rechtundgesetz.ch
Supporter

Art. 143 – Supervision

Monitor changes

Choose explicitly whether this legal target should be monitored personally or in the shared team workspace.

Open Monitoring Center

Select a dossier

Choose the personal dossier for this item.

Private tags

This assignment is visible only to you.

Create private tag
  1. 213 Repealed by Annex No 9 of the Financial Market Infrastructure Act of 19 June 2015, with effect from 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).
Legal act context
SR 951.31 · CISA · Federal act · Federal Act of 23 June 2006 on Collective Investment Schemes (Collective Investment Schemes Act, CISA)
Structure path
Title 5 Audit and Supervision Chapter 2 Supervision
Language
English (en)
Data status
2024-03-01

Available language versions

Deutschde Françaisfr Italianoit Englishen

The official sources and versions published by the competent authorities remain authoritative.

Contents of this enactment

Document textGeneral document text1ArticlesRegular articles in this version166AnnexesAnnexes and attachments in this version1
Document text1
Articles166
1Title 1 General Provisions
2Chapter 1 Aim and Scope of Application
Art. 1 – AimArt. 1 Aim This Act aims to protect investors and to ensure transparency and the proper functioning of the market for collective investment schemes. Direct link
Art. 2 – Scope of ApplicationArt. 2 Scope of Application 1 This Act governs the following, irrespective of their legal status: 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,… Direct link
Art. 3–6Art. 3–6 Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2019 4417; BBl 2015 8901). Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effec… Direct link
2Chapter 2 Collective Investment Schemes
Art. 7 – DefinitionArt. 7 Definition 1 Collective investment schemes are assets raised from investors for the purpose of collective investment, and which are managed for the account of such investors. The investment requirements of the in… Direct link
Art. 8 – Open-ended collective investment schemesArt. 8 Open-ended collective investment schemes 1 Open-ended collective investment schemes may be in the form of a contractual fund (Art. 25 et seq.) or SICAV (Art. 36 et seq.). 2 With open-ended collective investment s… Direct link
Art. 9 – Closed-ended collective investment schemesArt. 9 Closed-ended collective investment schemes 1 Closed-ended collective investment schemes may be in the form of a limited partnership for collective investment (LPCI, Art. 98–109) or an investment company with fixe… Direct link
Art. 10 – InvestorsArt. 10 Investors 1 Investors are natural and legal persons, as well as general and limited partnerships, which hold units in collective investment schemes. 2 Collective investment schemes are open to all investors, exc… Direct link
Art. 11 – UnitsArt. 11 Units Units are claims against the fund management company conferring entitlement to the assets and income of the investment fund or interests in the investment company. Direct link
Art. 12 – Protection against confusion or deceptionArt. 12 Protection against confusion or deception 1 The designation ‘collective investment scheme’ must not provide any grounds for confusion or deception, in particular in relation to the investments. 2 Designations su… Direct link
2Chapter 3 Authorisation and Approval
3Section 1 General
Art. 13 – Duty to obtain authorisationArt. 13 Duty to obtain authorisation 1 Any party who establishes or operates a collective investment scheme or is responsible for the safekeeping of the assets held in it requires authorisation from FINMA. Amended by An… Direct link
Art. 14 – Authorisation requirementsArt. 14 Authorisation requirements 1 Authorisation is granted if: 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). Amen… Direct link
Art. 15 – Duty to obtain approvalArt. 15 Duty to obtain approval 1 The following documents are required for obtaining the approval of FINMA: a. for investment fund, the collective investment contract (Art. 25); b. for SICAVs, the articles of associatio… Direct link
Art. 16 – Change in circumstancesArt. 16 Change in circumstances If there is a change in the circumstances underlying the authorisation or approval, FINMA's authorisation or approval must be sought prior to the continuation of activity. Direct link
Art. 17 – Simplified authorisation and approval procedureArt. 17 Simplified authorisation and approval procedure The Federal Council may specify a simplified authorisation and approval procedure process for collective investment schemes. Direct link
3Section 2 ...
Art. 18–18cArt. 18–18c 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) Repealed by Annex No II 13 of the Financial Institutions Ac… Direct link
3Section 3 ...
Art. 19Art. 19 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). Repealed by Annex No II 13 of the Financial Institutions Act o… Direct link
2Chapter 4 Protection of Investors' Interests
