Federal Act
on Collective Investment Schemes
(Collective Investment Schemes Act, CISA)

The Federal Assembly of the Swiss Confederation,

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

decrees:

1AS 2006 5379 SR 101

2 BBl 2005 6395

Title 1 General Provisions

Chapter 1 Aim and Scope of Application

Art. 1 Aim  

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

Art. 2 Scope of Application  

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

a.3
col­lect­ive in­vest­ment schemes and per­sons who are re­spons­ible for the safe­keep­ing of as­sets held in them;
b.4
for­eign col­lect­ive in­vest­ment schemes which are offered in Switzer­land;
c.–e.5
...
f.
per­sons who rep­res­ent for­eign col­lect­ive in­vest­ment schemes in Switzer­land.6

2 The 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 Code7;
h.8
...

2bis ...9

3 In­vest­ment com­pan­ies in the form of a Swiss com­pany lim­ited by shares are not gov­erned by this Act, provided they are lis­ted on a Swiss ex­change, or provided that:10

a.11
only share­hold­ers as defined in Art­icle 10 para­graphs 3 and 3ter are en­titled to par­ti­cip­ate in them; and
b.
their shares are re­gistered.12

4 ...13

3 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

4 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

5 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

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

7 SR 210

8 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 3639). Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

9 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 3639). Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

10 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

11 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

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

13 Re­pealed by No I of the FA of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 3614  

14 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Chapter 2 Collective Investment Schemes

Art. 7 Definition  

1 Col­lect­ive 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.

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

3 The Fed­er­al Coun­cil may stip­u­late a min­im­um num­ber of in­vestors in ac­cord­ance with the leg­al status and tar­get group. It may au­thor­ise col­lect­ive in­vest­ment schemes for a single qual­i­fied in­vestor (single in­vestor fund) in ac­cord­ance with Art­icle 10 para­graph 3 in con­junc­tion with Art­icle 4 para­graph 3 let­ters b, e and f of the Fin­an­cial Ser­vices Act of 15 June 201815 (FinSA).1617

4 In the case of single in­vestor funds, the fund man­age­ment com­pany and the in­vest­ment com­pany with vari­able cap­it­al (SICAV) may trans­fer the in­vest­ment de­cisions to the single in­vestor. The Swiss Fin­an­cial Mar­ket Su­per­vis­ory Au­thor­ity (FINMA)may ex­empt them from the duty to ob­tain au­thor­isa­tion in ac­cord­ance with Art­icle 14 para­graph 1 of the Fin­an­cial In­sti­tu­tions Act of 15 June 201818 (Fin­IA) or from the duty to sub­ject them­selves to su­per­vi­sion re­cog­nised un­der Art­icle 36 para­graph 3 of this Act.19

5 Col­lect­ive in­vest­ment schemes must have their re­gistered of­fice and head of­fice in Switzer­land.20

15 SR 950.1

16 Second sen­tence amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

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

18 SR 954.1

19 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013585; BBl 20123639). Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

20 In­ser­ted by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Art. 8 Open-ended collective investment schemes  

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

2 With 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.

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

Art. 9 Closed-ended collective investment schemes  

1 Closed-ended col­lect­ive in­vest­ment schemes may be in the form of a lim­ited part­ner­ship for col­lect­ive in­vest­ment (LPCI, Art. 98–109) or an in­vest­ment com­pany with fixed cap­it­al (SI­CAF, Art. 110–118)21.

2 In 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.

3 LP­CIs22 are based on a com­pany agree­ment.

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

21 Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

22 New ex­pr. by No I para. 1 of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). This change has been made in the AS pro­vi­sions spe­cified.

Art. 10 Investors  

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

2 Col­lect­ive 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.

3 Qual­i­fied in­vestors with­in the mean­ing of this Act are pro­fes­sion­al cli­ents as defined in Art­icle 4 para­graphs 3–5 or Art­icle 5 para­graphs 1 and 4 FinSA23:24

3bis ...25

3ter Qual­i­fied in­vestors also in­clude re­tail cli­ents:

a.
for whom one of the fol­low­ing per­sons provides port­fo­lio man­age­ment or in­vest­ment ad­vice in ac­cord­ance with Art­icle 3 let­ter c num­bers 3 and 4 FinSA with­in the scope of a per­man­ent port­fo­lio man­age­ment or in­vest­ment ad­vice re­la­tion­ship:
1.
a fin­an­cial in­ter­me­di­ary in ac­cord­ance with Art­icle 4 para­graph 3 let­ter a FinSA,
2.
a for­eign fin­an­cial in­ter­me­di­ary that is sub­ject to pruden­tial su­per­vi­sion in the same way as the fin­an­cial in­ter­me­di­ary un­der num­ber 1,
3.
an in­sur­ance com­pany pur­su­ant to the In­sur­ance Over­sight Act of 17 Decem­ber 200426 (IOA); and
b.
who have not de­clared in writ­ing or in an­oth­er form veri­fi­able by text that they do not wish to be con­sidered as such.27

4 ...28

5 The FINMA may fully or par­tially ex­empt col­lect­ive in­vest­ment schemes from cer­tain pro­vi­sions of the fin­an­cial mar­ket acts with­in the mean­ing of Art­icle 1 para­graph 1 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 200729 (FIN­MASA), 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:30

a.31
...
b.32
...
c.
the re­quire­ment to pro­duce a semi-an­nu­al re­port;
d.
the re­quire­ment to provide in­vestors with the right to ter­min­ate their in­vest- ment at any time;
e.
the re­quire­ment to is­sue and re­deem units in cash;
f.
risk di­ver­si­fic­a­tion.

23 SR 950.1

24 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

25 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 3639). Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

26 SR 961.01

27 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013585; BBl 20123639). Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

28 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

29 SR 956.1

30 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

31 Re­pealed by No I of the FA of 28 Sept. 2012, with ef­fect from 1 June 2013 (AS 2013 585; BBl 2012 3639).

32 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Art. 11 Units  

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

Art. 12 Protection against confusion or deception  

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

2 Des­ig­na­tions such as ‘in­vest­ment fund’, ‘in­vest­ment com­pany with vari­able cap­it­al’, ‘SICAV’, ‘lim­ited part­ner­ship for col­lect­ive in­vest­ment’ or ‘LPCI’, ‘in­vest­ment com­pany with fixed cap­it­al’», ‘SI­CAF’, ‘Lim­ited Qual­i­fied In­vestor Fund’ or ‘L-QIF’ may only be used for the rel­ev­ant col­lect­ive in­vest­ment schemes gov­erned by this Act.33

33 Amended by No I of the FA of 17 Dec 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

Chapter 3 Authorisation and Approval

Section 1 General

Art. 13 Duty to obtain authorisation  

1 Any party who es­tab­lishes or op­er­ates a col­lect­ive in­vest­ment scheme or is re­spons­ible for the safe­keep­ing of the as­sets held in it re­quires au­thor­isa­tion from FINMA.34

2 The fol­low­ing must ap­ply for au­thor­isa­tion:

a.35
...
b.
SICAVs;
c.
LP­CIs;
d.
SI­CAFs;
e.36
the cus­todi­an bank;
f. and g.37 ...
h.
rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes.

