Collective Investment Schemes Ordinance (CISO)
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 Object and Scope
Art. 1
Inserted by No I of the O of 13 Feb. 2013 (AS 2013 607). Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
Art. 1a Investment club
(Art. 2 para. 2 let. f CISA) Irrespective of its legal status, an investment club must meet the following requirements: a. The membership rights are set out in the relevant constitutive document for its chosen legal status. b. The members or a section of the members take the investment decisions. c. The members are informed about the status of the investments on a regular basis. d. The number of members does not exceed twenty.
Art. 1a — Originally Art. 1
Art. 1b Operating companies
(Art. 2 para. 2 let. d CISA) 1 For the purpose of applying the CISA and irrespective of their legal status, operating companies which are engaged in entrepreneurial activities are companies: a. which have either their registered office as defined by their articles of association or their actual registered office in Switzerland or which are established in Switzerland if their registered office as defined by their articles of association is located in another state; b. which pursue their activities on a commercial basis or on a scale which requires commercially organised business operations; and c. whose main purpose is the management of a services, production or trading business. 2 Operating companies are in particular companies which: a. develop or construct real estate; b. produce, buy, sell or exchange goods and commodities; c. offer other services outside the financial sector. 3 Operating companies are also companies which in the course of their operating activities avail themselves
Art. 1b — Inserted by No I of the O of 13 Feb. 2013 (AS 2013 607). Amended by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 1 — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). Para. 4 — Expression in accordance with No I para. 1 of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). This amendment was made in the provisions mentioned in the AS.
Art. 1c
Inserted by No I of the O of 13 Feb. 2013 (AS 2013 607). Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 2 Investment company
(Art. 2 para. 3 CISA) Newly established investment companies whose issue prospectus provides for a listing on a Swiss stock exchange are treated as equivalent to listed companies provided listing is completed within one year.
Art. 3 and 4
Repealed by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4459).
Chapter 2 Collective Investment Schemes
Art. 5 Definition of collective investment scheme
(Art. 7 para. 1, 3 and 4 CISA) 1 Irrespective of legal status, collective investment schemes are assets provided by at least two mutually independent investors for the purpose of collective investment and which are managed externally. 2 Investors are mutually independent when they provide assets that are mutually independent in legal and de facto terms. 3 For group companies in the same group of companies pursuant to Article 3 of the Financial Institutions Ordinance of 6 November 2019 (FinIO), the requirement for the assets to be independent pursuant to paragraph 2 does not apply. 4 The assets of a collective investment scheme may be provided by a single investor (single investor fund) where such investor is an investor pursuant to Article 4 paragraph 3 letter b, e or f of the Financial Services Act of 15 June 2018 (FinSA). 5 The restriction of investor eligibility to investors as defined in paragraph 4 must be disclosed in the relevant documents pursuant to Article 15 paragraph 1 of t
Art. 5 — Amended by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). Art. 5 — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). Para. 3 — RS 954.11 Para. 3 — Amended by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459). Para. 4 — RS 950.1 Para. 4 — Amended by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459). Para. 6 — Inse
Art. 6
Repealed by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4459).
Art. 6a Investors
(Art. 10 para. 3ter CISA) The financial intermediary: a. shall, within the meaning of Article 10 paragraph 3ter of the CISA, inform investors that they are deemed qualified investors; b. shall explain the risks that this entails; and c. shall inform them that they have the option of declaring in writing or in another form demonstrable via text that they do not wish to be deemed qualified investors.
Art. 6a — Inserted by No I of the O of 13 Feb. 2013 (AS 2013 607). Amended by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
Chapter 3 Authorisation and Approval
Section 1 General
Art. 7 Authorisation documentation
(Art. 13 and 14 CISA) Any party applying for authorisation under Article 13 CISA must submit the following documents to the Swiss Financial Market Supervisory Authority (FINMA): a. the articles of association and the organisational regulations in the case of a SICAV and a SICAF; b. the company agreement in the case of an LPCI; c. the relevant organisational documents in the case of the representative of foreign collective investment schemes.
Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). let. a — Amended by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). let. b — Expression in accordance with No I para. 2 of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). This amendment was made in the provisions mentioned in the AS. let. c — Amended by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in for
Art. 8 Exemption from the authorisation requirement
(Art. 13 para. 3 CISA) Any party authorised as a fund management company is exempted from the duty to obtain authorisation for representatives of foreign collective investment schemes.
Art. 8 — Amended by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
Art. 9
Repealed by No I of the O of 13. Feb. 2013, with effect from 1 March 2013 (AS 2013 607).
Art. 10 Good reputation, guarantees and specialist qualifications
(Art. 14 para. 1 let. a, abis and b CISA) 1 The persons responsible for the administration and the management shall be suitably qualified for the envisaged activity on the basis of their education and training, experience and career history. 2 The envisaged activity at the authorised party as well as the nature of the intended investments must also be taken into account when assessing the requirements.
Art. 10 — Amended by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
Art. 11
Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 12 Organisational structure
(Art. 14 para. 1 let. c CISA) 1 The executive board must comprise at least two persons. These persons must be resident in a place where they can in fact carry out their management duties properly. 2 The authorised signatories of the licensee must sign jointly. 3 The licensee must define its organisational structure in a set of organisational regulations. 4 It must employ personnel who are properly and suitably qualified for its activity. 5 FINMA may require that an internal audit be performed if required by the scope and nature of the activity. 6 In justified instances, it may grant derogations from these requirements.
Para. 3 — Amended by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
Art. 12a Risk management, internal control system and compliance
(Art. 14 para. 1ter CISA) 1 The licensee must ensure it has proper and appropriate risk management, an internal control system (ICS) and compliance covering its entire business activities. 2 Risk management must be organised so that all material risks can be adequately identified, assessed, controlled and monitored. 3 The licensee shall separate the functions of risk management, the internal control system and compliance in functional and hierarchical terms from the operating units, in particular from the investment decisions function (portfolio management). 4 FINMA may grant derogations from these requirements in justified instances. 5 It may regulate the details of risk management, the internal control system and compliance.
Art. 12a — Inserted by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). Para. 5 — Inserted by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73).
Art. 12b Delegation of tasks
(Art. 14 para. 1ter CISA) 1 Tasks are deemed to be delegated if the SICAV and the representatives of foreign collective investment schemes appoint a service provider to independently and permanently perform in full or in part a material task, thereby changing the circumstances underlying the authorisation. 2 Material tasks are deemed to be: a. for a SICAV: tasks in accordance with Article 36 CISA; b. for a representative of foreign collective investment schemes: tasks in accordance with Article 124 CISA.
Art. 12b — Inserted by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 2 let. a — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73).
Art. 12c Delegable tasks
(Art. 14 para. 1ter CISA) 1 The SICAVs and the representatives of foreign collective investment schemes may delegate to third parties only those tasks which do not need to be within the decision-making remit of the body responsible for management or for governance, supervision and control. 2 Delegation must not impair the appropriateness of the operational organisation. 3 The operational organisation is no longer deemed to be appropriate if the SICAV or the representative of foreign collective investment schemes: a. does not have the necessary personnel resources and specialist knowledge to select, instruct and monitor the third party and manage the associated risks; or b. does not have the necessary rights to issue instructions to or control the third party.
Art. 12c — Inserted by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
Art. 12d Delegation of tasks: responsibility and procedures
(Art. 14 para. 1ter CISA) 1 The SICAV or the representative of foreign collective investment schemes remains responsible for the fulfilment of supervisory duties and when delegating tasks shall safeguard clients' interests. 2 They shall agree with the third party in writing or in another form demonstrable via text which tasks are to be delegated. The following in particular are to be laid down in the agreement: a. the authorities and responsibilities; b. any powers of subdelegation; c. the third party's duty to render account; d. the rights to control of the SICAV and the representative of foreign collective investment schemes. 3 The SICAVs and the representatives of foreign collective investment schemes shall lay down in their organisational principles the tasks delegated as well as details of the possibility of subdelegation. 4 Delegation is to be organised so that the SICAV or the representative of foreign collective investment schemes, its internal auditors, the audit company and F
Art. 12d — Inserted by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
Art. 13 Financial guarantees
(Art. 14 para. 1 let. d CISA) The licensee has sufficient financial guarantees if it meets the relevant provisions regarding the minimum capital or minimum investment amount.