Art. 20 – PrinciplesArt. 20 Principles 1 Persons who manage or represent collective investment schemes or hold the assets of these schemes in safekeeping, as well as their agents must fulfil the following duties in particular: Amended by A… Direct link
Art. 21 – InvestmentsArt. 21 Investments 1 Persons who manage or represent collective investment schemes or hold their assets in safekeeping, as well as their agents shall pursue an investment policy that at all times corresponds with the i… Direct link
Art. 22Art. 22 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). Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effect… Direct link
Art. 23 – Exercising membership and creditors' rightsArt. 23 Exercising membership and creditors' rights 1 The membership and creditors' rights associated with the investments must be exercised independently and exclusively in the interests of the investors. 2 Article 685… Direct link
Art. 24Art. 24 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). Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effect… Direct link
1Title 2 Open-Ended Collective Investment Schemes
2Chapter 1 The Contractual Fund
3Section 1 Definition
Art. 25Art. 25 1 The contractual fund (investment fund) is based on a collective investment agree-ment (fund contract) under which the fund management company commits itself to: a. involving investors in accordance with the nu… Direct link
3Section 2 The Fund Contract
Art. 26 – ContentArt. 26 Content 1 The fund management company draws up the fund contract and, with the consent of the custodian bank, submits it to FINMA for approval. 2 The fund contract sets out the rights and duties of the investors… Direct link
Art. 27 – Amendments to the fund contractArt. 27 Amendments to the fund contract 1 Amendments to the fund contract must be submitted by the fund management company, with the consent of the custodian bank, to FINMA. 2 If the fund management company amends the f… Direct link
3Section 3 ...
Art. 28–35Art. 28–35 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). Repealed by Annex No II 13 of the Financial Institutions Ac… Direct link
2Chapter 2 Investment Company with Variable Capital
3Section 1 General Provisions
Art. 36 – Definition and dutiesArt. 36 Definition and duties Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; B… Direct link
Art. 37 – FormationArt. 37 Formation 1 The formation of a SICAV is based on the provisions of the Code of ObligationsSR 220 regarding the formation of companies limited by shares, with the exception of the provisions regarding contributio… Direct link
Art. 38 – Company nameArt. 38 Company name 1 The company name must contain a description of the legal status or the abbrevia-tion thereof (SICAV). 2 In all other respects, the provisions of the Code of ObligationsSR 220 regarding the name of… Direct link
Art. 39 – Capital adequacyArt. 39 Capital adequacy 1 There must be an appropriate relationship between the holdings of the company shareholders and the total assets of the SICAV. The Federal Council regulates this relationship. 2 In special case… Direct link
Art. 40 – SharesArt. 40 Shares 1 The company shares are registered. 2 The company and investor shares have no nominal value and must be fully paid up in cash. 3 The shares are freely transferable. The articles of association may restri… Direct link
Art. 41 – Company shareholdersArt. 41 Company shareholders 1 The company shareholders contribute the minimum holding necessary for the formation of the SICAV. 2 They resolve the dissolution of the SICAV and its subfunds in accordance with Article 96… Direct link
Art. 42 – Issue and redemption of sharesArt. 42 Issue and redemption of shares 1 Unless the law and articles of association provide otherwise, a SICAV may at any time issue new shares at the net asset value and must, if requested by a shareholder, at any time… Direct link
Art. 43 – Articles of associationArt. 43 Articles of association 1 The articles of association must contain provisions concerning: a. the company name and its registered office; b. the objects; c. the minimum investment amount; d. the convening of gene… Direct link
Art. 44 – Investment regulationsArt. 44 Investment regulations A SICAV shall produce a set of investment regulations. Its contents are based on the provisions regarding the fund contract, unless the law and articles of association provide otherwise. Direct link
Art. 44a – Custodian bankArt. 44a Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Cust… Direct link
Art. 45 – Relationship with the Financial Market Infrastructure ActArt. 45 Amended by Annex No 9 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483). Amended by Annex No 9 of the Financial Market Infrastructure Act of 19… Direct link
3Section 2 Shareholders' Rights and Obligations
Art. 46 – Membership rightsArt. 46 Membership rights 1 Any person recognised as a shareholder by the SICAV may exercise membership rights. 2 The shareholders may represent their shares at a general meeting in person or be represented by a third p… Direct link