2bis No au­thor­isa­tion is re­quired for a Lim­ited Qual­i­fied In­vestor Fund (L-QIF) in the leg­al form of a SICAV or LPCI.38

3 Rep­res­ent­at­ives who are already sub­ject to oth­er equi­val­ent of­fi­cial su­per­vi­sion may be gran­ted ex­emp­tion from the duty to ob­tain au­thor­isa­tion by the Fed­er­al Coun­cil.39

4 ...40

5 The per­sons cited in para­graph 2 let­ters b–d may only be entered in the Com­mer­cial Re­gister once au­thor­isa­tion has been gran­ted by FINMA.41

34 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

35 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

36 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

37 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

38 In­ser­ted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

39 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

40 Re­pealed by No I of the FA of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).

41 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Art. 14 Authorisation requirements  

1 Au­thor­isa­tion is gran­ted if:

a.42
the per­sons un­der Art­icle 13 para­graph 2 and the per­sons re­spons­ible for the ad­min­is­tra­tion and man­age­ment provide the guar­an­tee of ir­re­proach­able busi­ness con­duct;
abis.43
the per­sons re­spons­ible for the ad­min­is­tra­tion and man­age­ment en­joy a good repu­ta­tion and pos­sess the spe­cial­ist qual­i­fic­a­tions re­quired for the func­tion;
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.

1bis In­so­far 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 Ob­lig­a­tions44.45

1ter The Fed­er­al Coun­cil may stip­u­late ad­di­tion­al au­thor­isa­tion con­di­tions if this is con­sist­ent with re­cog­nised in­ter­na­tion­al stand­ards.46

2 ...47

3 The 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.48

42 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

43 In­ser­ted by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

44 SR 220

45 In­ser­ted by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

46 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBL 2012 3639). Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

47 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

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

Art. 15 Duty to obtain approval  

1 The 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 LP­CIs, the com­pany agree­ment;
d.
SI­CAFs, the art­icles of as­so­ci­ation and in­vest­ment reg­u­la­tions;
e.49
the rel­ev­ant doc­u­ments of for­eign col­lect­ive in­vest­ment schemes which are offered to non-qual­i­fied in­vestors.

2 If 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.

3 The doc­u­ments of an L-QIF and their amend­ment re­quire neither an ap­prov­al pur­su­ant to para­graph 1 nor an ap­prov­al pur­su­ant to para­graph 2.50

49 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

50 In­ser­ted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

Art. 16 Change in circumstances  

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

Art. 17 Simplified authorisation and approval procedure  

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

Section 2 ...

Art. 1818c51  

51 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901)

Section 3 ...

Art. 1952  

52 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Chapter 4 Protection of Investors' Interests 53

53 Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Art. 20 Principles  

1 Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold the as­sets of these schemes in safe­keep­ing, as well as their agents must ful­fil the fol­low­ing du­ties in par­tic­u­lar:54

a.
duty of loy­alty: they act in­de­pend­ently and ex­clus­ively in the in­terests of the in­vestors;
b.55
due di­li­gence: they im­ple­ment the or­gan­isa­tion­al meas­ures that are ne­ces­sary for ir­re­proach­able busi­ness con­duct;
c.56
duty to provide in­form­a­tion: They shall render ac­count of the col­lect­ive in­vest­ment schemes which they man­age and rep­res­ent and the as­sets of these schemes which they hold in safe­keep­ing, and provide in­form­a­tion on all of the fees and costs in­curred dir­ectly or in­dir­ectly by in­vestors as well as com­pens­a­tion from third parties, par­tic­u­larly com­mis­sions, dis­counts or oth­er fin­an­cial be­ne­fits.

2 ...57

3 Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold their as­sets in safe­keep­ing, as well as their agents, shall take all ne­ces­sary pre­cau­tions to en­sure that all du­ties in re­la­tion to all their busi­ness activ­it­ies are per­formed prop­erly.58

54 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

55 Amended by No of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

56 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

57 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

58 In­ser­ted by No I of the FA of 28 Sept. 2012 (RU 2013 585; BBl 2012 3639). Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Art. 21 Investments  

1 Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold their as­sets in safe­keep­ing, as well as their agents shall 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.59

2 In 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. Com­pens­a­tion in ac­cord­ance with Art­icle 26 FinSA60 must be cred­ited to the col­lect­ive in­vest­ment scheme.61

3 As­sets 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.

59 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

60 SR 950.1

61 Second sen­tence amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Art. 2262  

62 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Art. 23 Exercising membership and creditors' rights  

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

2 Art­icle 685d para­graph 2 of the Code of Ob­lig­a­tions63 does not ap­ply to in­vest­ment funds.

3 If 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.

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

Art. 2464  

64 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Title 2 Open-Ended Collective Investment Schemes

Chapter 1 The Contractual Fund

Section 1 Definition

Art. 25  

1 The con­trac­tu­al fund (in­vest­ment fund) is based on a col­lect­ive in­vest­ment agree-ment (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.

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

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

Section 2 The Fund Contract

Art. 26 Content  

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

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

3 The Fed­er­al Coun­cil de­term­ines the min­im­um con­tents.65

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

Art. 27 Amendments to the fund contract  

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

2 If 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.

3 These 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 196866. In­vestors must fur­ther- more be made aware that they may re­quest the re­pay­ment of their units in cash, while ob­serving the con­trac­tu­al or reg­u­lat­ory no­tice peri­od.67

4 FINMA pub­lishes its de­cision in the me­dia of pub­lic­a­tion.

66 SR 172.021

67 Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (RU 2013 585; BBl 2012 3639).

Section 3 ...

Art. 283568  

68 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Chapter 2 Investment Company with Variable Capital

Section 1 General Provisions

Art. 36 Definition and duties 69  

1 SICAV 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.

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

3 The SICAV may del­eg­ate in­vest­ment de­cisions only to per­sons who hold the au­thor­isa­tion re­quired for this activ­ity. Art­icles 14 and 35 of the Fin­IA70 ap­ply mu­tatis mutandis.71 72

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

70 SR 954.1

71 Second sen­tence amended the No I oft he FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

72 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 3639). Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Art. 37 Formation  

1 The form­a­tion of a SICAV is based on the pro­vi­sions of the Code of Ob­lig­a­tions73 re­gard­ing the form­a­tion of com­pan­ies lim­ited by shares, with the ex­cep­tion of the pro­vi­sions re­gard­ing con­tri­bu­tions in kind, ac­quis­i­tions in kind and spe­cial priv­ileges.

2 The Fed­er­al Coun­cil spe­cifies the min­im­um in­vest­ment amount for a SICAV on its form­a­tion.74

3 ...75

73 SR 220

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

75 Re­pealed by No I of the FA of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).

Art. 38 Company name  

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

2 In all oth­er re­spects, the pro­vi­sions of the Code of Ob­lig­a­tions76 re­gard­ing the name of com­pan­ies lim­ited by shares ap­ply.