Art. 13a Documents of foreign collective investment schemes
(Art. 15 para. 1 let. e CISA) For foreign collective investment schemes, the following documents must be sub- mitted to FINMA for approval: a. the prospectus; b. the key information document in accordance with Articles 58–63 and 66 FinSA; c. the collective investment agreement for the contractual collective investment schemes; d. the articles of association and the investment regulations or the company agreement of collective investment schemes organised under company law; e. other documents that would be necessary for approval under applicable foreign laws and those for Swiss collective investment schemes in accordance with Article 15 paragraph 1 CISA.
Art. 13a — Inserted by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). let. b — Amended by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459). let. b — SR 950.1
Art. 14 Change of organisational structure and documents
(Art. 16 CISA) 1 In the event of changes to the organisational structure, authorisation must be obtained from FINMA. The documents defined in Article 7 must be submitted to FINMA. 2 Changes to documents in accordance with Article 15 CISA must be submitted to FINMA, with the exception of: a. the relevant documents of foreign collective investment schemes; b. any change in the total amount or range of the limited partners' contributions in the company agreement of the LPCI; c. changes to documents requiring approval in the case of a domestic collective investment scheme where such documents relate exclusively to provisions on sales and distribution restrictions and are required in the context of foreign laws, international treaties, bilateral or supervisory arrangements, etc.
Para. 2 — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). Para. 2 let. b — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). Para. 2 let. c — Inserted by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607).
Art. 15 Duty to report
(Art. 16 CISA) 1 The licensees, with the exception of the custodian bank, shall report: a. any change in the persons responsible for the administration and the management; b. facts which might call into question the good reputation or the guarantee of irreproachable business conduct by the persons responsible for the administration and the management, specifically the instigation of criminal proceedings against them; c. any change in significant equity holders, except for company shareholders in a SICAV and limited partners in an LPCI; d. facts which might call into question the good reputation of significant equity holders, specifically the instigation of criminal proceedings against them; e. facts which call into question the prudent and sound business practice of the licensees owing to the influence of the significant equity holders; f. any change with respect to the financial guarantees (Art. 13), in particular if the minimum requirements are no longer met. 2 The custodian bank sha
Para. 1 let. b — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). Para. 3 — SR 950.1 Para. 3 — Amended by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459). Para. 4 — Amended by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 4 let. a — Amended by Annex No 6 of the Financial Market Audit Act of 15 Oct. 2008, in force since 1 Jan. 20
Art. 16 Requirements for the simplified approval procedure
(Art. 17 CISA) 1 The simplified approval procedure may only be adopted where the fund regulations: a. comply with a format which FINMA has recognised as being the minimum standard, such as model regulations and prospectuses of a specific industry body; or b. comply with a set of standards which FINMA has recognised as binding in relation to the relevant licensee. 2 FINMA shall give the applicant confirmation of its receipt of the application. 3 Where additional information is required for the purpose of assessing the application, FINMA may instruct the applicant to submit such information at a subsequent time.
Art. 17 Time limits for the simplified approval procedure
(Art. 17 CISA) 1 Open-ended collective investment schemes for qualified investors are deemed to have been approved on expiry of the following time limits: a. securities funds, real estate funds and other funds for traditional investments: following receipt of the application; b. other funds for alternative investments: four weeks following receipt of the application. 2 FINMA shall approve open-ended collective investment schemes which are directed towards the public at the latest within the following time limits: a. securities funds: four weeks following receipt of the application; b. real estate funds and other funds for traditional investments: six weeks following receipt of the application; c. other funds for alternative investments: eight weeks following receipt of the application. 3 The period begins one day following receipt of the application. 4 Where FINMA requires further information, the commencement of the period must be postponed from the time the request is made until such
Art. 18 Subsequent amendment of documents
(Art. 17 CISA) 1 FINMA may demand that a subsequent amendment be made to the documents for collective investment schemes for qualified investors for a period of up to three months following simplified approval. 2 The investors must: a. be made aware of the possibility of an amendment in advance; b. be informed of subsequent amendments in the media of publication.
