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

¹ Oth­er funds for al­tern­at­ive in­vest­ments in­clude open-ended col­lect­ive in­vest­ment schemes whose in­vest­ments, struc­ture, in­vest­ment tech­niques (short-selling, bor­row­ing of funds, etc.) and in­vest­ment re­stric­tions ex­hib­it a risk pro­file that is typ­ic­al for al­tern­at­ive in­vest­ments.

² Lever­age is per­mit­ted only up to a cer­tain per­cent­age of the fund's net as­sets. The Fed­er­al Coun­cil de­term­ines the per­cent­age rate. FINMA reg­u­lates the de­tails.

³ Ref­er­ence must be made in the fund name and in the pro­spect­us and key in­form­a­tion doc­u­ment in ac­cord­ance with Title 3 of the FinSA⁹⁷, as well as in ad­vert­ising ma­ter­i­al, to the spe­cial risks in­volved in al­tern­at­ive in­vest­ments.⁹⁸

⁴ ...⁹⁹

⁵ FINMA may al­low the trans­ac­tion-re­lated set­tle­ment ser­vices of a dir­ectly in­vest- ing oth­er fund for al­tern­at­ive in­vest­ments to be provided by a reg­u­lated in­sti­tu­tion spe­cial­iz­ing in such trans­ac­tions (prime broker). It may spe­cify which mon­it­or­ing func­tions must be un­der­taken by the fund man­age­ment com­pany and the SICAV.