Art. 46a – Company shareholders’ obligation to give noticeArt. 46a 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 605). Inserted by No… Direct link
Art. 47 – Voting rightsArt. 47 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). Amended by Annex No 14 of the Financial Market Supervision Act of 22… Direct link
Art. 48 – Inspection rightsArt. 48 Inspection rights Inspection rights are based on the provisions of the Code of ObligationsSR 220 regarding the shareholders’ inspection rights unless this Act provides otherwise. SR 220 Direct link
Art. 49 – Other rightsArt. 49 Other rights In all other respects, Articles 78 et seq. apply. Direct link
3Section 3 Organisation
Art. 50 – General meetingArt. 50 General meeting 1 The supreme governing body of the SICAV is the general meeting of shareholders. 2 The general meeting is held every year within four months of the close of the business year. 3 Unless otherwise… Direct link
Art. 51 – Board of directorsArt. 51 Board of directors 1 The board of directors consists of at least three but no more than seven members. 2 The articles of association may authorise the board of directors to transfer management and representation… Direct link
Art. 52 – Audit companyArt. 52 Audit company A SICAV shall appoint an audit company (Art. 126 et seq.). Direct link
2Chapter 3 Types of Open-Ended Collective Investment Schemes and Investment Regulations
3Section 1 Securities Funds
Art. 53 – DefinitionArt. 53 Definition Securities funds are open-ended collective investment schemes which invest their assets in securities and comply with the laws of the European Communities. Direct link
Art. 54 – Permitted investmentsArt. 54 Permitted investments 1 Securities funds may invest in transferable securities issued on a large scale and in non-securitised rights having the same function (uncertified securities) and which are traded on a st… Direct link
Art. 55 – Investment techniquesArt. 55 Investment techniques 1 The fund management company and the SICAV may employ the following in- vestment techniques for the purpose of efficient management: a. securities lending; b. repurchase agreements; c. bor… Direct link
Art. 56 – Use of derivativesArt. 56 Use of derivatives 1 The fund management company and the SICAV may conduct transactions in derivatives provided: a. such transactions do not result in a change to the investment characteristics of the securities… Direct link
Art. 57 – Risk diversificationArt. 57 Risk diversification 1 In relation to their investments, the fund management company and SICAV must comply with the principles of risk diversification. As a rule, they may invest only a certain percentage of the… Direct link
3Section 2 Real Estate Funds
Art. 58 – DefinitionArt. 58 Definition Real estate funds are open-ended collective investment schemes which invest their assets in real estate. Direct link
Art. 59 – Permitted investmentsArt. 59 Permitted investments 1 Real estate funds may invest their assets in: a. property, including fixtures and fittings; b. investments in and claims on real estate companies whose sole objective is the purchase and… Direct link
Art. 60 – Securing liabilitiesArt. 60 Securing liabilities In order to secure their liabilities, the fund management company and SICAV must maintain an adequate proportion of the fund's assets in short-term fixed-interest securities or in funds avai… Direct link
Art. 61 – Use of derivativesArt. 61 Use of derivatives The fund management company and SICAV may conduct derivative transactions provided they comply with the investment policy. The provisions concerning the use of derivatives for securities funds… Direct link
Art. 62 – Risk diversificationArt. 62 Risk diversification Investments must be diversified by type of property, purpose of use, age, building fabric and location. Direct link
Art. 63 – Special dutiesArt. 63 Special duties 1 The fund management company shall bear responsibility with regard to the investors for ensuring that the real estate companies belonging to the real estate fund comply with this Act and with the… Direct link
Art. 64 – Valuation expertsArt. 64 Valuation experts Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2… Direct link
Art. 65 – Special powersArt. 65 Special powers 1 The fund management company and the SICAV may commission the construction of buildings provided the fund regulations explicitly permit the purchase of building land and the execution of construc… Direct link
Art. 66 – Issue and redemption of unitsArt. 66 Issue and redemption of units 1 The fund management company and the SICAV must offer new units first to existing investors. 2 The investors may request the redemption of their units at the end of a financial yea… Direct link
Art. 67 – TradingArt. 67 Trading The fund management company and the SICAV ensure that real estate fund units are regularly traded via a bank or a securities dealer on a stock exchange or over the counter. Direct link
3Section 3 Other Funds for Traditional and Alternative Investments