Art. 39 Capital adequacy  

1 There 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.

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

Art. 40 Shares  

1 The com­pany shares are re­gistered.

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

3 The 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.

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

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

Art. 41 Company shareholders  

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

2 They re­solve the dis­sol­u­tion of the SICAV and its sub­funds in ac­cord­ance with Art­icle 96 para­graphs 2 and 3.77

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

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

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

Art. 42 Issue and redemption of shares  

1 Un­less 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.

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

3 The 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.

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

Art. 43 Articles of association  

1 The 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.

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

a.
the term;
b.
the re­stric­tion of share­hold­er eli­gib­il­ity to qual­i­fied in­vestors and as­so­ci­ated lim­it­a­tion of the trans­fer­ab­il­ity of shares (Art. 40, Para. 3);
c.
the cat­egor­ies of shares and rights as­so­ci­ated there­with;
d.
the del­eg­a­tion of man­age­ment and rep­res­ent­a­tion, and the at­tend­ant pro­ced­ur­al de­tails (Art. 51);
e.
the passing of res­ol­u­tions by means of cor­res­pond­ence.
Art. 44 Investment regulations  

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

Art. 44a Custodian bank 78  

1 The 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.

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

Art. 45 Relationship with the Financial Market Infrastructure Act 79  

The pro­vi­sions on pub­lic takeover of­fers (Arts. 125 to 141 of the Fin­an­cial Mar­ket In­fra­struc­ture Act of 19 June 201580) do not ap­ply to SICAVs.

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

80 SR 958.1

Section 2 Shareholders' Rights and Obligations 81

81 Amended by No I 6 of the FA of 12 Dec. 2014 on the Implementation of the revised recommendations 2012 of the Financial Action Task Force, in force since 1 July 2015 (AS 2015 1389; BBl 2014 605).

Art. 46 Membership rights  

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

2 The 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.

3 A 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 Ob­lig­a­tions82 of the be­ne­fi­cial own­ers of the shares held by com­pany share­hold­ers.83

4 The 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.84

82 SR 220

83 Second sen­tence in­ser­ted by No I 6 of the FA of 12 Dec. 2014 on the Im­ple­ment­a­tion of the re­vised re­com­mend­a­tions 2012 of the Fin­an­cial Ac­tion Task Force, in force since 1 Ju­ly 2015 (AS 2015 1389; BBl 2014 605).

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

Art. 46a Company shareholders’ obligation to give notice 85  

1 Com­pany 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 Ob­lig­a­tions86.

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

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

86 SR 220

Art. 47 Voting rights 87  

1 Each share car­ries one vote.

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

87 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

Art. 48 Inspection rights  

In­spec­tion rights are based on the pro­vi­sions of the Code of Ob­lig­a­tions88 re­gard­ing the share­hold­ers’ in­spec­tion rights un­less this Act provides oth­er­wise.

Art. 49 Other rights  

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

Section 3 Organisation

Art. 50 General meeting  

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

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

3 Un­less oth­er­wise provided for by the Fed­er­al Coun­cil, in all oth­er re­spects, the pro­vi­sions of the Code of Ob­lig­a­tions89 re­gard­ing the gen­er­al meet­ings of com­pan­ies lim­ited by shares ap­ply.90

89 SR 220

90 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

Art. 51 Board of directors  

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

2 The 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.

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

4 The board of dir­ect­ors ful­fils the du­ties as­so­ci­ated with the of­fer­ing of fin­an­cial in­stru­ments un­der Title 3 of the FinSA91.92

5 The ad­min­is­tra­tion of a SICAV may be del­eg­ated only to an au­thor­ised fund man­age­ment com­pany in ac­cord­ance with Art­icle 32 Fin­IA93 that has au­thor­isa­tion.94

6 Un­less oth­er­wise provided for by the Fed­er­al Coun­cil, in all oth­er re­spects, the pro­vi­sions of the Code of Ob­lig­a­tions95 re­gard­ing the board of dir­ect­ors of com­pan­ies lim­ited by shares ap­ply.96

91 SR 950.1

92 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

93 SR 954.1

94 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

95 SR 220

96 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

Art. 52 Audit company  

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

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

Section 1 Securities Funds

Art. 53 Definition  

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

Art. 54 Permitted investments  

1 Se­cur­it­ies 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.

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

Art. 55 Investment techniques  

1 The fund man­age­ment com­pany and the SICAV may em­ploy the fol­low­ing in- vest­ment 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.

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

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

Art. 56 Use of derivatives  

1 The 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.

2 The 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.

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

Art. 57 Risk diversification  

1 In 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.

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

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

Section 2 Real Estate Funds

Art. 58 Definition  

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

Art. 59 Permitted investments  

1 Real 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.

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

Art. 60 Securing liabilities  

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

Art. 61 Use of derivatives  

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

Art. 62 Risk diversification  

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

Art. 63 Special duties  

1 The 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.

2 The 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.

3 A 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.

4 If 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.97

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

Art. 64 Valuation experts 98  

1 The 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.99

2 Ap­prov­al is gran­ted if the valu­ation ex­perts:100

a.
pos­sess the ne­ces­sary qual­i­fic­a­tions;
b.
are in­de­pend­ent;
c.101
...

3 The valu­ation ex­perts must con­duct their valu­ations with the due di­li­gence and ex­pert­ise re­quired of a valu­ation ex­pert.102

4 FINMA may make re­cog­ni­tion de­pend­ent on the con­clu­sion of pro­fes­sion­al in­dem­nity in­sur­ance or on the evid­ence of fin­an­cial guar­an­tees.103

5 It may stip­u­late ad­di­tion­al re­quire­ments for the valu­ation ex­perts and de­scribe the valu­ation meth­ods to be ad­op­ted.104

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

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

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

101 Re­pealed by No I of the FA of 28 Sept. 2012, with ef­fect from 1 March 2013 (AS 2013 585; BBl 2012 3639).

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

103 Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 20123639).

104 Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 20123639).

Art. 65 Special powers  

1 The 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.

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

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

Art. 66 Issue and redemption of units  

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

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

Art. 67 Trading  

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

Section 3 Other Funds for Traditional and Alternative Investments

Art. 68 Definition  

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

Art. 69 Permitted investments  

1 In 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.

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

a.
those that have only lim­ited mar­ket­ab­il­ity;
b.
those that are sub­ject to strong price fluc­tu­ations;
c.
those that ex­hib­it lim­ited risk di­ver­si­fic­a­tion;
d.
those that are dif­fi­cult to value.
Art. 70 Other funds for traditional investments  

1 Oth­er 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.

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

Art. 71 Other funds for alternative investments  

1 Oth­er 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.

2 Lever­age 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.

3 Ref­er­ence must be made in the fund name and in the pro­spect­us and key in­form­a­tion doc­u­ment in ac­cord­ance with Title 3 of the FinSA105, as well as in ad­vert­ising ma­ter­i­al, to the spe­cial risks in­volved in al­tern­at­ive in­vest­ments.106

4 ...107

5 FINMA may al­low the trans­ac­tion-re­lated set­tle­ment ser­vices of an­oth­er fund for al­tern­at­ive in­vest­ments in­vest­ing dir­ectly 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.

