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

(Art. 9 para. 3 and 102 CISA)²¹⁸

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

² They 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.

³ The 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.

^3bis ...²¹⁹

⁴ The com­pany agree­ment reg­u­lates the de­tails and must be pub­lished in an of­fi­cial lan­guage. FINMA may au­thor­ise a dif­fer­ent lan­guage in in­di­vidu­al cases.²²⁰