Art. 68 – DefinitionArt. 68 Definition Other funds for traditional and alternative investments are open-ended collective investment schemes that are neither securities funds nor real estate funds. Direct link
Art. 69 – Permitted investmentsArt. 69 Permitted investments 1 In particular, investments in securities, precious metals, real estate, commodities, derivatives, units of other collective investment schemes, as well as other assets and rights, are per… Direct link
Art. 70 – Other funds for traditional investmentsArt. 70 Other funds for traditional investments 1 Other funds for traditional investments include open-ended collective investment schemes which in terms of their investments, investment techniques and investment restri… Direct link
Art. 71 – Other funds for alternative investmentsArt. 71 Other funds for alternative investments 1 Other funds for alternative investments include open-ended collective investment schemes whose investments, structure, investment techniques (short-selling, borrowing of… Direct link
2Chapter 4 Common Provisions
3Section 1 Custodian Bank
Art. 72 – OrganisationArt. 72 Organisation 1 The custodian bank must be a bank pursuant to the Federal Act on Banks and Savings Banks of 8 November 1934SR 952.0 and have an appropriate organisational structure to act as custodian bank to col… Direct link
Art. 73 – DutiesArt. 73 Duties 1 The custodian bank is responsible for the safekeeping of the investment fund's assets, the issue and redemption of units, as well as payment transfers on behalf of the investment fund. 2 It may transfer… Direct link
Art. 74 – Change of custodian bankArt. 74 Change of custodian bank 1 In the case of investment funds, the provisions concerning a change of fund management company (Art. 39 FinIASR 954.1) also apply accordingly to a change of custodian bank. Amended by… Direct link
3Section 2 ...
Art. 75–77Art. 75–77 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). Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with eff… Direct link
3Section 3 Position of Investors
Art. 78 – Purchase and redemptionArt. 78 Purchase and redemption 1 On concluding a contract, or subscribing and paying in cash, investors acquire: a. in the case of an investment fund, a claim against the fund management company to participate in the a… Direct link
Art. 78a – LiquidityArt. 78a Inserted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). Inserted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). Liquidit… Direct link
Art. 79 – Exceptions from the right to redeem at any timeArt. 79 Exceptions from the right to redeem at any time 1 In accordance with the investment provisions (Art. 54–57, 59–62, 69–71, 118n and 118o), the Federal Council may in the case of collective investment schemes whos… Direct link
Art. 80 – Issue and redemption priceArt. 80 Issue and redemption price The issue and redemption prices of the units are based on the net asset value per unit on the day of valuation, plus or minus any fees and expenses. Direct link
Art. 81 – Deferred repaymentArt. 81 Deferred repayment 1 The Federal Council determines in which instances the fund regulations may specify a limited deferment of the repayment of the units in the interest of all investors. 2 FINMA may in exceptio… Direct link
Art. 82 – Enforced redemptionArt. 82 Enforced redemption The Federal Council enforces redemption if: a. this is necessary to safeguard the reputation of the financial market, and specifically to combat money laundering; b. the investor no longer me… Direct link
Art. 83 – Calculation and publication of the net asset valueArt. 83 Calculation and publication of the net asset value 1 The net asset value of an open-ended collective investment scheme is calculated at the market value as of the end of the financial year, and on each day on wh… Direct link
Art. 84 – Right to informationArt. 84 Right to information 1 The fund management company and the SICAV shall on request supply investors with information concerning the basis for the calculation of the net asset value per unit. 2 If investors expres… Direct link
Art. 85 – Claim for reimbursementArt. 85 Claim for reimbursement If the open-ended collective investment scheme is unlawfully denied asset entitlements or benefits are withheld from it, the investors may claim compensation from the open-ended collectiv… Direct link
Art. 86 – Representative of the investorsArt. 86 Representative of the investors 1 The investors may request that the courts appoint a representative if they wish to pursue a claim for damages in favour of the open-ended collective investment scheme. 2 The cou… Direct link
3Section 4 Accounting, Valuation and Financial Statements
Art. 87 – Accounting dutyArt. 87 Accounting duty Separate books of account must be kept for each open-ended collective investment scheme. Unless this Act or the implementing regulations provide otherwise, Article 662 et seq. of the Code of Obli… Direct link
