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 Approval
Art. 127 Designation of the foreign collective investment scheme
(Art. 120 para. 2 let. c and 122 CISA) If the designation of a foreign collective investment scheme provides grounds or might provide grounds for confusion or deception, FINMA may require a supplementary explanation.
Art. 127 — Amended by No I of the O of 13 Feb. 2008, in force since 1 March 2008 (AS 2008 571).
Art. 127a Advertising for foreign collective investment schemes
(Art. 120 par. 1 and 4 CISA) Advertising for foreign collective investment schemes triggers the duties in accordance with Article 120 paragraphs 1 and 4 CISA.
Art. 127a — 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. 127b Foreign ETFs
(Art. 78 para. 3, 119 and 120 CISA) Units or unit classes of a foreign open-ended collective investment scheme that are structured as ETFs under foreign law and are offered to non-qualified investors in Switzerland must be permanently listed on a Swiss stock exchange.
Art. 127b — Inserted by No I of the O of 31 January 2024, in force since 1 March 2024 (AS 2024 73).
Art. 128 Representative agreement and paying agent agreement
(Art. 120 para. 2 let. d CISA) 1 A fund management company of a foreign collective investment scheme or a foreign fund management company whose collective investment scheme is approved to be offered to non-qualified investors in Switzerland shall provide evidence that it: a. has concluded a representative agreement in writing or in another form demonstrable via text; b. has concluded a paying agent agreement in writing or in another form demonstrable via text 2 The custodian bank shall provide evidence that it has concluded a paying agent agreement in writing or in another form demonstrable via text. 3 In relation to the offer of foreign collective investment schemes in Switzerland, the representative agreement specifically regulates: a. the rights and duties of the foreign fund management company in accordance with paragraph 1 and of the representative pursuant to Article 124 paragraph 2 of the Act, in particular with regard to its duty to report, publish and inform, as well as the co
Art. 128 — 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. 128a Duties of the representative
(Art. 124 para. 2 CISA) 1 The representative of a foreign collective investment shall have an appropriate organisational structure for the fulfilment of its duties pursuant to Article 124 CISA. 2 FINMA shall regulate the details of the organisation and duties of the representative of foreign collective investment schemes.
Art. 128a — Inserted by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). Para. 2 — 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. 129 Simplified, fast-track approval procedure
(Art. 120 para. 3 CISA) FINMA may in individual cases specify a simplified, fast-track approval procedure for foreign collective investment schemes provided such investments have already been approved by a foreign supervisory authority, such arrangement being reciprocal.
Art. 129 — Amended by Annex No 6 of the Financial Market Audit Act of 15 Oct. 2008, in force since 1 Jan. 2009 (AS 2008 5363).
Art. 129a Exemptions
(Art. 120 par. 4 CISA) Foreign collective investment schemes which are offered to qualified investors in accordance with Article 5 paragraph 1 of the Financial Services Act of 15 June 2018 (FinSA) within the scope of a permanent investment advice relationship within the meaning of Article 3 letter c item 4 FinSA are not required to meet the conditions of Article 120 paragraph 2 letter d CISA.
Art. 129a — 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). SR 950.1
Art. 129b Employee share participation schemes
(Art. 120 par. 5 CISA) Employee share participation schemes are employee participation schemes in accordance with Article 5 FinIO.
Art. 129b — 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). SR 954.11
Art. 130 Lapse of approval
(Art. 15 and 120 CISA) The approval for foreign collective investment schemes pursuant to Articles 15 and 120 CISA lapses if the supervisory authority in the country of domicile of the collective investment scheme withdraws its approval.
Chapter 2 Representatives of Foreign Collective In
Art. 131 Minimum capital and furnishing of collateral
(Art. 14 para. 1 let. d CISA) 1 The representative of foreign collective investment schemes must possess minimum capital of 100 000 Swiss francs. This must be paid up in full and maintained at all times. 2 FINMA may permit partnerships to provide, instead of minimum capital, collateral in the form of a bank guarantee or a cash deposit in a blocked account with a bank, said collateral being equivalent to the minimum capital. 3 Where there are legitimate grounds for so doing, FINMA may stipulate a different minimum amount. 4 In all other respects, Article 20 applies accordingly.
Art. 131 — 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. 131a Duties of the representative in respect of the offer of units to qualified investors
(Art. 120 para. 4 CISA) The representative shall ensure that investors can obtain from it the principal documents of the foreign collective investment scheme.
Art. 131a — 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).
Art. 132 Professional indemnity insurance
(Art. 14 para. 1 let. d CISA) The representative shall conclude professional indemnity insurance appropriate to its business activities of at least 1 million Swiss francs, less the minimum capital or effective collateral furnished in accordance with Article 131.
Art. 133 Publication and reporting regulations
(Art. 75–77, 83 para. 4 and 124 para. 2 CISA) 1 The representative of a foreign collective investment scheme shall publish the documents pursuant to Articles 13a and 15 paragraph 3, as well as the annual and semi-annual report, in an official language or in English. FINMA may authorise publication in another language, provided publication is directed only towards a specific investor eligibility. 2 The following must be indicated in the publications and marketing material: a. the country of domicile of the collective investment scheme; b. the representative; c. the paying agent; d. the location where the documents pursuant to Articles 13a and 15 paragraph 3, together with the annual and semi-annual report, may be obtained. 2bis If in place of the key information document an equivalent document in accordance with Annex 10 of the Financial Services Ordinance of 6 November 2019 is used, the information in accordance with paragraph 2 may be contained in an annex to the key information docum
Art. 133 — Amended by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). Para. 1 — 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. 2 let. d — Amended by No I of the O of 13 Feb. 2013, in force since 1 March 2013 (AS 2013 607). Para. 2bis — SR 950.11 Para. 2bis — Inserted by Annex 11 No 1 of the Financial Services Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4459). Para. 3 — Amend