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

¹ SICAV is a com­pany:

a.

whose cap­it­al and num­ber of shares are not spe­cified in ad­vance;

b.

whose cap­it­al is di­vided in­to com­pany and in­vestor shares;

c.

for whose li­ab­il­it­ies only the com­pany's as­sets are li­able;

d.

whose sole ob­ject is col­lect­ive cap­it­al in­vest­ment.

² A SICAV shall have a min­im­um level of as­sets. The Fed­er­al Coun­cil de­term­ines the level and the peri­od with­in which it must be ac­cu­mu­lated.

³ The SICAV may del­eg­ate in­vest­ment de­cisions only to per­sons who hold the au­thor­isa­tion re­quired for this activ­ity. Art­icles 14 and 35 of the Fin­IA⁷⁰ ap­ply mu­tatis mutandis.^{71 72}