Art. 88 – Valuation at market valueArt. 88 Valuation at market value 1 Investments which are listed on a stock exchange or another regulated market open to the public shall be valued at the prices paid on the main market. 2 Other investments for which no… Direct link
Art. 89 – Annual and semi-annual reportArt. 89 Annual and semi-annual report 1 An annual report shall be published for each open-ended collective investment scheme within four months of the close of the financial year; it shall contain the following data in… Direct link
Art. 90 – Annual accounts and annual report of real estate fundsArt. 90 Annual accounts and annual report of real estate funds 1 The annual accounts of a real estate fund consist of a consolidated statement of net assets or balance sheet and profit and loss account of the real estat… Direct link
Art. 91 – Supervisory requirementsArt. 91 Supervisory requirements FINMA issues additional regulations concerning the duty to maintain books of account, valuation, financial statements and publication requirements. Direct link
3Section 5 Open-Ended Collective Investment Schemes with Subfunds
Art. 92 – DefinitionArt. 92 Definition In the case of an open-ended collective investment scheme with subfunds (umbrella fund), each subfund constitutes a collective investment scheme in its own right and has its own net asset value. Direct link
Art. 93 – Umbrella fundsArt. 93 Umbrella funds 1 In the case of an umbrella fund, investors are only entitled to the income and assets of the respective subfund in which they are participating. 2 Each subfund is liable only for its own liabili… Direct link
Art. 94 – SICAV with subfundsArt. 94 SICAV with subfunds 1 Investors are only entitled to participate in the assets and income of the respective subfund in accordance with the number of shares they hold. 2 Each subfund under paragraph 1 is liable o… Direct link
3Section 6 Restructuring and Dissolution
Art. 95 – RestructuringArt. 95 Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Restruc… Direct link
Art. 96 – DissolutionArt. 96 Dissolution 1 An investment fund is dissolved: a. if it was formed for an unlimited period: on notice by the fund management company or the custodian bank; b. if it was formed for a fixed period: on expiry of su… Direct link
Art. 97 – Consequences of dissolutionArt. 97 Consequences of dissolution 1 Following its dissolution, an investment fund or SICAV may neither issue nor redeem any units. 2 In the case of an investment fund, investors have a claim to a proportionate share o… Direct link
1Title 3 Closed-Ended Collective Investment Schemes
2Chapter 1 The Limited Partnership for Collective Investment
Art. 98 – DefinitionArt. 98 Definition 1 A limited partnership for collective investment (LPCI) is a partnership whose sole object is collective investment. Amended by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53… Direct link
Art. 99 – Relationship to the Code of ObligationsArt. 99 Relationship to the Code of Obligations Unless this Act provides otherwise, the provisions of the Code of ObligationsSR 220 concerning limited partnerships apply. SR 220 Direct link
Art. 100 – Commercial RegisterArt. 100 Commercial Register 1 The partnership exists on being entered in the Commercial Register. 2 Notification of the facts to be entered or any amendments thereto must be signed by all general partners in the Commer… Direct link
Art. 101 – Partnership nameArt. 101 Amended by No III of the FA of 25 Sept. 2015 (Law on Business Names), in force since 1 July 2016 (AS 2016 1507; BBl 2014 9305). Amended by No III of the FA of 25 Sept. 2015 (Law on Business Names), in force sin… Direct link
Art. 102 – Partnership agreement and prospectusArt. 102 Partnership agreement and prospectus 1 The partnership agreement must contain provisions regarding: a. the partnership name and its registered office; b. the object; c. the company name and the registered offic… Direct link
Art. 102a – Amendment of the partnership agreementArt. 102a Inserted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). Inserted by No I of the FA of 17 Dec. 2021, in force since 1 March 2024 (AS 2024 53; BBl 2020 6885). Amendme… Direct link
Art. 103 – InvestmentsArt. 103 Investments 1 The partnership conducts investments in risk capital. 2 The Federal Council may also permit other investments. Direct link
Art. 104 – Non-competition clauseArt. 104 Non-competition clause 1 The limited partners are entitled without the consent of the general partners to conduct other business transactions for their own account and on behalf of third parties and to particip… Direct link
Art. 105 – Joining and departure of limited partnersArt. 105 Joining and departure of limited partners 1 Where specified by the partnership agreement, the general partner may decide on the joining and departure of limited partners. 2 This is subject to the provisions of… Direct link
Art. 106 – Inspection and informationArt. 106 Inspection and information 1 The limited partners are entitled to inspect the business accounts of the partnership at any time. Business confidentiality with regard to the companies in which the LPCI New expr.… Direct link
