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

¹ Where there is jus­ti­fied con­cern that an au­thor­ised parties as defined in Art­icle 13 para­graph 2 let­ters b–d is ex­cess­ively in­debted or has ser­i­ous li­quid­ity prob­lems and there is no pro­spect of re­struc­tur­ing or re­struc­tur­ing has failed, FINMA shall with­draw au­thor­isa­tion from the fin­an­cial in­sti­tu­tion, ini­ti­ate bank­ruptcy pro­ceed­ings and make this pub­lic.¹⁹²

² The pro­vi­sions on com­pos­i­tion pro­ceed­ings (Art. 293–336 of the Fed­er­al Act of 11 April 1889¹⁹³ on Debt En­force­ment and Bank­ruptcy, DEBA) and on no­ti­fic­a­tion of the court (Art. 716a para. 1 no. 8, 725a para. 3, 725b para. 3 and 728c para. 3 of the Code of Ob­lig­a­tions¹⁹⁴) do not ap­ply to the li­censee re­ferred to in para­graph 1.¹⁹⁵

³ FINMA ap­points one or more bank­ruptcy li­quid­at­ors. These are sub­ject to su­pervi-sory con­trol by FINMA and shall provide FINMA with a re­port if re­ques­ted.¹⁹⁶