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

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 FinSA²⁰:²¹

^3bis ...²²

^3ter Qual­i­fied in­vestors also in­clude re­tail cli­ents for whom a fin­an­cial in­ter­me­di­ary in ac­cord­ance with Art­icle 4 para­graph 3 let­ter a FinSA or a for­eign fin­an­cial in­ter­me­di­ary that is sub­ject to equi­val­ent pruden­tial su­per­vi­sion provides port­fo­lio man­age­ment or in­vest­ment ad­vice in ac­cord­ance with Art­icle 3 let­ter c items 3 and 4 FinSA with­in the scope of a per­man­ent port­fo­lio man­age­ment or in­vest­ment ad­vice re­la­tion­ship, provided they have not de­clared that they do not wish to be treated as such. Such de­clar­a­tion must be made in writ­ing or in an­oth­er form demon­strable via text.²³

⁴ ...²⁴

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 2007²⁵ (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:²⁶

a.²⁷

...

b.²⁸

...

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.