Art. 107 – Audit companyArt. 107 Audit company The partnership shall appoint an audit company (Art. 126 et seq.). Direct link
Art. 108 – Financial statementsArt. 108 Financial statements 1 With respect to the financial statements of the partnership and the valuation of the assets, Article 88 et seq. apply accordingly. 2 Internationally recognised standards must be observed. Direct link
Art. 109 – DissolutionArt. 109 Dissolution The partnership is dissolved: a. by resolution of the owners; b. for the reasons set forth in this Act and in the partnership agreement; c. by order of FINMA in the cases specified in Article 133 et… Direct link
2Chapter 2 The Investment Company with Fixed Capital
Art. 110 – DefinitionArt. 110 Definition 1 SICAF is a company limited by shares pursuant to the Code of ObligationsSR 220 (Art. 620 et seq. CO): SR 220 a. the sole object of which is the investment of collective capital; b. the shareholders… Direct link
Art. 111 – Company nameArt. 111 Company name 1 The company name must contain the designation of its legal status or the abbreviation thereof (SICAF). 2 In all other respects, the provisions of the Code of ObligationsSR 220 regarding the name… Direct link
Art. 112 – Relationship with the Code of ObligationsArt. 112 Relationship with the Code of Obligations Unless this Act provides otherwise, the provisions of the Code of ObligationsSR 220 concerning companies limited by shares apply. SR 220 Direct link
Art. 113 – SharesArt. 113 Shares 1 The share capital is fully paid up. 2 The issuing of voting shares, participation certificates, dividend right certificates and preference shares is prohibited. 3 The Federal Council may specify compul… Direct link
Art. 114 – Custodian bankArt. 114 Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Custod… Direct link
Art. 115 – Investment policy and investment restrictionsArt. 115 Investment policy and investment restrictions 1 A SICAF defines the investments, investment policy, investment restrictions, risk diversification, together with the risks associated with the investments, in the… Direct link
Art. 116Art. 116 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). Repealed by Annex No 3 of the Financial Services Act of 15 June 2018, with effec… Direct link
Art. 117 – Financial statementsArt. 117 Financial statements With respect to the financial statements, Article 89 paragraph 1 letters a and c-i, paragraphs 2–4 and Article 90 apply accordingly in addition to the statutory provisions concerning accoun… Direct link
Art. 118 – Audit companyArt. 118 Audit company A SICAF shall appoint an audit company (Art. 126 et seq.). Direct link
1Title 3a Limited Qualified Investor Fund
2Chapter 1 General Provisions
Art. 118a – Definition and applicability of the ActArt. 118a Definition and applicability of the Act 1 An L-QIF is a collective investment scheme that: a. is only open to qualified investors; b. in the event that it invests its funds directly in real estate, is open onl… Direct link
Art. 118b – Change of authorisation or approval statusArt. 118b Change of authorisation or approval status 1 A collective investment scheme that has authorisation or approval from FINMA may surrender this if: a. it meets the conditions set out in Article 118a paragraph 1 l… Direct link
Art. 118c – Legal statusArt. 118c Legal status The L-QIF may have the legal status of a contractual fund, a SICAV or an LPCI. Direct link
Art. 118d – Investment provisions not applicable to L-QIFs and provisions on supervisionArt. 118d Investment provisions not applicable to L-QIFs and provisions on supervision The following are not applicable to L-QIFs: a. the investment provisions set out in Articles 53–71 and 103; b. the provisions that g… Direct link
Art. 118e – Information for investors and designationsArt. 118e Information for investors and designations 1 On the first page of the fund documents of an L-QIF and in advertisements for an L-QIF: a. the designation ‘Limited Qualified Investor Fund’ or ‘L-QIF’ must be used… Direct link
Art. 118f – Duty to notify and collection of dataArt. 118f Duty to notify and collection of data 1 The institution responsible for administration in accordance with Article 118g paragraph 1 or 118h paragraph 1, 2 or 4 shall notify the Federal Department of Finance (FD… Direct link
Art. 118g – Management of L-QIFs in the legal form of a contractual fundArt. 118g Management of L-QIFs in the legal form of a contractual fund 1 An L-QIF in the legal form of a contractual fund is managed by a fund management company. 2 The fund management company may delegate the investmen… Direct link
Art. 118h – Management of L-QIFs in the legal form of a SICAV and LPCIArt. 118h Management of L-QIFs in the legal form of a SICAV and LPCI 1 The administration and investment decision of an L-QIF in the legal form of a SICAV must be delegated to one and the same fund management company. 2… Direct link