105 SR 950.1

106 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

107 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Chapter 4 Common Provisions

Section 1 Custodian Bank

Art. 72 Organisation  

1 The cus­todi­an bank must be a bank pur­su­ant to the Fed­er­al Act on Banks and Sav­ings Banks of 8 Novem­ber 1934108 and have an ap­pro­pri­ate or­gan­isa­tion­al struc­ture to act as cus­todi­an bank to col­lect­ive in­vest­ment schemes.109

2 In ad­di­tion to the per­sons en­trus­ted with the man­age­ment, the per­sons en­trus­ted with the tasks of cus­todi­an bank activ­ity must also com­ply with the re­quire­ments laid down in Art­icle 14 para­graph 1 let­ters a and abis.110

108 SR 952.0

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

110 Amended by No I of the FA of 17 Dec 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

Art. 73 Duties  

1 The 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.

2 It may trans­fer the re­spons­ib­il­ity for the safe­keep­ing of the in­vest­ment fund's as­sets to third-party cus­todi­ans and cent­ral se­cur­it­ies de­pos­it­or­ies in Switzer­land or abroad, provided this is in the in­terest of ef­fi­cient safe­keep­ing. In­vestors must be in­formed in the pro­spect­us and key in­form­a­tion doc­u­ment in ac­cord­ance with Title 3 of the FinSA111 about the risks as­so­ci­ated with such trans­fers.112

2bis Fin­an­cial in­stru­ments may only be trans­ferred (para­graph 2) to reg­u­lated third-party cus­todi­ans and cent­ral 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.113

3 The cus­todi­an bank en­sures that the fund man­age­ment com­pany or the SICAV com­plies with this Act and with the fund reg­u­la­tions. It veri­fies wheth­er:114

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.

4 The Fed­er­al Coun­cil reg­u­lates the re­quire­ments for act­ing as a cus­todi­an bank and may spe­cify para­met­ers for the pro­tec­tion of the se­cur­it­ies in­vest­ments.115

111 SR 950.1

112 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

113 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 3639). Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

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

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

Art. 74 Change of custodian bank  

1 In the case of in­vest­ment funds, the pro­vi­sions con­cern­ing a change of fund man­age­ment com­pany (Art. 39 Fin­IA116) also ap­ply ac­cord­ingly to a change of cus­todi­an bank.117

2 In the case of a SICAV, a change of cus­todi­an bank re­quires a con­tract in writ­ing or in an­oth­er form demon­strable via text, and must be ap­proved in ad­vance by FINMA.118

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

116 SR 954.1

117 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

118 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Section 2 ...

Art. 7577119  

119 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Section 3 Position of Investors

Art. 78 Purchase and redemption  

1 On 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.

2 They 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.

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

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

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

Art.78a Liquidity 120  

1 The fund man­age­ment com­pany or the SICAV shall en­sure that the li­quid­ity of the col­lect­ive in­vest­ment scheme is ap­pro­pri­ate to the in­vest­ments, the in­vest­ment policy, the risk di­ver­si­fic­a­tion, the in­vestor base and the re­demp­tion fre­quency.

2 The Fed­er­al Coun­cil may fur­ther spe­cify this duty.

120 In­ser­ted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

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

1 In ac­cord­ance with the in­vest­ment pro­vi­sions (Art. 54–57, 59–62,
69–71, 118nand 118o), 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.121

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

121 Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

Art. 80 Issue and redemption price  

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

Art. 81 Deferred repayment  

1 The 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.

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

Art. 82 Enforced redemption  

The Fed­er­al Coun­cil en­forces re­demp­tion if:

a.
this is ne­ces­sary to safe­guard the repu­ta­tion of the fin­an­cial mar­ket, and spe­cific­ally to com­bat money laun­der­ing;
b.
the in­vestor no longer meets the stat­utory, reg­u­lat­ory or con­trac­tu­al re­quire­ments, or the re­quire­ments set out in the art­icles of as­so­ci­ation, for par­ti­cip­a­tion in a col­lect­ive in­vest­ment scheme.
Art. 83 Calculation and publication of the net asset value  

1 The 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.

2 The 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.

3 FINMA 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.

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

Art. 84 Right to information  

1 The 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.

2 If 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.122

3 The 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.

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

Art. 85 Claim for reimbursement  

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

Art. 86 Representative of the investors  

1 The 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.

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

3 The rep­res­ent­at­ive has the same rights as the in­vestors.

4 If 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.

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

Section 4 Accounting, Valuation and Financial Statements

Art. 87 Accounting duty  

Sep­ar­ate books of ac­count must be kept for each open-ended col­lect­ive in­vest­ment scheme. Un­less this Act or the im­ple­ment­ing reg­u­la­tions provide oth­er­wise, Art­icle 662 et seq. of the Code of Ob­lig­a­tions123 ap­ply.

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

Art. 88 Valuation at market value  

1 In­vest­ments 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.

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

Art. 89 Annual and semi-annual report  

1 An 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,
4.124
changes con­cern­ing the ex­ec­ut­ive of­ficers at the fund man­age­ment com­pany, SICAV or man­ager of col­lect­ive as­sets125,
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.

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

3 A 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 1 let­ters b, c and e.

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

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

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

125 New ex­pr. by No I para. 3 of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). This change has been made in the AS pro­vi­sions spe­cified.

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

1 The 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.

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

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

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

Art. 91 Supervisory requirements  

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

Section 5 Open-Ended Collective Investment Schemes with Subfunds

Art. 92 Definition  

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

Art. 93 Umbrella funds  

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

2 Each sub­fund is li­able only for its own li­ab­il­it­ies.

Art. 94 SICAV with subfunds  

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

2 Each sub­fund un­der para­graph 1 is li­able only for its own li­ab­il­it­ies.126

126 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Section 6 Restructuring and Dissolution

Art. 95 Restructuring 127  

1 The 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 2003128.

2 A 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.

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

128 SR 221.301

Art. 96 Dissolution  

1 An 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 re- quest 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.

2 A 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 reso-lu­tion 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.

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

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

Art. 97 Consequences of dissolution  

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

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

3 In 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 Ob­lig­a­tions129 ap­ply.

Title 3 Closed-Ended Collective Investment Schemes

Chapter 1 The Limited Partnership for Collective Investment

Art. 98 Definition  

1 A lim­ited part­ner­ship for col­lect­ive in­vest­ment (LPCI) is a part­ner­ship whose sole ob­ject is col­lect­ive in­vest­ment.130 At least one mem­ber bears un­lim­ited li­ab­il­ity (gen­er­al part­ner), while the oth­er mem­bers (lim­ited part­ners) are li­able only up to a spe­cified amount (lim­ited part­ners’ con­tri­bu­tion).

2 Gen­er­al part­ners must be com­pan­ies lim­ited by shares with their re­gistered of­fice in Switzer­land. Com­pan­ies lim­ited by shares without au­thor­isa­tion as man­agers of col­lect­ive as­sets may only be act­ive as a gen­er­al part­ner in one LPCI.131

2bis The con­di­tions for ob­tain­ing an au­thor­isa­tion as defined in Art­icle 14 also ap­ply to the gen­er­al part­ners.132

3 Lim­ited part­ners must be qual­i­fied in­vestors as defined in Art­icle 10 para­graph 3 or 3ter.133

130 Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

131 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

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

133 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Art. 99 Relationship to the Code of Obligations  

Un­less this Act provides oth­er­wise, the pro­vi­sions of the Code of Ob­lig­a­tions134 con­cern­ing lim­ited part­ner­ships ap­ply.

