Federal Act on Collective Investment Schemes

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

²The fol­low­ing are not deemed to be dis­tri­bu­tion:

a.

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

b.

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

c.

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

1.

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

2.

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

3.

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

d.

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

e.

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