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

of 23 June 2006 (Status as of 1 January 2023)

Art. 98 Definition

1 A lim­ited part­ner­ship for col­lect­ive in­vest­ment is a part­ner­ship whose sole ob­ject is col­lect­ive in­vest­ment. At least one mem­ber bears un­lim­ited li­ab­il­ity (gen­er­al part­ner), while the oth­er mem­bers (lim­ited part­ners) are li­able only up to a spe­cified amount (lim­ited part­ner’s con­tri­bu­tion).

2 Gen­er­al part­ners must be com­pan­ies lim­ited by shares with their re­gistered of­fice in Switzer­land. Com­pan­ies lim­ited by shares without au­thor­isa­tion as man­agers of col­lect­ive as­sets may only be act­ive as a gen­er­al part­ner in one lim­ited part­ner­ship for col­lect­ive in­vest­ment.118

2bis The con­di­tions for ob­tain­ing an au­thor­isa­tion as defined in Art­icle 14 also ap­ply to the gen­er­al part­ners.119

3 Lim­ited part­ners must be qual­i­fied in­vestors as defined in Art­icle 10 para­graph 3 or 3ter.120

118 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).

119 In­ser­ted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).

120 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).