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

(Art. 54 CISA)

¹ Se­cur­it­ies are deemed to be equity or debt se­cur­it­ies pur­su­ant to Art­icle 54 para­graph 1 CISA which em­body a par­ti­cip­a­tion right or claim or the right to ac­quire such se­cur­it­ies and rights by way of sub­scrip­tion or ex­change, spe­cific­ally war­rants.

² In­vest­ments in se­cur­it­ies from new is­sues are per­mit­ted only if the terms of is­sue provide for their ad­mis­sion to a stock ex­change or oth­er reg­u­lated mar­ket which is open to the pub­lic. If one year fol­low­ing pur­chase they are not yet ad­mit­ted on the stock ex­change or oth­er mar­ket open to the pub­lic, such se­cur­it­ies must be sold with­in one month.

³ FINMA may form­al­ise the per­mit­ted in­vest­ments for a se­cur­it­ies fund in ac­cord­ance with the laws cur­rently in force in the European Com­munit­ies.¹⁵⁴