Collective Investment Schemes Act (CISA)
Inserted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885).
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 General Provisions
Art. 118a Definition and applicability of the Act
1 An L-QIF is a collective investment scheme that: a. is only open to qualified investors; b. in the event that it invests its funds directly in real estate, is open only to investors who are professional clients in accordance with Article 4 paragraph 3 letters a–h FinSA; c. is managed in accordance with Articles 118g and 118h; and d. has neither authorisation nor approval from FINMA and is not supervised by FINMA. 2 It is subject to this Act unless it provides otherwise.
Para. 1 let. b — SR 950.1
Art. 118b Change of authorisation or approval status
1 A collective investment scheme that has authorisation or approval from FINMA may surrender this if: a. it meets the conditions set out in Article 118a paragraph 1 letters a−c; and b. it is ensured that the interests of the investors are safeguarded. 2 The Federal Council shall regulate the details. It shall lay down the measures to ensure that the interests of investors are safeguarded.
Art. 118c Legal status
The L-QIF may have the legal status of a contractual fund, a SICAV or an LPCI.
Art. 118d Investment provisions not applicable to L-QIFs and provisions on supervision
The following are not applicable to L-QIFs: a. the investment provisions set out in Articles 53–71 and 103; b. the provisions that grant FINMA the power to decide in individual cases or supervisory powers (Art. 7 para. 4 second sentence, 10 para. 5, 26 para. 1, 27, 39 para. 2, 44a para. 2, 47 para. 2, 74, 78 para. 4, 81 para. 2, 83 para. 3, 89 para. 4, 91, 95 para. 2, 96 para. 1 let. c, para. 2 let. c and para. 4, 109 let. c, 126, 132-134, 136-139 and 144).
Art. 118e Information for investors and designations
1 On the first page of the fund documents of an L-QIF and in advertisements for an L-QIF: a. the designation ‘Limited Qualified Investor Fund’ or ‘L-QIF’ must be used; b. state that the L-QIF has neither authorisation nor approval from FINMA and is not supervised by FINMA. 2 The name of an L-QIF in the legal form of a SICAV or KmGK must contain the designation ‘Limited Qualified Investor Fund’ or its abbreviation ‘L-QIF’ and an indication of the relevant legal form. 3 An L-QIF may not be designated as a ‘securities fund’, ‘real estate fund’, ‘other fund for traditional investments’ or ‘other fund for alternative investments’.
Art. 118f Duty to notify and collection of data
1 The institution responsible for administration in accordance with Article 118g paragraph 1 or 118h paragraph 1, 2 or 4 shall notify the Federal Department of Finance (FDF) within 14 days of taking over or ceasing administration of an L-QIF. The Federal Council may determine what information the notification must contain. 2 The FDF shall maintain a publicly accessible list of all L-QIFs and the institutions responsible for their administration in accordance with Article 118g paragraph 1 or 118h paragraph 1, 2 or 4. 3 The FDF may collect data on the business activities of the L-QIF from the L-QIF and the institutions responsible for administration in accordance with Article 118g paragraph 1 or 118h paragraph 1, 2 or 4 for statistical purposes. 4 The FDF may have this data collected by third parties or require the persons referred to in paragraph 3 to report it to it. 5 Article 144 paragraphs 2 and 3 apply by analogy.
Art. 118g Management of L-QIFs in the legal form of a contractual fund
1 An L-QIF in the legal form of a contractual fund is managed by a fund management company. 2 The fund management company may delegate the investment decisions under the conditions set out in Articles 14 paragraph 1 and 35 FinIA to: a. a manager of collective assets in accordance with Article 2 paragraph 1 letter c FinIA; b. a foreign manager of collective assets if: 1. they are subject to appropriate regulation and supervision in their country of domicile, and 2. an agreement on cooperation and the exchange of information exists between FINMA and the competent foreign supervisory authority, insofar as such an agreement is required by foreign law. 3 The manager of collective assets may delegate investment decisions to persons in accordance with paragraph 2 of this provision subject to the conditions set out in Article 14 paragraph 1 and Article 27 paragraph 1 FinIA. 4 The fund contract must specify to whom the investment decisions are delegated.