Art. 100 Commercial Register  

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

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

Art. 101 Partnership name 135  

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

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

Art. 102 Partnership agreement and prospectus  

1 The 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.136
total lim­ited part­ners' con­tri­bu­tion, or the range of the lim­ited part­ners’ con­tri­bu­tion (fluc­tu­ation band);
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.

2 The part­ner­ship agree­ment re­quires the ap­prov­al and sig­na­ture of all the part­ners on form­a­tion of the com­pany.137

3 ...138

136 Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

137 Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

138 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Art. 102a Amendment of the partnership agreement 139  

1 Amend­ments to the part­ner­ship agree­ment re­quire the con­sent and sig­na­ture of all the part­ners.

2 The part­ner­ship agree­ment may be amended by ma­jor­ity res­ol­u­tion, provided that:

a.
this is provided for in the part­ner­ship agree­ment; and
b.
the res­ol­u­tion is pub­licly not­ar­ised.

3 The part­ner­ship agree­ment amended by a ma­jor­ity res­ol­u­tion re­quires the sig­na­ture of the gen­er­al part­ners only.

139 In­ser­ted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

Art. 103 Investments  

1 The part­ner­ship con­ducts in­vest­ments in risk cap­it­al.

2 The Fed­er­al Coun­cil may also per­mit oth­er in­vest­ments.

Art. 104 Non-competition clause  

1 The 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.

2 Un­less 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 LPCI are not im­paired as a con­sequence.

Art. 105 Joining and departure of limited partners  

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

2 This is sub­ject to the pro­vi­sions of the Code of Ob­lig­a­tions140 re­gard­ing the ex­clu­sion of own­ers of the lim­ited part­ner­ship.

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

Art. 106 Inspection and information  

1 The 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 LPCI141 in­vests shall be pre­served.

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

141 New ex­pr. by No I para. 3 of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). This change has been made in the AS pro­vi­sions spe­cified.

Art. 107 Audit company  

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

Art. 108 Financial statements  

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

2 In­ter­na­tion­ally re­cog­nised stand­ards must be ob­served.

Art. 109 Dissolution  

The part­ner­ship is dis­solved:

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

Chapter 2 The Investment Company with Fixed Capital

Art. 110 Definition  

1 SI­CAF is a com­pany lim­ited by shares pur­su­ant to the Code of Ob­lig­a­tions142 (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.

2 There must be an ap­pro­pri­ate re­la­tion­ship between a SI­CAF’s equity and its total as­sets. The Fed­er­al Coun­cil defines this re­la­tion­ship.143

142 SR 220

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

Art. 111 Company name  

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

2 In all oth­er re­spects, the pro­vi­sions of the Code of Ob­lig­a­tions144 re­gard­ing the name of com­pan­ies lim­ited by shares ap­ply.

Art. 112 Relationship with the Code of Obligations  

Un­less this Act provides oth­er­wise, the pro­vi­sions of the Code of Ob­lig­a­tions145 con­cern­ing com­pan­ies lim­ited by shares ap­ply.

Art. 113 Shares  

1 The share cap­it­al is fully paid up.

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

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

Art. 114 Custodian bank 146  

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

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

Art. 115 Investment policy and investment restrictions  

1 A 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.

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

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

Art. 116147  

147 Re­pealed by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

Art. 117 Financial statements  

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

Art. 118 Audit company  

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

Title 3a Limited Qualified Investor Fund148148

148 Inserted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

Chapter 1 General Provisions

Art. 118a Definition and applicability of the Act  

1 An L-QIF is a col­lect­ive in­vest­ment scheme that:

a.
is only open to qual­i­fied in­vestors;
b.
in the event that it in­vests its funds dir­ectly in real es­tate, is open only to in­vestors who are pro­fes­sion­al cli­ents in ac­cord­ance with Art­icle 4 para­graph 3 let­ters a–h FinSA149;
c.
is man­aged in ac­cord­ance with Art­icles 118g and 118h; and
d.
has neither au­thor­isa­tion nor ap­prov­al from FINMA and is not su­per­vised by FINMA.

2It is sub­ject to this Act un­less it provides oth­er­wise.

Art. 118b Change of authorisation or approval status  

1 A col­lect­ive in­vest­ment scheme that has au­thor­isa­tion or ap­prov­al from FINMA may sur­render this if:

a.
it meets the con­di­tions set out in Art­icle 118a para­graph 1 let­ters a−c; and
b.
it is en­sured that the in­terests of the in­vestors are safe­guarded.

2 The Fed­er­al Coun­cil shall reg­u­late the de­tails. It shall lay down the meas­ures to en­sure that the in­terests of in­vestors are safe­guarded.

Art. 118c Legal status  

The L-QIF may have the leg­al status of a con­trac­tu­al fund, a SICAV or an LPCI.

Art. 118d Investment provisions not applicable to L-QIFs and provisions on supervision  

The fol­low­ing are not ap­plic­able to L-QIFs:

a.
the in­vest­ment pro­vi­sions set out in Art­icles 53–71 and 103;
b.
the pro­vi­sions that grant FINMA the power to de­cide in in­di­vidu­al cases or su­per­vis­ory powers (Art. 7 para. 4 second sen­tence, 10 para. 5, 26 para. 1, 27, 39 para. 2, 44a para. 2, 47 para. 2, 74, 78 para. 4, 81 para. 2, 83 para. 3, 89 para. 4, 91, 95 para. 2, 96 para. 1 let. c, para. 2 let. c and para. 4, 109 let. c, 126, 132-134, 136-139 and 144).
Art. 118e Information for investors and designations  

1 On the first page of the fund doc­u­ments of an L-QIF and in ad­vert­ise­ments for an L-QIF:

a.
the des­ig­na­tion ‘Lim­ited Qual­i­fied In­vestor Fund’ or ‘L-QIF’ must be used;
b.
state that the L-QIF has neither au­thor­isa­tion nor ap­prov­al from FINMA and is not su­per­vised by FINMA.

2 The name of an L-QIF in the leg­al form of a SICAV or KmGK must con­tain the des­ig­na­tion ‘Lim­ited Qual­i­fied In­vestor Fund’ or its ab­bre­vi­ation ‘L-QIF’ and an in­dic­a­tion of the rel­ev­ant leg­al form.

3 An L-QIF may not be des­ig­nated as a ‘se­cur­it­ies fund’, ‘real es­tate fund’, ‘oth­er fund for tra­di­tion­al in­vest­ments’ or ‘oth­er fund for al­tern­at­ive in­vest­ments’.

Art. 118f Duty to notify and collection of data  

1 The in­sti­tu­tion re­spons­ible for ad­min­is­tra­tion in ac­cord­ance with Art­icle 118g para­graph 1 or 118h para­graph 1, 2 or 4 shall no­ti­fy the Fed­er­al De­part­ment of Fin­ance (FDF) with­in 14 days of tak­ing over or ceas­ing ad­min­is­tra­tion of an L-QIF. The Fed­er­al Coun­cil may de­term­ine what in­form­a­tion the no­ti­fic­a­tion must con­tain.

