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


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Art. 21 Investments

1 Per­sons who man­age or rep­res­ent col­lect­ive in­vest­ment schemes or hold their as­sets in safe­keep­ing, as well as their agents shall pur­sue an in­vest­ment policy that at all times cor­res­ponds with the in­vest­ment char­ac­ter­ist­ics of the col­lect­ive in­vest­ment scheme as set out in the rel­ev­ant doc­u­ments.59

2 In re­spect of the pur­chase and sale of as­sets and rights on their own be­half as well as that of third parties, they are only en­titled to re­ceive the fees spe­cified in the rel­ev­ant doc­u­ments. Com­pens­a­tion in ac­cord­ance with Art­icle 26 FinSA60 must be cred­ited to the col­lect­ive in­vest­ment scheme.61

3 As­sets ac­quired for their own ac­count may only be pur­chased at mar­ket price, while any sale of own-ac­count as­sets must also be at mar­ket price.

59 Amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

60 SR 950.1

61 Second sen­tence amended by An­nex No 3 of the Fin­an­cial Ser­vices Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).

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