Collective Investment Schemes Act (CISA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Chapter 1 Aim and Scope of Application
Art. 1 Aim
This Act aims to protect investors and to ensure transparency and the proper functioning of the market for collective investment schemes.
Art. 2 Scope of Application
1 This Act governs the following, irrespective of their legal status: a. collective investment schemes and persons who are responsible for the safekeeping of assets held in them; b. foreign collective investment schemes which are offered in Switzerland; c.–e. ... f. persons who represent foreign collective investment schemes in Switzerland. 2 The following are not governed by this Act: a. institutions and ancillary institutions in the occupational pensions sector, including investment foundations; b. social security institutions and compensation funds; c. public authorities and institutions; d. operating companies which are engaged in business activities; e. companies which by way of a majority of the votes or by any another way bring together one or more companies to form a group under single management (holding companies); f. investment clubs whose members are in a position to manage their financial interests themselves; g. associations and foundations as defined in the Swiss Civil C
Para. 1 let. a — Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 1 let. b — Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 1 let. ce — Repealed by Annex No II 13 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 1
Art. 3–6
Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).
Chapter 2 Collective Investment Schemes
Art. 7 Definition
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 2018 (FinSA). 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 Articl
Para. 3 — SR 950.1 Para. 3 — Second sentence amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901). Para. 3 — Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639) Para. 4 — SR 954.1 Para. 4 — Inserted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 3639). Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). Para. 5 — Inse
Art. 8 Open-ended collective investment schemes
1 Open-ended collective investment schemes may be in the form of a contractual fund (Art. 25 et seq.) or SICAV (Art. 36 et seq.). 2 With open-ended collective investment schemes, investors have either a direct or indirect legal entitlement, at the expense of the collective assets, to redeem their units at the net asset value. 3 Each open-ended collective investment scheme has its own fund regulations. In the case of contractual funds this is the collective investment contract (fund contract), and in the case of SICAVs it is the articles of association and the investment regulations.
Art. 9 Closed-ended collective investment schemes
1 Closed-ended collective investment schemes may be in the form of a limited partnership for collective investment (LPCI, Art. 98–109) or an investment company with fixed capital (SICAF, Art. 110–118). 2 In the case of closed-ended collective investment schemes, investors have neither a direct nor an indirect legal entitlement at the expense of the collective assets to the redemption of their units at the net asset value. 3 LPCIs are based on a company agreement. 4 SICAFs are based on articles of association and issue a set of investment regulations.
Para. 1 — Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). Para. 3 — New expr. by No I para. 1 of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). This change has been made in the AS provisions specified.
Art. 10 Investors
1 Investors are natural and legal persons, as well as general and limited partnerships, which hold units in collective investment schemes. 2 Collective investment schemes are open to all investors, except where this Act, the fund regulations or the articles of association restrict investor eligibility to qualified investors. 3 Qualified investors within the meaning of this Act are professional clients as defined in Article 4 paragraphs 3–5 or Article 5 paragraphs 1 and 4 FinSA: 3bis ... 3ter Qualified investors also include retail clients: a. for whom one of the following persons provides portfolio management or investment advice in accordance with Article 3 letter c numbers 3 and 4 FinSA within the scope of a permanent portfolio management or investment advice relationship: 1. a financial intermediary in accordance with Article 4 paragraph 3 letter a FinSA, 2. a foreign financial intermediary that is subject to prudential supervision in the same way as the financial intermediary under
Para. 3 — SR 950.1 Para. 3 — Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901). Para. 3bis — Inserted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 3639). Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901). Para. 3ter let. a let. 3 — SR 961.01 Para. 3ter let. b — Inserted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 363
Art. 11 Units
Units are claims against the fund management company conferring entitlement to the assets and income of the investment fund or interests in the investment company.
Art. 12 Protection against confusion or deception
1 The designation ‘collective investment scheme’ must not provide any grounds for confusion or deception, in particular in relation to the investments. 2 Designations such as ‘investment fund’, ‘investment company with variable capital’, ‘SICAV’, ‘limited partnership for collective investment’ or ‘LPCI’, ‘investment company with fixed capital’», ‘SICAF’, ‘Limited Qualified Investor Fund’ or ‘L-QIF’ may only be used for the relevant collective investment schemes governed by this Act.
Para. 2 — Amended by No I of the FA of 17 Dec 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).
Chapter 3 Authorisation and Approval
Section 1 General
Art. 13 Duty to obtain authorisation
1 Any party who establishes or operates a collective investment scheme or is responsible for the safekeeping of the assets held in it requires authorisation from FINMA. 2 The following must apply for authorisation: a. ... b. SICAVs; c. LPCIs; d. SICAFs; e. the custodian bank; f. and g. ... h. representatives of foreign collective investment schemes. 2bis No authorisation is required for a Limited Qualified Investor Fund (L-QIF) in the legal form of a SICAV or LPCI. 3 Representatives who are already subject to other equivalent official supervision may be granted exemption from the duty to obtain authorisation by the Federal Council. 4 ... 5 The persons cited in paragraph 2 letters b–d may only be entered in the Commercial Register once authorisation has been granted by FINMA.