2 The FDF shall main­tain a pub­licly ac­cess­ible list of all L-QIFs and the in­sti­tu­tions re­spons­ible for their ad­min­is­tra­tion in ac­cord­ance with Art­icle 118g para­graph 1 or 118h para­graph 1, 2 or 4.

3 The FDF may col­lect data on the busi­ness activ­it­ies of the L-QIF from the L-QIF and the in­sti­tu­tions re­spons­ible for ad­min­is­tra­tion in ac­cord­ance with Art­icle 118g para­graph 1 or 118h para­graph 1, 2 or 4 for stat­ist­ic­al pur­poses.

4 The FDF may have this data col­lec­ted by third parties or re­quire the per­sons re­ferred to in para­graph 3 to re­port it to it.

5 Art­icle 144 para­graphs 2 and 3 ap­ply by ana­logy.

Art. 118g Management of L-QIFs in the legal form of a contractual fund  

1 An L-QIF in the leg­al form of a con­trac­tu­al fund is man­aged by a fund man­age­ment com­pany.

2 The fund man­age­ment com­pany may del­eg­ate the in­vest­ment de­cisions un­der the con­di­tions set out in Art­icles 14 para­graph 1 and 35 Fin­IA150 to:

a.
a man­ager of col­lect­ive as­sets in ac­cord­ance with Art­icle 2 para­graph 1 let­ter c Fin­IA;
b.
a for­eign man­ager of col­lect­ive as­sets if:
1.
they are sub­ject to ap­pro­pri­ate reg­u­la­tion and su­per­vi­sion in their coun­try of dom­i­cile, and
2.
an agree­ment on co­oper­a­tion and the ex­change of in­form­a­tion ex­ists between FINMA and the com­pet­ent for­eign su­per­vis­ory au­thor­ity, in­so­far as such an agree­ment is re­quired by for­eign law.

3 The man­ager of col­lect­ive as­sets may del­eg­ate in­vest­ment de­cisions to per­sons in ac­cord­ance with para­graph 2 of this pro­vi­sion sub­ject to the con­di­tions set out in Art­icle 14 para­graph 1 and Art­icle 27 para­graph 1 Fin­IA.

4 The fund con­tract must spe­cify to whom the in­vest­ment de­cisions are del­eg­ated.

Art. 118h Management of L-QIFs in the legal form of a SICAV and LPCI  

1 The ad­min­is­tra­tion and in­vest­ment de­cision of an L-QIF in the leg­al form of a SICAV must be del­eg­ated to one and the same fund man­age­ment com­pany.

2 The man­age­ment of an L-QIF in the leg­al form of an LPCI must be del­eg­ated to a man­ager of col­lect­ive as­sets.

3 The sub-del­eg­a­tion of in­vest­ment de­cisions is gov­erned by Art­icle 118g para­graphs 2 and 3.

4 The man­age­ment of an L-QIF in the leg­al form of an LPCI need not be del­eg­ated if the gen­er­al part­ners are banks, in­sur­ance com­pan­ies with­in the mean­ing of the IOA151, se­cur­it­ies firms, fund man­age­ment com­pan­ies or man­agers of col­lect­ive as­sets.

5 The art­icles of as­so­ci­ation or part­ner­ship agree­ment must spe­cify to whom the man­age­ment or ad­min­is­tra­tion is del­eg­ated.

Art. 118i Audit, accounting, valuation and financial statements  

1 An audit com­pany li­censed by the Fed­er­al Audit Over­sight Au­thor­ity in ac­cord­ance with Art­icle 9a para­graph 1 of the Aud­it­or Over­sight Act of 16 Decem­ber 2005152 must be ap­poin­ted to audit the L-QIF.

2 The an­nu­al ac­counts and if ap­plic­able their con­sol­id­ated ac­counts of the L-QIF and each real es­tate com­pany be­long­ing to it must be audited by an audit firm un­der state over­sight in ac­cord­ance with the prin­ciples of the Code of Ob­lig­a­tions 153.

3 The same audit com­pany shall be ap­poin­ted for the audit as for the in­sti­tu­tion re­spons­ible for the ad­min­is­tra­tion in ac­cord­ance with Art­icle 118g para­graph 1 or 118h para­graph 1, 2 or 4.

4 Art­icle 730b para­graph 2 of the Code of Ob­lig­a­tions ap­plies ac­cord­ingly to con­fid­en­ti­al­ity by the audit com­pany.

5 The L-QIF shall bear the costs of the audit.

6 The Fed­er­al Coun­cil shall reg­u­late the de­tails of the audit. It may is­sue ad­di­tion­al reg­u­la­tions on ac­count­ing, valu­ation, fin­an­cial state­ments and pub­lic­a­tion re­quire­ments.

Chapter 2 Position of Investors in L-QIFs that are Open-Ended Collective Investment Schemes

Art. 118j Preparation and amendment of the fund contract  

1 In the case of an L-QIF in the leg­al form of a con­trac­tu­al fund, the fund man­age­ment com­pany shall draw up the fund con­tract and ob­tain the con­sent of the cus­todi­an bank.

2 If the fund man­age­ment com­pany in­tends to amend the fund con­tract, it shall ob­tain the con­sent of the cus­todi­an bank in ad­vance and pub­lish the fol­low­ing in the L-QIF's me­dia of pub­lic­a­tion:

a.
a sum­mary of the sig­ni­fic­ant amend­ments;
b.
a ref­er­ence to the loc­a­tions where the full word­ing of the con­trac­tu­al amend­ments may be ob­tained free of charge; and
c.
an in­dic­a­tion of when the amend­ments will come in­to force.

3 Pub­lic­a­tion in ac­cord­ance with para­graph 2 may be dis­pensed with if all in­vestors are in­formed in writ­ing or in an­oth­er form veri­fi­able by text of the word­ing of the amend­ments and the date on which the amend­ment enters in­to force.

4 The amend­ments to the fund con­tract shall come in­to force at the earli­est:

a.
in the case of a con­trac­tu­al in­vest­ment fund with a re­demp­tion op­tion at any time: 30 days after pub­lic­a­tion pur­su­ant to para­graph 2 or pro­vi­sion of in­form­a­tion pur­su­ant to para­graph 3;
b.
in the case of a con­trac­tu­al fund without the pos­sib­il­ity of re­demp­tion at any time: on the day after the day on which the units may be sur­rendered in com­pli­ance with the con­trac­tu­al or reg­u­lat­ory re­demp­tion peri­ods and dead­lines if the fund con­tract were ter­min­ated on the 30th day after pub­lic­a­tion pur­su­ant to para­graph 2 or the pro­vi­sion of in­form­a­tion pur­su­ant to para­graph 3.

5 If the con­trac­tu­al or reg­u­lat­ory no­tice peri­od lasts longer than 30 days, the changes may come in­to force earli­er than in ac­cord­ance with para­graph 4 if all in­vestors agree in writ­ing or in an­oth­er form veri­fi­able by text, but no earli­er than 30 days after pub­lic­a­tion in ac­cord­ance with para­graph 2 or the pro­vi­sion of in­form­a­tion in ac­cord­ance with para­graph 3.

