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Art. 102 – Changes in the fund’s net assets

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Art. 102

Changes in the fund’s net assets

(Art. 89 CISA)

1

For each collective investment scheme, any changes in the fund’s net assets must be itemised and contain at least:

a.

the fund’s net assets at the beginning of the reporting year;

b.

distributions;

c.

balance from unit transactions;

d.

overall net income;

e.

the fund’s net assets at the end of the reporting year.

2

The unit statistics for the reporting year must also be disclosed (Art. 89 para. 1 let. b CISA).

Legal act context
SR 951.312 · CISO-FINMA · Ordinance · Consolidation: 951.312 - 2021-01-01
Structure path
Title 3 Accounting, Valuation, Financial Statements and Duty to Publish Chapter 4 Accounting for Open-Ended Collective Investment Schemes Section 2 Further Information
Language
English (en)
Data status
2021-01-01

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 version116AnnexesAnnexes and attachments in this version3
Document text1
Articles116
1Title 1 Collective Investment Schemes
2Chapter 1 Securities Funds
3Section 1 Securities Lending
Art. 1 – DefinitionArt. 1 Definition Securities lending means: a legally binding transaction in which the fund management company or investment company with variable capital (SICAV), acting as lender, undertakes to temporarily transfer to… Direct link
Art. 2 – PrinciplesArt. 2 Principles 1 The fund management company or SICAV may lend securities in its own name and for its own account to a borrower («principal»). 2 The fund management company or SICAV may also appoint an intermediary t… Direct link
Art. 3 – Authorised borrowers and intermediariesArt. 3 Authorised borrowers and intermediaries 1 The fund management company or SICAV shall conduct securities lending transactions exclusively with first-class supervised borrowers and intermediaries which are speciali… Direct link
Art. 4 – Securities eligible for lendingArt. 4 Securities eligible for lending 1 The fund management company or SICAV may lend all types of securities that are traded on an exchange or other regulated market open to the public. 2 It may not lend securities ac… Direct link
Art. 5 – Termination dates and notice periodsArt. 5 Termination dates and notice periods 1 It must be possible to terminate individual transactions and the standardised framework agreement for the securities lending transaction at any time. 2 Where the observation… Direct link
Art. 6 – Scope and durationArt. 6 Scope and duration 1 If the fund management company or SICAV is required to observe a notice period before it may again have legal control of the loaned securities, it may not lend more than 50 percent of the eli… Direct link
Art. 7 – Minimum contents of the standardised framework agreementArt. 7 Minimum contents of the standardised framework agreement 1 The standardised framework agreement must meet the relevant international standards. 2 The standardised framework agreement must indicate those securitie… Direct link
Art. 8 – Special duties of the custodian bankArt. 8 Special duties of the custodian bank The custodian bank has the following special duties in connection with the settlement of the securities lending transaction: a. It shall inform the fund management company or… Direct link
Art. 9 – Inventory and statement of net assets, or balance sheet, inclusion in investment limitsArt. 9 Inventory and statement of net assets, or balance sheet, inclusion in investment limits 1 Loaned securities must be denoted as being «lent» in the securities fund’s inventory and must continue to be included in t… Direct link
3Section 2 Securities Repurchase Agreements (Repo, Reverse Repo)
Art. 10 – DefinitionsArt. 10 Definitions The terms below are defined as follows: a. «securities repurchase agreement» means a repo (or sale and repurchase agreement) and reverse repo (or reverse sale and repurchase agreement); b. «repo» mea… Direct link
Art. 11 – PrinciplesArt. 11 Principles 1 The fund management company or SICAV may conclude repurchase agreements in its own name and for its own account with a counterparty («principal»). 2 It may appoint an intermediary to conclude repurc… Direct link
Art. 12 – Authorised counterparties and intermediariesArt. 12 Authorised counterparties and intermediaries 1 The fund management company or SICAV shall conduct repurchase agreements exclusively with first-class supervised counterparties and intermediaries that specialise i… Direct link
Art. 13 – Securities eligible for repurchase agreementsArt. 13 Securities eligible for repurchase agreements 1 For repo transactions, the fund management company or SICAV may use all types of securities that are traded on a stock exchange or other regulated market open to t… Direct link
Art. 14 – Termination dates and notice periodsArt. 14 Termination dates and notice periods 1 It must be possible to terminate individual transactions and the standardised framework agreement for the repurchase transaction at any time. 2 Where the observation of a n… Direct link
Art. 15 – Scope and duration of the repoArt. 15 Scope and duration of the repo 1 If the fund management company or SICAV must observe a notice period before it can again have legal control of the securities under the repurchase agreement, it may not use more… Direct link
Art. 16 – Securing claims for money and securitiesArt. 16 Securing claims for money and securities 1 In order to secure claims for money and securities arising from repurchase agreements, the claims and obligations must be valued daily at the current market price, taki… Direct link
Art. 17 – Minimum contents of the standardised framework agreementArt. 17 Minimum contents of the standardised framework agreement 1 The standardised framework agreement must meet the relevant international standards. 2 The standardised framework agreement must indicate both the secur… Direct link
