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

¹ The fund man­age­ment com­pany shall bear re­spons­ib­il­ity with re­gard to the in­vestors for en­sur­ing that the real es­tate com­pan­ies be­long­ing to the real es­tate fund com­ply with this Act and with the fund reg­u­la­tions.

² The fund man­age­ment com­pany, cus­todi­an bank and its agents, as well as closely re­lated nat­ur­al and leg­al per­sons, may not ac­quire real es­tate as­sets from real es­tate funds or as­sign any such as­sets to them.

³ A SICAV may not ac­quire any real es­tate as­sets from the com­pany share­hold­ers, their agents, or closely con­nec­ted nat­ur­al or leg­al per­sons, nor may it as­sign such as­sets to them.

⁴ If jus­ti­fied, in­di­vidu­al situ­ations may arise where FINMA may grant an ex­emp­tion from the ban on trans­ac­tions with closely re­lated per­sons as defined in para­graphs 2 and 3 if this is in the in­terest of the in­vestors. The Fed­er­al Coun­cil reg­u­lates the ex­emp­tion cri­ter­ia.⁸⁹