Ordinance
on Collective Investment Schemes
(Collective Investment Schemes Ordinance, CISO)

(Art. 81 CISA)

¹ The fund reg­u­la­tions may provide for re­pay­ment to be de­ferred tem­por­ar­ily in the fol­low­ing ex­cep­tion­al cases:

a.

where a mar­ket which serves as the basis for the valu­ation of a sig­ni­fic­ant pro­por­tion of the fund's as­sets is closed, or if trad­ing on such mar­ket is re­stric­ted or sus­pen­ded;

b.

in the event of polit­ic­al, eco­nom­ic, mil­it­ary, mon­et­ary or oth­er emer­gen­cies;

c.

if, ow­ing to ex­change con­trols or re­stric­tions on oth­er as­set trans­fers, the col­lect­ive in­vest­ment scheme can no longer trans­act its busi­ness;

d.

in the event of large-scale with­draw­als of units which may sig­ni­fic­antly en­danger the in­terests of the oth­er in­vestors.

² The audit com­pany and FINMA must be in­formed im­me­di­ately of any de­cision to de­fer re­demp­tions. The de­cision must also be com­mu­nic­ated to the in­vestors in a suit­able man­ner.