Section 2 …
Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 19
Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 20 Components of capital
(Art. 14 para. 1 let. d CISA) 1 In the case of a company limited by shares and a partnership limited by shares, the capital is the share and participation capital, and in the case of a limited liability company it is the issued capital. 2 In the case of partnerships, the capital is: a. the capital accounts; b. the partnership contributions; and c. the assets of the partners with unlimited liability. 3 The capital accounts and assets of the partners with unlimited liability may only be counted towards the capital if a declaration is provided to the effect that: a. in the event of liquidation, bankruptcy or administration proceedings such assets shall be subordinate to the claims of all other creditors; and b. an obligation exists: 1. not to net such assets with its own claims nor secure them from its own assets, 2. not to reduce any of the components of the capital as defined in paragraph 2 letters a and c to the extent that the minimum capital is no longer maintained without the prior
Art. 20 — Amended by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). Para. 2 — Amended by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). Para. 3 — Amended by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 3 let. b — Amended by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). Para. 4 — Inserted by Annex 1 N
Art. 21
Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 22 Qualifying capital
(Art. 14 para. 1 let. d CISA) 1 Legal entities may include the following in qualifying capital: a. the paid-up share and participation capital in the case of a company limited by shares and partnership limited by shares, and the issued capital in the case of a limited liability company; b. the general statutory reserve and other reserves; c. retained earnings; d. the net profit for the current financial year after deducting the estimated earnings distribution, provided an audited interim financial statement including full income statement is available; e. hidden reserves, provided they are assigned to a separate account and designated as own funds. Their allowability must be confirmed in the audit report. 2 Partnerships may include the following in qualifying capital: a. the capital accounts; b. the partnership contributions; c. … d. the funds of the partners with unlimited liability, provided the conditions stated in Article 20 paragraph 3 are met. 3 … 4 The qualifying capital as defi
Para. 1 let. e — Expression in accordance with No 6 of the Financial Market Audit Act of 15 Oct. 2008, in force since 1 Jan. 2009 (AS 2008 5363). Para. 2 — Amended by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). Para. 2 let. c — Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633). Para. 3 — Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1
Art. 23 Deductions in relation to the calculation of qualifying capital
(Art. 14 para. 1 let. d CISA) The following shall be deducted when calculating capital adequacy: a. the loss carried forward and the loss for the current financial year; b. any unsecured allowance and provision for the current financial year; c. … d. intangible assets (including start-up and organisational costs as well as goodwill) with the exception of software; e. in the case of a company limited by shares and partnership limited by shares, the shares which they hold in the company at their own risk; f. in the case of a limited liability company, the capital contribution which it holds in the company at its own risk; g. the carrying amount of investments, unless a consolidation is performed in accordance with Article 29; g. the carrying amount of participations.
let. c — Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633). let. g — Amended by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633).
Art. 24
Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 24a
Inserted by No I of the O of 13 Feb. 2013 (AS 2013 607). Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 25–28
Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 29
Repealed by No I of the O of 13 Feb. 2013, with effect from 1. March 2013 (AS 2013 607).
Art. 29a–29f
Inserted by No I of the O of 13 Feb. 2013 (AS 2013 607). Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 30
Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Art. 30a
Inserted by No I of the O of 13 Feb. 2013 (AS 2013 607). Repealed by Annex 1 No II 9 of the Financial Institutions Ordinance of 6 Nov. 2019, with effect from 1 Jan. 2020 (AS 2019 4633).
Chapter 4 Protection of Investors' Interests
Amended by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
Art. 31 Duty of loyalty
(Art. 20 para. 1 let. a CISA) 1 Persons who manage Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes, or their agents, may only purchase investments from collective investment schemes at the market price for their own account and may only sell such investments from their own portfolios at the market price. 2 In relation to services delegated to third parties they shall waive the compensation owed to them in accordance with the fund regulations, company agreement, investment regulations or discretionary management agreement where such compensation is not used for payment of the services rendered by such third parties. 3 Where investments of a collective investment scheme are transferred to another scheme of the same licensee or a scheme belonging to a related licensee, no costs may be levied. 4 Persons who manage or represent Swiss collective investment schemes or hold the assets of th
Para. 1 — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). Para. 4 — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). Para. 4 let. b let. 3 — Amended by No I of the O of 28 Jan. 2009, in force since 1 March 2009 (AS 2009 719). Para. 5 — Amended by No I of the O of 28 Jan. 2009, in force since 1 March 2009 (AS 2009 719). Para. 6 — Inserted by No I of the O of 28 Jan. 2009, in force since 1 March 2009 (AS 2009 719).
