it­self, or with re­gard to a closely as­so­ci­ated com­pany, to the re­demp­tion of their units at the net as­set value.

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

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

²Ap­prov­al is gran­ted if:

a.²

the col­lect­ive in­vest­ment scheme, fund man­age­ment com­pany or com­pany, as­set man­ager of the col­lect­ive in­vest­ment scheme and de­pos­it­ory are sub­ject to pub­lic su­per­vi­sion in­ten­ded to pro­tect in­vestors;

b.³

with re­gard to or­gan­iz­a­tion, in­vestor rights and in­vest­ment policy, the fund man­age­ment com­pany or com­pany and the de­pos­it­ory are sub­ject to reg­u­la­tions which are equi­val­ent to the pro­vi­sions of this Act;

c.

the des­ig­na­tion of the col­lect­ive in­vest­ment scheme does not provide grounds for con­fu­sion or de­cep­tion;

d.

a rep­res­ent­at­ive and a pay­ing agent are ap­poin­ted for the dis­tri­bu­tion of units in Switzer­land;

e.⁴

there is an agree­ment on co­oper­a­tion and the ex­change of in­form­a­tion between FINMA and the rel­ev­ant for­eign su­per­vis­ory au­thor­it­ies for dis­tri­bu­tion.

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

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

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

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

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

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

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

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

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

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

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

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

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

a.

fund man­age­ment com­pan­ies for them­selves and for the in­vest­ment funds they man­age;

b.

SICAVs;

c.

lim­ited part­ner­ships for col­lect­ive in­vest­ment;

d.

SI­CAFs;

e.⁴

as­set man­agers of col­lect­ive in­vest­ment schemes;

f.

rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes.

²…⁵

³The same audit com­pany must ex­am­ine the fol­low­ing:

a.

the fund man­age­ment com­pany and the in­vest­ment funds it man­ages;

b.

the SICAV and any fund man­age­ment com­pany that it ap­points pur­su­ant to Art­icle 51 Para­graph 5.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

³FINMA may is­sue dif­fer­ent rul­ings and or­ders.

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

a.

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

b.

to des­ig­nate a cred­it­ors' com­mit­tee and de­term­ine its com­pos­i­tion and powers.

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

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

¹The dis­tri­bu­tion list is not pub­lished.

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

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

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

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

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

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

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

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

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

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

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