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 Definition and Approval
Art. 119 Definition
1 The following are considered foreign open-ended collective investment schemes: a. assets that were accumulated on the basis of a fund contract or another agreement with similar effect for the purpose of collective investment and are managed by a fund management company with its registered office and main administrative office abroad; b. companies and schemes with their registered office and main administrative office located abroad whose purpose is collective capital investment and whose investors have a legal right with regard to the company itself, or with regard to a closely associated company, to the redemption of their units at the net asset value. 2 Closed-end collective investment schemes are deemed to be companies and schemes with their registered office and main administrative office located abroad whose purpose is collective capital investment and whose investors have no legal right with regard to the company itself, or with regard to a closely connected company, to the red
Art. 120 Duty to obtain approval
1 Foreign collective investment schemes must be approved by FINMA before they can be offered in Switzerland to non-qualified investors. The representative shall submit the documents requiring approval to FINMA. 2 Approval is granted if: a. the collective investment scheme, fund management company or company, manager of collective assets and depository are subject to public supervision intended to protect investors; b. with regard to organization, investor rights and investment policy, the fund management company or company and the depository are subject to regulations which are equivalent to the provisions of this Act; c. the designation of the collective investment scheme does not provide grounds for confusion or deception; d. a representative and a paying agent are appointed for the offer of units in Switzerland; e. there is an agreement on cooperation and the exchange of information between FINMA and the foreign supervisory authorities relevant to the offer. 2bis The representative
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 — Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Para. 2 let. b — Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Para. 2 let. d — Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force sin
Art. 121 Paying agent
1 The paying agent must be a bank pursuant to the Federal Act on Banks and Savings Banks of 8 November 1934. 2 The investors may request the issue and redemption of the units from the paying agent.
Para. 1 — SR 952.0
Art. 122 International treaties
Assuming the mutual recognition of regulations and measures of an equivalent standard, the Federal Council may conclude international treaties which specify that collective investment schemes from the signatory countries merely have a duty to register rather than the duty to obtain approval.
Chapter 2 Representatives of Foreign Collective In
Art. 123 Mandate
1 Foreign collective investment schemes may be offered in Switzerland to non-qualified investors and to qualified investors in Switzerland in accordance with Article 5 paragraph 1 FinSA only if the fund management company or the company has first appointed a representative to undertake the duties specified in Article 124, subject to the provisions of Article 122. 2 The fund management and the investment scheme company undertake to provide the representative with the information the latter may require for the performance of its tasks.
Para. 1 — SR 950.1 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).
Art. 124 Duties
1 The representative represents the foreign collective investment scheme with regard to investors and FINMA. The representative's powers of representation may not be restricted. 2 The representative observes the statutory obligations to report, publish and inform, as well as the codes of conduct of industry bodies which have been declared to be the minimum standard by FINMA. The representative's identity must be disclosed in every publication.
Art. 125 Place of performance and place of jurisdiction
1 The place of performance for units of the foreign collective investment schemes offered in Switzerland is the registered office of the representative. 2 It shall continue to be the registered office of the representative after the revocation of authorisation or following the dissolution of the foreign collective investment scheme. 3 The place of jurisdiction is: a. the registered office of the representative; or b. the registered office or place of residence of the investor.
Art. 125 — 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 — 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 let. b — 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).