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

¹ The board of dir­ect­ors con­sists of at least three but no more than sev­en mem­bers.

² The art­icles of as­so­ci­ation may au­thor­ise the board of dir­ect­ors to trans­fer man­age­ment and rep­res­ent­a­tion in full or in part to in­di­vidu­al mem­bers or third parties in ac­cord­ance with the or­gan­iz­a­tion­al reg­u­la­tions.

³ The per­sons hold­ing ex­ec­ut­ive powers at the SICAV and cus­todi­an bank must be in­de­pend­ent of the oth­er party.

⁴ The board of dir­ect­ors ful­fils the du­ties as­so­ci­ated with the of­fer­ing of fin­an­cial in­stru­ments un­der Title 3 of the FinSA⁸³.⁸⁴

⁵ The ad­min­is­tra­tion of a SICAV may be del­eg­ated only to an au­thor­ised fund man­age­ment com­pany in ac­cord­ance with Art­icle 32 Fin­IA⁸⁵ that has au­thor­isa­tion.⁸⁶

⁶ Un­less oth­er­wise provided for by the Fed­er­al Coun­cil, in all oth­er re­spects, the pro­vi­sions of the Code of Ob­lig­a­tions⁸⁷ re­gard­ing the board of dir­ect­ors of com­pan­ies lim­ited by shares ap­ply.⁸⁸