Art. 118i – Audit, accounting, valuation and financial statementsArt. 118i Audit, accounting, valuation and financial statements 1 An audit company licensed by the Federal Audit Oversight Authority in accordance with Article 9a paragraph 1 of the Auditor Oversight Act of 16 December… Direct link
2Chapter 2 Position of Investors in L-QIFs that are Open-Ended Collective Investment Schemes
Art. 118j – Preparation and amendment of the fund contractArt. 118j Preparation and amendment of the fund contract 1 In the case of an L-QIF in the legal form of a contractual fund, the fund management company shall draw up the fund contract and obtain the consent of the custo… Direct link
Art. 118k – Change of custodian bankArt. 118k Change of custodian bank 1 Article 39a FinIASR 954.1 applies accordingly to a change of custodian bank for an L-QIF in the legal form of the contractual fund. SR 954.1 2 The change of custodian bank of an L-QI… Direct link
Art. 118l – Derogation from the duty to make payments in and out of the fund in cashArt. 118l Derogation from the duty to make payments in and out of the fund in cash In the case of an L-QIF in the legal form of the contractual fund or the SICAV, derogation from the duty to make payments in and out of… Direct link
Art. 118m – Deferred repayment in exceptional instancesArt. 118m Deferred repayment in exceptional instances In the case of an L-QIF in the legal form of a contractual fund or SICAV, the fund management company may order a limited deferment of the repayment of the units in… Direct link
2Chapter 3 Investment Provisions
Art. 118n – Investment and investment techniquesArt. 118n Investment and investment techniques 1 The investments permitted for the L-QIF must be set out in the following documents: a. in the case of an L-QIF in the legal form of a contractual fund: in the fund contra… Direct link
Art. 118o – Risk diversificationArt. 118o Risk diversification The risk diversification of an L-QIF must be described in the documents in accordance with Article 118n paragraph 1. Direct link
Art. 118p – Special provisions for real estate investmentsArt. 118p Special provisions for real estate investments 1 If an L-QIF invests in real estate investments, Article 63 paragraphs 1–3 applies accordingly. 2 At least two natural persons or one legal entity shall be appoi… Direct link
1Title 4 Foreign Collective Investment Schemes
2Chapter 1 Definition and Approval
Art. 119 – DefinitionArt. 119 Definition 1 The following are considered foreign open-ended collective investment schemes: a. assets that were accumulated on the basis of a fund contract or another agreement with similar effect for the purpo… Direct link
Art. 120 – Duty to obtain approvalArt. 120 Duty to obtain approval 1 Foreign collective investment schemes must be approved by FINMA before they can be offered in Switzerland to non-qualified investors. The representative shall submit the documents requ… Direct link
Art. 121 – Paying agentArt. 121 Paying agent 1 The paying agent must be a bank pursuant to the Federal Act on Banks and Savings Banks of 8 November 1934SR 952.0. SR 952.0 2 The investors may request the issue and redemption of the units from… Direct link
Art. 122 – International treatiesArt. 122 International treaties Assuming the mutual recognition of regulations and measures of an equivalent standard, the Federal Council may conclude international treaties which specify that collective investment sch… Direct link
2Chapter 2 Representatives of Foreign Collective Investment Schemes
Art. 123 – MandateArt. 123 Mandate 1 Foreign collective investment schemes may be offered in Switzerland to non-qualified investors and to qualified investors in Switzerland in accordance with Article 5 paragraph 1 FinSASR 950.1 only if… Direct link
Art. 124 – DutiesArt. 124 Duties 1 The representative represents the foreign collective investment scheme with regard to investors and FINMA. The representative's powers of representation may not be restricted. 2 The representative obse… Direct link
Art. 125 – Place of performance and place of jurisdictionArt. 125 Place of performance and place of jurisdiction 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). Amended by Annex… Direct link
1Title 5 Audit and Supervision
2Chapter 1 Audit
Art. 126 – AppointmentArt. 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 2005SR 221.302 to carry o… Direct link
Art. 127–129Art. 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). Repealed by Annex No 4 of the FA of 20 June… Direct link
Art. 130 – Duty to provide informationArt. 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). Amended by Annex No 14 of the Financial Market Supervision Act of 2… Direct link
Art. 131Art. 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). Repealed by Annex No 14 of the Financial Market Supervision Act… Direct link
2Chapter 2 Supervision
Art. 132 – SupervisionArt. 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). Amended by Annex No 14 of the Financial Market Supervision Act of 2… Direct link
