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

¹ Col­lect­ive in­vest­ment schemes are as­sets raised from in­vestors for the pur­pose of col­lect­ive in­vest­ment, and which are man­aged for the ac­count of such in­vestors. The in­vest­ment re­quire­ments of the in­vestors are met on an equal basis.

² Col­lect­ive in­vest­ment schemes may be open or closed-ended.

³ The Fed­er­al Coun­cil may stip­u­late a min­im­um num­ber of in­vestors in ac­cord­ance with the leg­al status and tar­get group. It may au­thor­ise col­lect­ive in­vest­ment schemes for a single qual­i­fied in­vestor (single in­vestor fund) in ac­cord­ance with Art­icle 10 para­graph 3 in con­junc­tion with Art­icle 4 para­graph 3 let­ters b, e and f of the Fin­an­cial Ser­vices Act of 15 June 2018¹⁵ (FinSA).¹⁶¹⁷

⁴ In the case of single in­vestor funds, the fund man­age­ment com­pany and the in­vest­ment com­pany with vari­able cap­it­al (SICAV) may trans­fer the in­vest­ment de­cisions to the single in­vestor. The Swiss Fin­an­cial Mar­ket Su­per­vis­ory Au­thor­ity (FINMA)may ex­empt them from the duty to ob­tain au­thor­isa­tion in ac­cord­ance with Art­icle 14 para­graph 1 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018¹⁸ (Fin­IA) or from the duty to sub­ject them­selves to su­per­vi­sion re­cog­nised un­der Art­icle 36 para­graph 3 of this Act.¹⁹

⁵ Col­lect­ive in­vest­ment schemes must have their re­gistered of­fice and head of­fice in Switzer­land.²⁰