Art. 18 – Special duties of the custodian bankArt. 18 Special duties of the custodian bank The custodian bank has the following special duties in relation to the settlement of the repurchase transaction: a. It ensures that the repurchase transaction is settled in a… Direct link
Art. 19 – Raising loans via repo agreementsArt. 19 Raising loans via repo agreements 1 Pursuant to Article 77 paragraph 2 CISOSR 951.311, a repurchase agreement represents the raising of a loan by the securities fund. SR 951.311 2 The money obligations arising f… Direct link
Art. 20 – Distinction between reverse repos and the granting of loansArt. 20 Distinction between reverse repos and the granting of loans 1 Pursuant to Article 77 paragraph 1 letter a CISOSR 951.311, reverse repos do not represent the granting of a loan. SR 951.311 2 Pursuant to Article 7… Direct link
Art. 21 – Inclusion in investment limitsArt. 21 Inclusion in investment limits 1 Securities sold through repos must continue to be taken into account when ensuring compliance with the statutory and regulatory investment restrictions. 2 Money claims acquired t… Direct link
Art. 22 – Inventory, statement of net assets, or balance sheet and profit and loss accountArt. 22 Inventory, statement of net assets, or balance sheet and profit and loss account 1 Securities sold through repos must be denoted as being «used in repo» in the inventory of the securities fund’s assets and must… Direct link
3Section 3 Derivative Financial Instruments
Art. 23 – DefinitionsArt. 23 Definitions The terms below are defined as follows: a. «basic type of derivative»: 1. a call or put option, the expiration value of which is linearly dependent on the positive or negative difference between the… Direct link
Art. 24 – PrinciplesArt. 24 Principles Derivatives may be used only where, even in exceptional market conditions, the effect of using derivatives does not result in a deviation from the investment objectives set out in the fund regulations… Direct link
Art. 25 – Umbrella fundsArt. 25 Umbrella funds The provisions in this section apply to the individual securities funds or, in the case of an umbrella fund, to each individual sub-fund. Direct link
Art. 26 – Structured products, derivative components and warrantsArt. 26 Structured products, derivative components and warrants 1 In order to comply with the statutory and regulatory provisions for risk diversification, the underlying and the issue of a structured product must be ta… Direct link
Art. 27 – Credit derivativesArt. 27 Credit derivatives 1 As defined in Article 77 paragraph 1 letter a CISOSR 951.311, an exposure-increasing credit derivative is not deemed a guarantee. SR 951.311 2 The debtor of reference of a credit derivative… Direct link
Art. 28 – Exotic derivativesArt. 28 Exotic derivatives 1 The fund management company or SICAV may only use an exotic derivative if: a. it can calculate the minimum and the maximum delta across the entire price spectrum of the underlyings; and b. i… Direct link
Art. 29 – Conclusion of the contractArt. 29 Conclusion of the contract 1 The fund management company or SICAV shall conclude derivative transactions on an exchange or other regulated market which is open to the public. 2 Transactions with OTC derivatives… Direct link
Art. 30 – OTC transactionsArt. 30 OTC transactions 1 OTC transactions may only be concluded on the basis of a standardised framework agreement which complies with the pertinent international standards. 2 The counterparty must: a. be a regulated… Direct link
Art. 31 – Credit ratingArt. 31 Credit rating 1 In the case of OTC transactions, the counterparty or its guarantor shall have a high credit rating. 2 This requirement does not apply to the custodian bank of the securities fund. Direct link
Art. 32 – ValuationArt. 32 Valuation 1 Derivatives for which market prices are available shall be valued at the current prices paid on the main market. Prices are to be obtained from an external source specialising in this type of transac… Direct link
Art. 33 – Risk measurement procedureArt. 33 Risk measurement procedure 1 The fund management company or SICAV shall apply commitment approach I or II, or the model approach. 2 The model approach requires the approval of FINMA. 3 The fund management compan… Direct link
Art. 34 – Commitment approach IArt. 34 Commitment approach I 1 For a securities fund applying commitment approach I, only basic derivative types are permitted. They may only be used where account is taken of the necessary coverage set out in this art… Direct link
Art. 35 – Commitment approach II: determination of the overall exposureArt. 35 Commitment approach II: determination of the overall exposure 1 To establish the overall exposure of a securities fund using commitment approach II, the fund management company shall determine the individual con… Direct link
Art. 36 – Commitment approach II: rules on netting and hedging transactionsArt. 36 Commitment approach II: rules on netting and hedging transactions 1 Counter positions in derivatives based on the same underlying as well as counter positions in derivatives and in investments in the same underl… Direct link
Art. 37 – Commitment approach II: documentation requirementsArt. 37 Commitment approach II: documentation requirements All calculations under Articles 35 and 36 must be clearly documented. Direct link
Art. 38 – Model approach: principles of value-at-risk (VaR)Art. 38 Model approach: principles of value-at-risk (VaR) 1 Applying the model approach, the fund management company or SICAV shall estimate the risks for a securities fund as value-at-risk (VaR). 2 The model must be fu… Direct link
