Federal Act on Collective Investment Schemes

¹Au­thor­isa­tion is gran­ted if:

a.¹

the per­sons un­der Art­icle 13 para­graph 2 and the per­sons re­spons­ible for the ad­min­is­tra­tion and man­age­ment provide the guar­an­tee of ir­re­proach­able busi­ness con­duct;

a^bis.²

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.

^1bisIn­so­far as the fin­an­cial guar­an­tees are used to meet min­im­al cap­it­al re­quire­ments, the Fed­er­al Coun­cil may stip­u­late high­er cap­it­al re­quire­ments than re­quired by the Code of Ob­lig­a­tions³.⁴

^1terThe Fed­er­al Coun­cil may stip­u­late ad­di­tion­al au­thor­isa­tion con­di­tions if this is con­sist­ent with re­cog­nised in­ter­na­tion­al stand­ards.⁵

²...⁶

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

a.

nat­ur­al and leg­al per­sons;

b.

gen­er­al and lim­ited part­ner­ships;

c.

fin­an­cially re­lated parties which meet this cri­terion on a com­bined basis.⁷