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

¹ This Act gov­erns the fol­low­ing, ir­re­spect­ive of their leg­al status:

a.³

col­lect­ive in­vest­ment schemes and per­sons who are re­spons­ible for the safe­keep­ing of as­sets held in them;

b.⁴

for­eign col­lect­ive in­vest­ment schemes which are offered in Switzer­land;

c.–e.⁵

...

f.

per­sons who rep­res­ent for­eign col­lect­ive in­vest­ment schemes in Switzer­land.⁶

² The fol­low­ing are not gov­erned by this Act:

a.

in­sti­tu­tions and an­cil­lary in­sti­tu­tions in the oc­cu­pa­tion­al pen­sions sec­tor, in- clud­ing in­vest­ment found­a­tions;

b.

so­cial se­cur­ity in­sti­tu­tions and com­pens­a­tion funds;

c.

pub­lic au­thor­it­ies and in­sti­tu­tions;

d.

op­er­at­ing com­pan­ies which are en­gaged in busi­ness activ­it­ies;

e.

com­pan­ies which by way of a ma­jor­ity of the votes or by any an­oth­er way bring to­geth­er one or more com­pan­ies to form a group un­der single man- age­ment (hold­ing com­pan­ies);

f.

in­vest­ment clubs whose mem­bers are in a po­s­i­tion to man­age their fin­an­cial in­terests them­selves;

g.

as­so­ci­ations and found­a­tions as defined in the Swiss Civil Code⁷;

h.⁸

...

^2bis ...⁹

³ In­vest­ment com­pan­ies in the form of a Swiss com­pany lim­ited by shares are not gov­erned by this Act, provided they are lis­ted on a Swiss ex­change, or provided that:¹⁰

a.¹¹

only share­hold­ers as defined in Art­icle 10 para­graphs 3 and 3^ter are en­titled to par­ti­cip­ate in them; and

b.

their shares are re­gistered.¹²

⁴ ...¹³