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

¹ The fund man­age­ment com­pany and the SICAV may com­mis­sion the con­struc­tion of build­ings provided the fund reg­u­la­tions ex­pli­citly per­mit the pur­chase of build­ing land and the ex­e­cu­tion of con­struc­tion pro­jects.

² They may pledge land and cede the rights of li­en as col­lat­er­al; however, the en- cum­brance may not ex­ceed on av­er­age a cer­tain per­cent­age of the mar­ket value of all real es­tate as­sets.

³ The Fed­er­al Coun­cil defines the per­cent­age rate. FINMA reg­u­lates the de­tails.