FINMA Collective Investment Schemes Ordinance
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 Duties of Representatives of Foreign Col
(Art. 128a para. 2 and 131 ff. CISO)
Amended by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, in force since 1 Jan. 2021 (AS 2020 5327). SR 951.311
Art. 66 Publication duties
1 Representatives of foreign collective investment schemes shall publish the issue and redemption prices and if applicable the asset value with the indication «excluding commission». together in the organs of publication named in the prospectus on every issue and redemption of units, but at least twice each month. 2 In the case of collective investment schemes for which the right to redeem at any time pursuant to Article 109 paragraph 3 CISO has been restricted, publication in accordance with paragraph 1 is required at least once each month. The weeks and weekdays on which publication takes place must be indicated in the prospectus. 3 Notice of the amendment of documents given to investors in the foreign collective investment scheme’s home country must at the same time be published in Switzerland.
Para. 2 — SR 951.311
Art. 66a Obligation to give notice
1 The representative of foreign collective investment schemes must in particular give notice to FINMA if: a. collective investment schemes or sub-funds are combined or liquidated or their legal form is changed; b. a collective investment scheme or a sub-fund is not launched or the offer in Switzerland is not taken up or is cancelled; c. the redemption of units in a foreign collective investment scheme that it represents is postponed or if the management company decides to reduce redemption requests on a pro rata basis (gating); d. a foreign supervisory authority has taken measures against the collective investment scheme, and in particular if it has withdrawn approval. 2 In the event of a change of paying agent or the termination of agency agreements, FINMA’s approval for the termination of the mandate must be obtained in advance (Art. 120 para. 2bis CISA).
Art. 66b Obligation to give notice on cancellation or amendment of the professional indemnity insurance
Representatives of foreign collective investment schemes must give immediate notice to FINMA of the cancellation or amendment of the professional indemnity insurance.
Chapter 2 Risk Management and Risk Control
(Art. 14 CISA; Art. 12a CISO)
SR 951.311
Art. 67
Articles 8–14 der FINMA Financial Institutions Ordinance of 4 November 2020 apply by analogy to risk management and risk control for the SICAV.
Art. 67 — Amended by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, in force since 1 Jan. 2021 (AS 2020 5327). SR 954.111
Art. 68–71
Repealed by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, with effect from 1 Jan. 2021 (AS 2020 5327).
Chapter 3 SICAV
(Art. 33 para. 1 CISO)
Amended by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, in force since 1 Jan. 2021 (AS 2020 5327). SR 951.311
Art. 72
The self-managed SICAV shall ensure that the valuation of investments is separated from the function concerned with investment decisions (portfolio management), both functionally and in terms of personnel.
Chapter 4 …
Art. 73–76
Repealed by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, with effect from 1 Jan. 2021 (AS 2020 5327).
Chapter 5 Custodian Bank
(Art. 14, 72 f. CISA; Art. 102a ff. CISO)
SR 951.311
Art. 77 Organisation
1 The custodian bank shall ensure that its premises, staff and functions are independent of the fund management company or SICAV. 2 Where tasks are delegated to the custodian bank by the fund management company or the SICAV, measures must be put in place to ensure that no conflicts of interest arise. Managerial independence between the delegating fund management company or SICAV and/or its agents, on the one hand, and those entrusted with the tasks of the custodian bank in accordance with Article 73 CISA must be ensured. Where conflicts of interest are unavoidable, they must be disclosed to the investors. 3 Those entrusted with the tasks of the custodian bank in accordance with Article 73 CISA may not simultaneously perform tasks delegated by the fund management company or SICAV.
Art. 78 Control function
1 In order to carry out its control tasks in accordance with Article 73 paragraph 3 letters a and b CISA, the custodian bank shall assess the risks in connection with the nature, scope and complexity of the strategy of the collective investment scheme in order to develop control processes that are appropriate to the collective investment scheme and the assets in which it invests. 2 The custodian bank shall issue appropriate internal guidelines to this effect setting out, as a minimum: a. how it organises its control function, in particular what roles there are and who is responsible for what; b. the control processes in accordance with which the controls, including those carried out when transferring safekeeping to a third-party custodian or collective securities depository within the meaning of Article 105a CISO, are to be carried out; c. the control plan and the control processes, in particular the methods, data basis and frequency of controls; d. the escalation processes that are tr
Para. 2 let. b — SR 951.311