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

¹ SI­CAF is a com­pany lim­ited by shares pur­su­ant to the Code of Ob­lig­a­tions¹²⁵ (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.¹²⁶