Ordinance on Collective Investment Schemes

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.

Art. 119 Company agreement

(Art. 9 para. 3 and 102 CISA)1

1The gen­er­al part­ners may del­eg­ate in­vest­ment de­cisions and oth­er activ­it­ies, provided this is in the in­terests of ef­fi­cient man­age­ment.

2They shall ex­clus­ively com­mis­sion per­sons who are prop­erly qual­i­fied to ex­ecute such activ­it­ies, and shall en­sure the in­struc­tion, mon­it­or­ing and con­trol ne­ces­sary with re­spect to im­ple­ment­a­tion of the tasks as­signed.

3The per­sons hold­ing ex­ec­ut­ive powers with the gen­er­al part­ners may par­ti­cip­ate in the com­pany as lim­ited part­ners if:

a.
this is provided for in the com­pany agree­ment;
b.
the par­ti­cip­at­ing in­terest stems from their private as­sets; and
c.
the par­ti­cip­at­ing in­terest is sub­scribed at the time of launch.

3bisHigh-net-worth in­di­vidu­als pur­su­ant to Art­icle 6 who have sub­mit­ted a writ­ten de­clar­a­tion pur­su­ant to Art­icle 6a para­graph 1 may par­ti­cip­ate in the com­pany as lim­ited part­ners, where spe­cified by the com­pany agree­ment.2

4The com­pany agree­ment reg­u­lates the de­tails and must be pub­lished in an of­fi­cial lan­guage. FINMA may au­thor­ise a dif­fer­ent lan­guage in in­di­vidu­al cases.3


1 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
2 In­ser­ted by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
3 Amended by No I of the Or­din­ance of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).

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