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 Liability
Art. 145 Principle
1 Any person who breaches their duties is liable to the company, the individual investors and the company's creditors for the losses resulting therefrom, unless they prove that they are not at fault. Any person involved in the establishment, management, portfolio management, auditing or liquidation of any of the following financial institutions may be held liable: a. the fund management company; b. the SICAV; c. the LPCI; d. the SICAF; e. the custodian bank; f. the manager of collective assets; g. the representative of foreign collective investment schemes; h. the audit company; i. the liquidator. 2 Liability as defined in paragraph 1 also applies to the valuation expert and the representative of the investors. 3 Any person who assigns the fulfilment of a task to a third party is liable for the losses caused by that third party unless they prove that they applied the degree of due diligence with regard to the selection, instruction and monitoring required in the given circumstances. Th
Para. 1 — Second sentence 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. f — 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 14 of the Financial Market Supervision Act of 22 June 2007, with effect from 1 Jan. 2009 (AS 2008 5207 5205; BBl 2006 2829). Para. 3 —
Art. 146 Joint and several liability and recourse
1 If more than one person is liable to pay compensation, each of them is liable jointly and severally to the extent that the loss is attributable directly to them by reason of their fault and the circumstances. 2 The claimant may file a claim for the overall loss against more than one party jointly, and may request that in the same proceedings the court determine each individual defendant's liability to pay compensation. 3 The court, taking all circumstances into consideration, determines recourse among the parties.
Art. 147 Prescription
1 The right to claim damages prescribes five years from the date on which the person suffering damage became aware of the damage and of the identity of the person liable for it, but not later than three years after the redemption of a unit and in any event not later than ten years after the date on which the harmful conduct took place or ceased. 2 If the person liable has committed a criminal offence through his or her harmful conduct, then notwithstanding the foregoing paragraphs the right to damages or satisfaction prescribes at the earliest when the right to prosecute the offence becomes time-barred. If the right to prosecute is no longer liable to become time-barred because a first instance criminal judgment has been issued, the right to claim damages or satisfaction prescribes at the earliest three years after notice of the judgment is given.
Art. 147 — Amended by Annex No 28 of the FA of 15 June 2018 (Revision of the Law on Prescription), in force since 1 Jan. 2020 (AS 2018 5343; BBl 2014 235).
Chapter 2 Criminal Provisions
Art. 148 Felonies and misdemeanours
1 Any person who wilfully does any of the following is liable to a custodial sentence not exceeding three years or to a monetary penalty: a. ... b. establishes a collective investment scheme without approval or authorisation; c. ... d. offers domestic and foreign collective investment schemes that have not been approved to non-qualified investors; e. fails to maintain the books of account in an orderly manner or does not ar- chive company books of account, records and documents as prescribed; f. in annual report or semi-annual report: 1. provides false information or withholds material facts, 2. does not provide all the mandatory information; g. with respect to the annual report or semi-annual report: 1. fails to produce them or fails to produce them in an orderly manner, 2. fails to publish it or fails to publish it by the specified deadline; h. provides false information to the audit company, the investigating officer, the administrative receiver, the liquidator or FINMA or refuses t
Art. 148 — Amended by No I 1 of the FA of 12 Dec. 2014 on Expanding the Offence of Breach of Professional Confidentiality, in force since 1 July 2015 (AS 2015 1535; BBl 2014 6231 6241). Para. 1 — Amended by No I 1 of the FA of 12 Dec. 2014 on Expanding the Offence of Breach of Professional Confidentiality, in force since 1 July 2015 (AS 2015 1535; BBl 2014 6231 6241). Para. 1 let. a — Repealed by Annex No 14 of the Financial Market Supervision Act of 22 June 2007, with effect from 1 Jan. 2009 (A
Art. 149 Contraventions
1 Any person who wilfully does any of the following is liable to a fine not exceeding CHF 500,000: a. commits a breach of the provision concerning the protection against confusion or deception (Art. 12); b. provides non-permissible, false or misleading information in advertising material for a collective investment scheme; c. ... d. fails to file the required notification with FINMA, the Swiss National Bank or investors, or provides false information therein; e. ... f. fails to keep the share register in terms of Article 46 paragraph 3 correctly; g. commits a breach of the provision concerning the provision of information to investors and the designation of L-QIFs (Art. 118e); h. commits a breach of the reporting duty under Article 118f paragraph 1. 2 ... 3 ... 4 ...
Para. 1 let. c — 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. 1 let. e — 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. 1 let. f — Inserted by No I 6 of the FA of 12 Dec. 2014 on the Implementation of the revised recommendations 2012 of the Financial Action Task Force, in force since 1 July 2015 (AS 2015 1389; BBl 2014
Art. 150
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. 151
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).