Collective Investment Schemes Act (CISA)
Term in accordance with 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 2829). This amendment has been made throughout the text.
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 Audit
Art. 126 Appointment
1 The following persons must appoint an audit company licensed by Federal Audit Oversight Authority under Article 9a paragraph 1 of the Auditor Oversight Act of 16 December 2005 to carry out an audit under Article 24 of the FINMASA: a.. fund management companies for the investment funds they manage; b. SICAVs; c. LPCI; d. SICAFs; e. ... f. representatives of foreign collective investment schemes. 2 ... 3 The same audit company must audit the SICAV and any fund management company that it appoints pursuant to Article 51 Paragraph 5. FINMA may grant exemptions. 4 ... 5 The persons named in paragraph 1, managed investment funds and any real estate companies belonging to real estate funds or real estate investment companies must have their annual accounts and if applicable their consolidated accounts audited by a state supervised audit firm in accordance with the principles of the Code of Obligations on the ordinary audit. 6 The Federal Council shall regulate the details. It may authorise F
Para. 1 — SR 221.302 Para. 1 — SR 956.1 Para. 1 — Amended by Annex No 4 of the FA of 20 June 2014 (Consolidation of Oversight through Audit Companies), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857). 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. e — Repealed by Annex No II 13 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS
Art. 127–129
Repealed by Annex No 4 of the FA of 20 June 2014 (Consolidation of Oversight through Audit Companies), with effect from 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).
Art. 130 Duty to provide information
1 The valuation experts and real estate companies belonging to the collective investment scheme shall provide the audit company with full access to the accounting records, the accounting vouchers, the records and to the reports of the valuation experts; moreover, they shall supply them with all the information needed to perform the audit function. 2 The audit company of the custodian bank and the audit company of the other licensees cooperate with each other.
Art. 130 — Amended 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 2829).
Art. 131
Repealed by Annex No 14 of the Financial Market Supervision Act of 22 June 2007, with effect from 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).
Chapter 2 Supervision
Art. 132 Supervision
1 FINMA issues the necessary authorisations and approvals pursuant to this Act and supervises compliance with the statutory, contractual and regulatory provisions as well as the provisions of the articles of association. 2 It does not review the expediency of the business decisions taken by the licensees. 3 L-QIFs are not subject to FINMA supervision.
Art. 132 — Amended 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 2829). 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. 133 Supervisory instruments
1 In the event of infringements of the contractual or regulatory provisions or of the provisions of the articles of association, the supervisory instruments pursuant to Articles 30–35 and 37 of the FINMASA apply mutatis mutandis. 2 Article 37 of FINMASA also applies mutatis mutandis to approval under the present Act. 3 If the investors' rights appear to be endangered, FINMA may order the licensees to provide the necessary collateral. 4 If an enforceable order issued by FINMA is not complied with after prior warning within the deadline that has been set, FINMA may itself carry out the required actions at the expense of the negligent party.
Art. 133 — Amended 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 2829). Para. 1 — SR 956.1 Para. 1 — Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
Art. 134 Liquidation
Licensees from which authorisation has been withdrawn or collective investment schemes from which approval has been withdrawn may be liquidated by FINMA. The Federal Council regulates the details.
Art. 134 — Amended 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 2829).
Art. 135 Measures in the case of non-authorised or non-approved activity
1 Where persons operate without any authorisation or approval, FINMA may order that the collective investment scheme be dissolved. 2 To safeguard the interests of investors, FINMA may order that the collective investment scheme be changed to another legal status.
Art. 136 Other measures
1 In justified cases, FINMA may, in accordance with Article 64, appoint valuation experts to value the assets of real estate funds or real estate investment companies. 2 It may dismiss the valuation experts appointed by the real estate fund or by the real estate investment company.
Art. 137 Initiation of bankruptcy proceedings
1 Where there is justified concern that an authorised parties as defined in Article 13 paragraph 2 letters b–d is excessively indebted or has serious liquidity problems and there is no prospect of restructuring or restructuring has failed, FINMA shall withdraw authorisation from the financial institution, initiate bankruptcy proceedings and make this public. 2 The provisions on composition proceedings (Art. 293–336 of the Federal Act of 11 April 1889 on Debt Enforcement and Bankruptcy, DEBA) and on notification of the court (Art. 716a para. 1 no. 8, 725a para. 3, 725b para. 3 and 728c para. 3 of the Code of Obligations) do not apply to the licensee referred to in paragraph 1. 3 FINMA appoints one or more bankruptcy liquidators. These are subject to supervi-sory control by FINMA and shall provide FINMA with a report if requested.