Art. 31a Best possible execution of securities transactions and other transactions
(Art. 20 para. 1 let. a CISA) 1 Persons who manage or represent Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes, or their agents, must exercise due diligence in selecting counterparties for securities transactions and other transactions. They must ensure that the best possible result is achieved in financial, time and quality terms when executing securities transactions and other transactions. 2 In financial terms, in addition to the price of the financial instrument, they must also take into account the costs associated with the execution of the order as well as third-party compensation.
Art. 31a — Inserted by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73).
Art. 32 Special duty of loyalty in relation to real estate investments
(Art. 20 para. 1 let. a, 21 para. 3 and 63 CISA) 1 Persons who manage or represent Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes, or their agents, may calculate the fees payable to closely connected natural or legal persons that participate in the planning, construction, purchase or sale of a building for the account of the collective investment scheme; the fees shall be based exclusively on the normal prices prevailing in the sector. 2 The valuation expert shall check the fee invoice prior to settlement thereof and if necessary furnish the licensee and the audit company with a report. 3 Where real estate investments of a collective investment scheme are transferred to another scheme of the same licensee or a related licensee, no compensation may be levied for buying and selling work undertaken. 4 Payments by real estate companies to the members of their administration, to their m
Para. 1 — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73).
Art. 32a Exceptions to the ban on transactions with closely connected persons
(Art. 63 para. 3 and 4 CISA) 1 Pursuant to Article 63 paragraph 4 of the CISA, FINMA may in justified individual cases grant an exemption from the ban on transactions with closely connected persons pursuant to Article 63 paragraphs 2 and 3 of the CISA if: a. the relevant documents of the collective investment scheme provide for such a possibility; b. the exemption is in the interests of the investors; c. in addition to the valuation by the regular valuation experts for the real estate fund, a valuation expert who is independent of such experts or their employer and of the fund management company or SICAV as well as the custodian bank of the real estate fund pursuant to Article 64 paragraph 1 of the CISA confirms the market conformity of the purchase and sale price for the property and of the transaction costs. 2 Following conclusion of the transaction, the fund management company or SICAV prepares a report containing the following: a. information on the individual properties acquired o
Art. 32a — Inserted by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). Para. 5 — Amended by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).
Art. 32b Conflicts of interest
(Art. 20 para. 1 let. a CISA) Persons who manage or represent Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes, or their agents, must take effective organisational and administrative measures to identify, prevent, settle and monitor conflicts of interest in order to prevent the latter from harming the interests of the investors. Where conflicts of interest cannot be avoided, they shall be disclosed to the investors.
Art. 32b — Inserted by No I of the O of 13 Feb. 2013 (AS 2013 607). Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73).
Art. 33 Due diligence
(Art. 20 para. 1 let. b CISA) 1 Persons who manage or represent Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes, or their agents, must ensure the effective separation of the activities of decision-making (asset management), implementation (trading and settlement) and administration. 2 FINMA may regulate the details and in justified individual instances permit exemptions or order the separation of additional functions.
Art. 33 — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73).
Art. 34 Duty of disclosure
(Art. 20 para. 1 let. c and 23 CISA) 1 Persons who manage or represent Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes, or their agents, must draw investors' attention to the risks associated with a specific type of investing in particular. 2 They shall disclose all costs incurred on the issue and redemption of units and in the administration of the collective investment scheme. In addition, they shall disclose the manner in which the management fee is used and the levying of any performance fee. 3 The duty of disclosure with regard to compensation for distribution of collective investment schemes encompasses the nature and scale of all fees and other pecuniary benefits through which the activities of the distributor are to be compensated. 4 Persons who manage or represent Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or repres
Art. 34 — Amended by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459). Para. 1 — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73). Para. 4 — Amended by No I of the O of 31 Jan. 2024, in force since 1 March 2024 (AS 2024 73).
Art. 34a
Inserted by No I of the O of 13 Feb. 2013 (AS 2013 607). Amended by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459).