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

¹ Col­lect­ive in­vest­ment schemes are as­sets raised from in­vestors for the pur­pose of col­lect­ive in­vest­ment, and which are man­aged for the ac­count of such in­vestors. The in­vest­ment re­quire­ments of the in­vestors are met on an equal basis.

² Col­lect­ive in­vest­ment schemes may be open or closed-ended.

³ The Fed­er­al Coun­cil may stip­u­late a min­im­um num­ber of in­vestors in ac­cord­ance with the leg­al status and tar­get group. It may au­thor­ise col­lect­ive in­vest­ment schemes for a single qual­i­fied in­vestor (single in­vestor fund) in ac­cord­ance with Art­icle 10 para­graph 3 in con­junc­tion with Art­icle 4 para­graph 3 let­ters b, e and f of the Fin­an­cial Ser­vices Act of 15 June 2018¹⁵ (FinSA).^{16 17}

⁴ In the case of single in­vestor funds, the fund man­age­ment com­pany and the in- vest­ment com­pany with vari­able cap­it­al (SICAV) may del­eg­ate the in­vest­ment de­cisions to the single in­vestor. FINMA may ex­empt them from the duty to sub­ject them­selves to su­per­vi­sion re­cog­nised un­der Art­icle 31 para­graph 3 and Art­icle 36 para­graph 3, re­spect­ively.¹⁸

⁵ Col­lect­ive in­vest­ment schemes must have their re­gistered of­fice and head of­fice in Switzer­land.¹⁹