Para. 1 — Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 2 let. a — Repealed by Annex No II 13 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 2 let. e — Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 2 let. fg
Art. 14 Authorisation requirements
1 Authorisation is granted if: a. the persons under Article 13 paragraph 2 and the persons responsible for the administration and management provide the guarantee of irreproachable business conduct; abis. the persons responsible for the administration and management enjoy a good reputation and possess the specialist qualifications required for the function; b. the significant equity holders have a good reputation and do not exert their influence to the detriment of prudent and sound business practice; c. compliance with the duties stemming from this Act is assured by internal regulations and an appropriate organisational structure; d. sufficient financial guarantees are available; e. the additional authorisation conditions listed in the relevant provisions of the Act are met. 1bis Insofar as the financial guarantees are used to meet minimal capital requirements, the Federal Council may stipulate higher capital requirements than required by the Code of Obligations. 1ter The Federal Coun
Para. 1 let. a — Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 1 let. abis — Inserted by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 1bis — SR 220 Para. 1bis — Inserted by Annex No 14 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006
Art. 15 Duty to obtain approval
1 The following documents are required for obtaining the approval of FINMA: a. for investment fund, the collective investment contract (Art. 25); b. for SICAVs, the articles of association and investment regulations; c. for LPCIs, the company agreement; d. SICAFs, the articles of association and investment regulations; e. the relevant documents of foreign collective investment schemes which are offered to non-qualified investors. 2 If an investment fund or SICAV is structured as an open-ended collective investment scheme with subfunds (Art. 92 et seq.), each subfund or category of shares requires individual approval. 3 The documents of an L-QIF and their amendment require neither an approval pursuant to paragraph 1 nor an approval pursuant to paragraph 2.
Para. 1 let. e — Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 3 — Inserted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).
Art. 16 Change in circumstances
If there is a change in the circumstances underlying the authorisation or approval, FINMA's authorisation or approval must be sought prior to the continuation of activity.
Art. 17 Simplified authorisation and approval procedure
The Federal Council may specify a simplified authorisation and approval procedure process for collective investment schemes.
Section 2 ...
Art. 18–18c
Repealed by Annex No II 13 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901)
Section 3 ...
Art. 19
Repealed by Annex No II 13 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).
Chapter 4 Protection of Investors' Interests
Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).
Art. 20 Principles
1 Persons who manage or represent collective investment schemes or hold the assets of these schemes in safekeeping, as well as their agents must fulfil the following duties in particular: a. duty of loyalty: they act independently and exclusively in the interests of the investors; b. due diligence: they implement the organisational measures that are necessary for irreproachable business conduct; c. duty to provide information: They shall render account of the collective investment schemes which they manage and represent and the assets of these schemes which they hold in safekeeping, and provide information on all of the fees and costs incurred directly or indirectly by investors as well as compensation from third parties, particularly commissions, discounts or other financial benefits. 2 ... 3 Persons who manage or represent collective investment schemes or hold their assets in safekeeping, as well as their agents, shall take all necessary precautions to ensure that all duties in relat
Para. 1 — Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901). Para. 1 let. b — Amended by No of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). Para. 1 let. c — Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901). Para. 2 — Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effect from 1 Jan.
Art. 21 Investments
1 Persons who manage or represent collective investment schemes or hold their assets in safekeeping, as well as their agents shall pursue an investment policy that at all times corresponds with the investment characteristics of the collective investment scheme as set out in the relevant documents. 2 In respect of the purchase and sale of assets and rights on their own behalf as well as that of third parties, they are only entitled to receive the fees specified in the relevant documents. Compensation in accordance with Article 26 FinSA must be credited to the collective investment scheme. 3 Assets acquired for their own account may only be purchased at market price, while any sale of own-account assets must also be at market price.
Para. 1 — Amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901). Para. 2 — SR 950.1 Para. 2 — Second sentence amended by Annex No 3 of the Financial Services Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).
Art. 22
Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).
Art. 23 Exercising membership and creditors' rights
1 The membership and creditors' rights associated with the investments must be exercised independently and exclusively in the interests of the investors. 2 Article 685d paragraph 2 of the Code of Obligations does not apply to investment funds. 3 If a fund management company manages several investment funds, the level of the participation with respect to the percentage limit set out in Article 685d paragraph 1 of the Code of Obligations is calculated individually for each investment fund. 4 Paragraph 3 also applies to each subfund of an open-ended collective investment scheme as defined in Article 92 et seq.
Para. 2 — SR 220
Art. 24
Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901).