Art. 118k Change of custodian bank  

1 Art­icle 39a Fin­IA154 ap­plies ac­cord­ingly to a change of cus­todi­an bank for an L-QIF in the leg­al form of the con­trac­tu­al fund.

2 The change of cus­todi­an bank of an L-QIF in the leg­al form of a SICAV re­quires an agree­ment in writ­ing or in an­oth­er form veri­fi­able by text. The change must be pub­lished im­me­di­ately in the SICAV's me­dia of pub­lic­a­tion.

Art. 118l Derogation from the duty to make payments in and out of the fund in cash  

In the case of an L-QIF in the leg­al form of the con­trac­tu­al fund or the SICAV, derog­a­tion from the duty to make pay­ments in and out of the fund in cash in ac­cord­ance with Art­icle 78 may be al­lowed if it is provided for in the fol­low­ing doc­u­ment:

a.
in the case of an L-QIF in the leg­al form of the con­trac­tu­al fund: in the fund con­tract;
b.
in the case of an L-QIF in the leg­al form of a SICAV: in the in­vest­ment reg­u­la­tions.
Art. 118m Deferred repayment in exceptional instances  

In the case of an L-QIF in the leg­al form of a con­trac­tu­al fund or SICAV, the fund man­age­ment com­pany may or­der a lim­ited de­fer­ment of the re­pay­ment of the units in the in­terest of all in­vestors.

Chapter 3 Investment Provisions

Art. 118n Investment and investment techniques  

1 The in­vest­ments per­mit­ted for the L-QIF must be set out in the fol­low­ing doc­u­ments:

a.
in the case of an L-QIF in the leg­al form of a con­trac­tu­al fund: in the fund con­tract;
b.
in the case of an L-QIF in the leg­al form of a SICAV: in the in­vest­ment reg­u­la­tions;
c.
in the case of an L-QIF in the form of an LPCI: in the part­ner­ship agree­ment.

2 If the L-QIF in­vests in al­tern­at­ive in­vest­ments, ref­er­ence must be made to the par­tic­u­lar risks as­so­ci­ated with these in­vest­ments in the des­ig­na­tion, in the doc­u­ments in ac­cord­ance with para­graph 1 and in the ad­vert­ising ma­ter­i­al.

3 The Fed­er­al Coun­cil shall reg­u­late in­vest­ment pro­vi­sions and in­vest­ment re­stric­tions.

Art. 118o Risk diversification  

The risk di­ver­si­fic­a­tion of an L-QIF must be de­scribed in the doc­u­ments in ac­cord­ance with Art­icle 118n para­graph 1.

Art. 118p Special provisions for real estate investments  

1 If an L-QIF in­vests in real es­tate in­vest­ments, Art­icle 63 para­graphs 1–3 ap­plies ac­cord­ingly.

2 At least two nat­ur­al per­sons or one leg­al en­tity shall be ap­poin­ted as valu­ation ex­perts for real es­tate in­vest­ments for the L-QIF.

3 The Fed­er­al Coun­cil shall reg­u­late the derog­a­tions from para­graph 1 and the re­quire­ments for the valu­ation ex­perts in ac­cord­ance with para­graph 2. In par­tic­u­lar, it shall reg­u­late the derog­a­tions from the pro­hib­i­tion on takeovers and as­sign­ments in ac­cord­ance with Art­icle 63 para­graphs 2 and 3.

Title 4 Foreign Collective Investment Schemes

Chapter 1 Definition and Approval

Art. 119 Definition  

1 The 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.

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

Art. 120 Duty to obtain approval  

1 For­eign col­lect­ive in­vest­ment schemes must be ap­proved by FINMA be­fore they can be offered in Switzer­land to non-qual­i­fied in­vestors. The rep­res­ent­at­ive shall sub­mit the doc­u­ments re­quir­ing ap­prov­al to FINMA.155

2 Ap­prov­al is gran­ted if:

a.156
the col­lect­ive in­vest­ment scheme, fund man­age­ment com­pany or com­pany, man­ager of col­lect­ive as­sets and de­pos­it­ory are sub­ject to pub­lic su­per­vi­sion in­ten­ded to pro­tect in­vestors;
b.157
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.158
a rep­res­ent­at­ive and a pay­ing agent are ap­poin­ted for the of­fer of units in Switzer­land;
e.159
there is an agree­ment on co­oper­a­tion and the ex­change of in­form­a­tion between FINMA and the for­eign su­per­vis­ory au­thor­it­ies rel­ev­ant to the of­fer.

2bis The rep­res­ent­at­ive and the pay­ing agent may only end their man­date with FINMA’s pri­or ap­prov­al.160

3 The 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.

4 For­eign col­lect­ive in­vest­ment schemes which are offered in Switzer­land to qual­i­fied in­vestors in ac­cord­ance with Art­icle 5 para­graph 1 FinSA161 do not re­quire ap­prov­al but must meet the con­di­tions pur­su­ant to para­graph 2 let­ters c and d at all times.162

5 Em­ploy­ee share par­ti­cip­a­tion schemes in the form of for­eign col­lect­ive in­vest­ment schemes that are offered ex­clus­ively to em­ploy­ees do not re­quire ap­prov­al.163

155 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

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

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

158 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

159 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 3639). Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

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

161 SR 950.1

162 In­ser­ted by No I of the FA of 28 Sept. 2012 (AS 2013585; BBl 20123639). Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

163 In­ser­ted by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Art. 121 Paying agent  

1 The pay­ing agent must be a bank pur­su­ant to the Fed­er­al Act on Banks and Sav­ings Banks of 8 Novem­ber 1934164.

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

Art. 122 International treaties  

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

Chapter 2 Representatives of Foreign Collective Investment Schemes

Art. 123 Mandate  

1 For­eign col­lect­ive in­vest­ment schemes may be offered in Switzer­land to non-qual­i­fied in­vestors and to qual­i­fied in­vestors in Switzer­land in ac­cord­ance with Art­icle 5 para­graph 1 FinSA165 only if the fund man­age­ment com­pany or the com­pany has first ap­poin­ted a rep­res­ent­at­ive to un­der­take the du­ties spe­cified in Art­icle 124, sub­ject to the pro­vi­sions of Art­icle 122.166

2 The 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.

165 SR 950.1

166 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Art. 124 Duties  

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

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

Art. 125 Place of performance and place of jurisdiction 167  

1 The place of per­form­ance for units of the for­eign col­lect­ive in­vest­ment schemes offered in Switzer­land is the re­gistered of­fice of the rep­res­ent­at­ive.168

2 It 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.

3 The place of jur­is­dic­tion is:

a.
the re­gistered of­fice of the rep­res­ent­at­ive; or
b.
the re­gistered of­fice or place of res­id­ence of the in­vestor.169

167 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

168 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

169 In­ser­ted by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Title 5 Audit and Supervision170

170 Term in accordance with Annex No 14 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829). This amendment has been made throughout the text.

