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

¹ Any per­son who breaches their du­ties is li­able to the com­pany, the in­di­vidu­al in­vestors and the com­pany's cred­it­ors for the losses res­ult­ing there­from, un­less they prove that they are not at fault. Any per­son in­volved in the es­tab­lish­ment, man­age­ment, port­fo­lio man­age­ment, audit­ing or li­quid­a­tion of any of the fol­low­ing fin­an­cial in­sti­tu­tions may be held li­able:¹⁹²

a.

the fund man­age­ment com­pany;

b.

the SICAV;

c.

the lim­ited part­ner­ship for col­lect­ive in­vest­ment;

d.

the SI­CAF;

e.

the cus­todi­an bank;

f.¹⁹³

the man­ager of col­lect­ive as­sets;

g.

the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes;

h.

the audit com­pany;

i.

the li­quid­at­or.

² Li­ab­il­ity as defined in para­graph 1 also ap­plies to the valu­ation ex­pert and the rep­res­ent­at­ive of the in­vestors.¹⁹⁴

³ Any per­son who as­signs the ful­fil­ment of a task to a third party is li­able for the losses caused by that third party un­less they prove that they ap­plied the de­gree of due di­li­gence with re­gard to the se­lec­tion, in­struc­tion and mon­it­or­ing re­quired in the giv­en cir­cum­stances. The Fed­er­al Coun­cil may reg­u­late the re­quire­ments for mon­it­or­ing, sub­ject to Art­icle 68 para­graph 3 Fin­IA¹⁹⁵.^{196 197}

⁴ The li­ab­il­ity of the ex­ec­ut­ive and gov­ern­ing bod­ies of the fund man­age­ment com- pany, SICAV and SI­CAF is based on the pro­vi­sions of the Code of Ob­lig­a­tions¹⁹⁸ gov­ern­ing com­pan­ies lim­ited by shares.

⁵ The li­ab­il­ity of a lim­ited part­ner­ship for col­lect­ive in­vest­ment is based on the pro­vi­sions of the Code of Ob­lig­a­tions gov­ern­ing lim­ited part­ner­ships.