Para. 2 — SR 954.1
Art. 118h Management of L-QIFs in the legal form of a SICAV and LPCI
1 The administration and investment decision of an L-QIF in the legal form of a SICAV must be delegated to one and the same fund management company. 2 The management of an L-QIF in the legal form of an LPCI must be delegated to a manager of collective assets. 3 The sub-delegation of investment decisions is governed by Article 118g paragraphs 2 and 3. 4 The management of an L-QIF in the legal form of an LPCI need not be delegated if the general partners are banks, insurance companies within the meaning of the IOA, securities firms, fund management companies or managers of collective assets. 5 The articles of association or partnership agreement must specify to whom the management or administration is delegated.
Para. 4 — SR 961.01
Art. 118i Audit, accounting, valuation and financial statements
1 An audit company licensed by the Federal Audit Oversight Authority in accordance with Article 9a paragraph 1 of the Auditor Oversight Act of 16 December 2005 must be appointed to audit the L-QIF. 2 The annual accounts and if applicable their consolidated accounts of the L-QIF and each real estate company belonging to it must be audited by an audit firm under state oversight in accordance with the principles of the Code of Obligations . 3 The same audit company shall be appointed for the audit as for the institution responsible for the administration in accordance with Article 118g paragraph 1 or 118h paragraph 1, 2 or 4. 4 Article 730b paragraph 2 of the Code of Obligations applies accordingly to confidentiality by the audit company. 5 The L-QIF shall bear the costs of the audit. 6 The Federal Council shall regulate the details of the audit. It may issue additional regulations on accounting, valuation, financial statements and publication requirements.
Para. 1 — SR 221.302 Para. 2 — SR 220
Chapter 2 Position of Investors in L-QIFs that are
Art. 118j Preparation and amendment of the fund contract
1 In the case of an L-QIF in the legal form of a contractual fund, the fund management company shall draw up the fund contract and obtain the consent of the custodian bank. 2 If the fund management company intends to amend the fund contract, it shall obtain the consent of the custodian bank in advance and publish the following in the L-QIF's media of publication: a. a summary of the significant amendments; b. a reference to the locations where the full wording of the contractual amendments may be obtained free of charge; and c. an indication of when the amendments will come into force. 3 Publication in accordance with paragraph 2 may be dispensed with if all investors are informed in writing or in another form verifiable by text of the wording of the amendments and the date on which the amendment enters into force. 4 The amendments to the fund contract shall come into force at the earliest: a. in the case of a contractual investment fund with a redemption option at any time: 30 days af
Art. 118k Change of custodian bank
1 Article 39a FinIA applies accordingly to a change of custodian bank for an L-QIF in the legal form of the contractual fund. 2 The change of custodian bank of an L-QIF in the legal form of a SICAV requires an agreement in writing or in another form verifiable by text. The change must be published immediately in the SICAV's media of publication.
Para. 1 — SR 954.1
Art. 118l Derogation from the duty to make payments in and out of the fund in cash
In the case of an L-QIF in the legal form of the contractual fund or the SICAV, derogation from the duty to make payments in and out of the fund in cash in accordance with Article 78 may be allowed if it is provided for in the following document: a. in the case of an L-QIF in the legal form of the contractual fund: in the fund contract; b. in the case of an L-QIF in the legal form of a SICAV: in the investment regulations.
Art. 118m Deferred repayment in exceptional instances
In the case of an L-QIF in the legal form of a contractual fund or SICAV, the fund management company may order a limited deferment of the repayment of the units in the interest of all investors.
Chapter 3 Investment Provisions
Art. 118n Investment and investment techniques
1 The investments permitted for the L-QIF must be set out in the following documents: a. in the case of an L-QIF in the legal form of a contractual fund: in the fund contract; b. in the case of an L-QIF in the legal form of a SICAV: in the investment regulations; c. in the case of an L-QIF in the form of an LPCI: in the partnership agreement. 2 If the L-QIF invests in alternative investments, reference must be made to the particular risks associated with these investments in the designation, in the documents in accordance with paragraph 1 and in the advertising material. 3 The Federal Council shall regulate investment provisions and investment restrictions.
Art. 118o Risk diversification
The risk diversification of an L-QIF must be described in the documents in accordance with Article 118n paragraph 1.
Art. 118p Special provisions for real estate investments
1 If an L-QIF invests in real estate investments, Article 63 paragraphs 1–3 applies accordingly. 2 At least two natural persons or one legal entity shall be appointed as valuation experts for real estate investments for the L-QIF. 3 The Federal Council shall regulate the derogations from paragraph 1 and the requirements for the valuation experts in accordance with paragraph 2. In particular, it shall regulate the derogations from the prohibition on takeovers and assignments in accordance with Article 63 paragraphs 2 and 3.