Chapter 1 Audit

Art. 126 Appointment  

1 The 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 2005171 to carry out an audit un­der Art­icle 24 of the FIN­MASA172:173

a.174.
fund man­age­ment com­pan­ies for the in­vest­ment funds they man­age;
b.
SICAVs;
c.
LPCI;
d.
SI­CAFs;
e.175
...
f.
rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes.

2 ...176

3 The same audit com­pany must audit the SICAV and any fund man­age­ment com­pany that it ap­points pur­su­ant to Art­icle 51 Para­graph 5. FINMA may grant ex­emp­tions.177

4 ...178

5 The 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 Ob­lig­a­tions179 on the or­din­ary audit.180

6 The 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.181

171 SR 221.302

172 SR 956.1

173 Amended by An­nex No 4 of the FA of 20 June 2014 (Con­sol­id­a­tion of Over­sight through Audit Com­pan­ies), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).

174 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

175 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

176 Re­pealed by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, with ef­fect from 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

177 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

178 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

179 SR 220

180 In­ser­ted by An­nex No 4 of the FA of 20 June 2014 (Con­sol­id­a­tion of Over­sight through Audit Com­pan­ies), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).

181 In­ser­ted by An­nex No 4 of the FA of 20 June 2014 (Con­sol­id­a­tion of Over­sight through Audit Com­pan­ies), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).

Art. 127129182  

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

Art. 130 Duty to provide information 183  

1 The 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.

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

183 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

Art. 131184  

184 Re­pealed by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, with ef­fect from 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

Chapter 2 Supervision

Art. 132 Supervision 185  

1 FINMA 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.

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

3 L-QIFs are not sub­ject to FINMA su­per­vi­sion.186

185 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

186 In­ser­ted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).

Art. 133 Supervisory instruments 187  

1 In 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 FIN­MASA188 ap­ply mu­tatis mutandis.189

2 Art­icle 37 of FIN­MASA also ap­plies mu­tatis mutandis to ap­prov­al un­der the present Act.

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

4 If 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.

187 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

188 SR 956.1

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

Art. 134 Liquidation 190  

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.

190 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

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

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

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

Art. 136 Other measures  

1 In 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.

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

Art. 137 Initiation of bankruptcy proceedings 191  

1 Where there is jus­ti­fied con­cern that an au­thor­ised parties as defined in Art­icle 13 para­graph 2 let­ters b–d 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 fin­an­cial in­sti­tu­tion, ini­ti­ate bank­ruptcy pro­ceed­ings and make this pub­lic.192

2 The pro­vi­sions on com­pos­i­tion pro­ceed­ings (Art. 293–336 of the Fed­er­al Act of 11 April 1889193 on Debt En­force­ment and Bank­ruptcy, DEBA) and on no­ti­fic­a­tion of the court (Art. 716a para. 1 no. 8, 725a para. 3, 725b para. 3 and 728c para. 3 of the Code of Ob­lig­a­tions194) do not ap­ply to the li­censee re­ferred to in para­graph 1.195

3 FINMA ap­points one or more bank­ruptcy li­quid­at­ors. These are sub­ject to su­pervi-sory con­trol by FINMA and shall provide FINMA with a re­port if re­ques­ted.196

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

192 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

193 SR 281.1

194 SR 220

195 Amended by An­nex No 11 of the FA of 19 June 2020 (Com­pany Law), in force since 1 Jan. 2023 (AS 2020 4005; 2022 109; BBl 2017 399).

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

Art. 138 Conduct of bankruptcy proceedings 197  

1 The bank­ruptcy or­der has the ef­fect of a com­mence­ment of bank­ruptcy pro­ceed­ings pur­su­ant to Art­icles 197–220 DEBA198.

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

3 FINMA may is­sue dif­fer­ent rul­ings and or­ders.

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

198 SR 281.1

Art. 138a Creditors' meetings and creditors' committees 199  

1 The 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.

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

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

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

Art. 138b Distribution and closure of the proceedings 200  

1 If all as­sets have been real­ised and all pro­cesses re­lat­ing to the cal­cu­la­tion of as­sets and li­ab­il­it­ies have been com­pleted, the bank­ruptcy li­quid­at­ors shall draw up the fi­nal dis­tri­bu­tion list as well as the fi­nal ac­counts and for­ward these to FINMA for ap­prov­al. Pro­cesses arising from the as­sign­ment of leg­al claims un­der Art­icle 260 DEBA201 shall be dis­reg­arded.202

2 The ap­prov­al de­cision, to­geth­er with the dis­tri­bu­tion list and fi­nal ac­counts, shall be made avail­able for in­spec­tion for 30 days. No­tice of this avail­ab­il­ity for in­spec­tion shall be pub­lished in the Swiss Of­fi­cial Gaz­ette of Com­merce and on FINMA's web­site; ad­vance no­ti­fic­a­tion shall be giv­en to each of the cred­it­ors, stat­ing their share, as well as to the own­ers if need be.203

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

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

201 SR 281.1

202 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

203 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Art. 138c Foreign insolvency proceedings 204  

Art­icles 37fand 37g of the Fed­er­al Act on Banks and Sav­ings Banks of 8 Novem­ber 1934205 ap­ply to re­cog­nising for­eign bank­ruptcy de­crees and in­solv­ency meas­ures, as well as for co­ordin­a­tion with for­eign in­solv­ency pro­ceed­ings.

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

205 SR 952.0

Art. 138d Appeals 206  

1 In bank­ruptcy pro­ceed­ings, cred­it­ors and own­ers of an au­thor­ised party covered by Art­icle 137 para­graph 1 may ap­peal only against real­isa­tion ac­tions and against ap­prov­al of the dis­tri­bu­tion list and the fi­nal ac­counts. Ap­peals pur­su­ant to Art­icle 17 DEBA207 shall be ex­cluded.

2 The time­frame for fil­ing an ap­peal against ap­prov­al of the dis­tri­bu­tion list and the fi­nal ac­counts com­mences the day after they have been made avail­able for in­spec­tion.

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

206 In­ser­ted by An­nex No 9 of the Fin­an­cial Mar­ket In­fra­struc­ture Act of 19 June 2015 (AS 2015 5339; BBl 2014 7483). Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

207 SR 281.1

Art. 139 Duty to provide information 208  

1 Per­sons 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.

2 FINMA may or­der li­censees to provide it with the in­form­a­tion it re­quires to carry out its du­ties.209

208 Amended by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

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

Art. 140210  

210 Re­pealed by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, with ef­fect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

Art. 141211  

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

Art. 142212  

212 Re­pealed by An­nex No 14 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 2007, with ef­fect from 1 Jan. 2009 (AS 2008 52075205; BBl 2006 2829).

Art. 143213  

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

Art. 144 Collection and reporting of data 214  

1 FINMA 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.215

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

3 The stat­ist­ic­al re­port­ing du­ties vis-à-vis the Swiss Na­tion­al Bank, as spe­cified in the Swiss Na­tion­al Bank Act of 3 Oc­to­ber 2003216, to­geth­er with the right of FINMA and the Swiss Na­tion­al Bank to ex­change data are re­served.

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

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

216 SR 951.11

Title 6 Liability and Criminal Provisions

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