Art. 137 — Amended by Annex No 3 of the FA of 18 March 2011 (Securing Investments), in force since 1 Sept. 2011 (AS 2011 3919; BBl 2010 3993). 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 — SR 281.1 Para. 2 — SR 220 Para. 2 — Amended by Annex No 11 of the FA of 19 June 2020 (Company Law), in force since 1 Jan. 2023 (AS 2020 4005; 2022 109; BBl 2017 399). Para. 3 — Amended by No
Art. 138 Conduct of bankruptcy proceedings
1 The bankruptcy order has the effect of a commencement of bankruptcy proceedings pursuant to Articles 197–220 DEBA. 2 The bankruptcy proceedings are conducted in accordance with Articles 221–270 DEBA. Articles 138a–138c remain subject to reservation. 3 FINMA may issue different rulings and orders.
Art. 138 — Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Para. 1 — SR 281.1
Art. 138a Creditors' meetings and creditors' committees
1 The bankruptcy liquidator may apply to FINMA for the following: a. to constitute a creditors' meeting and determine its powers as well as the necessary attendance and voting quorums necessary to pass resolutions; b. to designate a creditors' committee and determine its composition and powers. 2 In the case of a SICAV with subfunds as defined in Article 94, a creditors' meeting or creditors' committee may be established for each subfund. 3 FINMA is under no obligation to follow the proposals of the bankruptcy liquidator.
Art. 138a — Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
Art. 138b Distribution and closure of the proceedings
1 If all assets have been realised and all processes relating to the calculation of assets and liabilities have been completed, the bankruptcy liquidators shall draw up the final distribution list as well as the final accounts and forward these to FINMA for approval. Processes arising from the assignment of legal claims under Article 260 DEBA shall be disregarded. 2 The approval decision, together with the distribution list and final accounts, shall be made available for inspection for 30 days. Notice of this availability for inspection shall be published in the Swiss Official Gazette of Commerce and on FINMA's website; advance notification shall be given to each of the creditors, stating their share, as well as to the owners if need be. 3 FINMA issues the necessary orders for the closure of the proceedings. It announces the closure publicly.
Art. 138b — Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Para. 1 — SR 281.1 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). Para. 2 — 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. 138c Foreign insolvency proceedings
Articles 37f and 37g of the Federal Act on Banks and Savings Banks of 8 November 1934 apply to recognising foreign bankruptcy decrees and insolvency measures, as well as for coordination with foreign insolvency proceedings.
Art. 138c — Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). SR 952.0
Art. 138d Appeals
1 In bankruptcy proceedings, creditors and owners of an authorised party covered by Article 137 paragraph 1 may appeal only against realisation actions and against approval of the distribution list and the final accounts. Appeals pursuant to Article 17 DEBA shall be excluded. 2 The timeframe for filing an appeal against approval of the distribution list and the final accounts commences the day after they have been made available for inspection. 3 Appeals in bankruptcy proceedings have no suspensive effect. The instructing judge can restore the suspensive effect on request.
Art. 138d — Inserted by Annex No 9 of the Financial Market Infrastructure Act of 19 June 2015 (AS 2015 5339; BBl 2014 7483). 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 — SR 281.1
Art. 139 Duty to provide information
1 Persons who perform a role in the context of this Act must provide FINMA with all the information and documents that it requires to carry out its duties. 2 FINMA may order licensees to provide it with the information it requires to carry out its duties.
Art. 139 — Amended 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 2829). Para. 2 — Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639).
Art. 140
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).
Art. 141
Repealed by Annex No 9 of the Financial Market Infrastructure Act of 19 June 2015, with effect from 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).
Art. 142
Repealed by Annex No 14 of the Financial Market Supervision Act of 22 June 2007, with effect from 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829).
Art. 143
Repealed by Annex No 9 of the Financial Market Infrastructure Act of 19 June 2015, with effect from 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).
Art. 144 Collection and reporting of data
1 FINMA is authorised to collect data concerning licensees’ business activities and the trend of collective investment schemes in order to maintain market transparency or to execute its supervisory function. It may appoint third parties to collect this information or order licensees to submit this data themselves. 2 Third parties appointed to collect data must treat such data as confidential. 3 The statistical reporting duties vis-à-vis the Swiss National Bank, as specified in the Swiss National Bank Act of 3 October 2003, together with the right of FINMA and the Swiss National Bank to exchange data are reserved.
Art. 144 — Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Para. 1 — Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Para. 3 — SR 951.11