Art. 133 – Supervisory instrumentsArt. 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). Amended by Annex No 14 of the Financial Market Supervision Act of 2… Direct link
Art. 134 – LiquidationArt. 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). Amended by Annex No 14 of the Financial Market Supervision Act of 2… Direct link
Art. 135 – Measures in the case of non-authorised or non-approved activityArt. 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… Direct link
Art. 136 – Other measuresArt. 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 valuat… Direct link
Art. 137 – Initiation of bankruptcy proceedingsArt. 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). Amended by Annex No 3 of the FA of 18 March 2011 (Securing Investments), in fo… Direct link
Art. 138 – Conduct of bankruptcy proceedingsArt. 138 Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Conduc… Direct link
Art. 138a – Creditors' meetings and creditors' committeesArt. 138a Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Cre… Direct link
Art. 138b – Distribution and closure of the proceedingsArt. 138b Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Dis… Direct link
Art. 138c – Foreign insolvency proceedingsArt. 138c Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Inserted by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). For… Direct link
Art. 138d – AppealsArt. 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 Ja… Direct link
Art. 139 – Duty to provide informationArt. 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). Amended by Annex No 14 of the Financial Market Supervision Act of 2… Direct link
Art. 140Art. 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). Repealed by Annex No II 13 of the Financial Institutions Act… Direct link
Art. 141Art. 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). Repealed by Annex No 9 of the Financial Market Infrastructure Act o… Direct link
Art. 142Art. 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). Repealed by Annex No 14 of the Financial Market Supervision Act… Direct link
Art. 143Art. 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). Repealed by Annex No 9 of the Financial Market Infrastructure Act o… Current article Direct link
Art. 144 – Collection and reporting of dataArt. 144 Collection and reporting of data Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585; BBl 2012 3639). Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS… Direct link
1Title 6 Liability and Criminal Provisions
2Chapter 1 Liability
Art. 145 – PrincipleArt. 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.… Direct link
Art. 146 – Joint and several liability and recourseArt. 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 rea… Direct link
Art. 147 – PrescriptionArt. 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). Amended by Annex No 28 of the FA of 15 June 2018 (Revision of the… Direct link
2Chapter 2 Criminal Provisions
Art. 148 – Felonies and misdemeanoursArt. 148 Felonies and misdemeanours 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). Amended… Direct link
Art. 149 – ContraventionsArt. 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 (A… Direct link
Art. 150Art. 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). Repealed by Annex No II 13 of the Financial Institutions Act… Direct link
Art. 151Art. 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). Repealed by Annex No 14 of the Financial Market Supervision Act… Direct link
1Title 7 Final Provisions
2Chapter 1 Implementation; Repeal and Amendment of Existing Legislation
Art. 152 – ImplementationArt. 152 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). Amended by Annex No 14 of the Financial Market Supervision Act of 2… Direct link
Art. 153 – Repeal and amendment of existing legislationArt. 153 Repeal and amendment of existing legislation The repeal and amendment of the existing legislation are set out in the Annex. Direct link
2Chapter 2 ...
Art. 154–158Art. 154–158 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). Repealed by Annex No II 13 of the Financial Institutions… Direct link
2Chapter 3 ...
Art. 158a–158eArt. 158a–158e Inserted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBl 2012 3639). 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 463… Direct link
2Chapter 4 Referendum and Commencement
Art. 159 – ...Art. 159 ... Repealed by No I of the FA of 28 Sept. 2012, with effect from 1 March 2013 (AS 2013 585; BBl 2012 3639). Repealed by No I of the FA of 28 Sept. 2012, with effect from 1 March 2013 (AS 2013 585; BBl 2012 363… Direct link
Annexes1
Amendment of existing legislationAnnex (Art. 153) Amendment of existing legislation I The Investment Funds Act of 18 March 1994 is repealed. II The following federal acts are amended as follows: ...Direct link

The official sources and versions published by the competent authorities remain authoritative.

rechtundgesetz.ch provides orientation and search in publicly accessible legal information, but no legal advice.