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

¹ The mem­ber­ship and cred­it­ors' rights as­so­ci­ated with the in­vest­ments must be ex­er­cised in­de­pend­ently and ex­clus­ively in the in­terests of the in­vestors.

² Art­icle 685d para­graph 2 of the Code of Ob­lig­a­tions⁵⁶ does not ap­ply to in­vest­ment funds.

³ If a fund man­age­ment com­pany man­ages sev­er­al in­vest­ment funds, the level of the par­ti­cip­a­tion with re­spect to the per­cent­age lim­it set out in Art­icle 685d para­graph 1 of the Code of Ob­lig­a­tions is cal­cu­lated in­di­vidu­ally for each in­vest­ment fund.

⁴ Para­graph 3 also ap­plies to each sub­fund of an open-ended col­lect­ive in­vest­ment scheme as defined in Art­icle 92 et seq.