Art. 39 – Model approach: calculation of VaRArt. 39 Model approach: calculation of VaR 1 The VaR may be determined using variance/covariance models, historical simulations and Monte-Carlo simulations. When selecting the model, the investment strategy is to be tak… Direct link
Art. 40 – Model approach: benchmark portfolioArt. 40 Model approach: benchmark portfolio 1 The benchmark portfolio of a securities fund is assets without any leverage and generally without any derivatives. 2 The composition of the benchmark portfolio corresponds t… Direct link
Art. 41 – Model approach: reviewing the risk assessment modelArt. 41 Model approach: reviewing the risk assessment model 1 In the case of a securities fund, the forecast quality of the risk assessment model must be examined by comparing the actual changes in the value of its net… Direct link
Art. 42 – Model approach: stress testsArt. 42 Model approach: stress tests 1 In the case of securities funds, extreme market circumstances must be simulated periodically, but at least monthly (stress tests). 2 Stress tests must also be conducted where signi… Direct link
Art. 43 – Model approach: changes under the model approachArt. 43 Model approach: changes under the model approach 1 FINMA may allow variances from the requirements stipulated in Articles 39–43. 2 It may permit the use of other risk assessment models, provided they afford an a… Direct link
Art. 44 – Cover for a physical delivery obligation of an underlyingArt. 44 Cover for a physical delivery obligation of an underlying 1 If the fund management company or SICAV enters into a physical delivery obligation in respect of a derivative, this derivative must be covered by the c… Direct link
Art. 45 – Covering a payment obligationArt. 45 Covering a payment obligation 1 If the fund management company or SICAV enters into a payment obligation in respect of a derivative, this payment obligation must at all times be covered by highly liquid assets a… Direct link
Art. 46 – General provisions for inclusion of investment restrictionsArt. 46 General provisions for inclusion of investment restrictions 1 In complying with the statutory and regulatory investment restrictions on determining maximum and minimum limits, the following must be taken into ac… Direct link
Art. 47 – Inclusion of derivativesArt. 47 Inclusion of derivatives 1 In complying with the statutory and regulatory maximum and minimum limits, and in particular the regulations on risk diversification, underlying equivalents as set out in Annex 1 are d… Direct link
Art. 48 – Inclusion of claims against counterparties at the maximum limitsArt. 48 Inclusion of claims against counterparties at the maximum limits 1 Claims against counterparties arising from derivative transactions must be calculated on the basis of the current positive replacement values. 2… Direct link
Art. 49 – DisclosureArt. 49 Disclosure 1 If the use of derivatives is permitted for the management of a securities fund, such derivatives must be described in the fund regulations and the prospectus. 2 The prospectus must indicate whether… Direct link
3Section 4 Management of Collateral
Art. 50 – Scope of applicationArt. 50 Scope of application Assets received as collateral as part of investment techniques or OTC transactions must satisfy the requirements of this section. Direct link
Art. 51 – Requirements for collateralArt. 51 Requirements for collateral Only collateral that meets the following requirements may be accepted: a. It is highly liquid and is traded at a transparent price on an exchange or other regulated market open to the… Direct link
Art. 52 – Management of collateralArt. 52 Management of collateral The fund management company, SICAV or their agents must comply with the following duties and requirements when managing the collateral: a. They must diversify the collateral appropriatel… Direct link
Art. 53 – Collateral strategyArt. 53 Collateral strategy 1 The fund management company, SICAV and their agents must have in place a collateral strategy that: a. provides for appropriate security margins; b. is geared to all types of assets received… Direct link
Art. 54 – Safekeeping of collateralArt. 54 Safekeeping of collateral 1 The collateral received must be kept at the custodian bank. 2 Safekeeping by a supervised third-party custodian on behalf of the fund management company is permitted provided that: a.… Direct link
Art. 55 – ProspectusArt. 55 Prospectus The prospectus of the securities fund must contain appropriate information on the collateral strategy, in particular details of: a. the permitted types of collateral; b. the required level of collater… Direct link
3Section 5 Master-Feeder Structures
Art. 56 – PrincipleArt. 56 Principle In principle, the investors in a master fund are its feeder funds. Other investors may be accepted provided the fund management company or SICAV informs them in advance of the fact that they are invest… Direct link
Art. 57 – Requirements for the documents of a feeder fundArt. 57 Requirements for the documents of a feeder fund 1 In addition to the information set out in Articles 35a and 62b CISOSR 951.311, the fund contract or investment regulations of a feeder fund or feeder sub-fund sh… Direct link
Art. 58 – Joint duties of the master and feeder fund / their fund management companiesArt. 58 Joint duties of the master and feeder fund / their fund management companies 1 The master fund shall provide the feeder fund with all the documents and information it needs to fulfil its duties. To this end, the… Direct link
Art. 59 – Duties of the master fund / its fund management companyArt. 59 Duties of the master fund / its fund management company 1 The master fund shall inform FINMA without delay of the identity of every feeder fund that invests in its units. 2 It shall not charge the feeder fund an… Direct link
Art. 60 – Duties of the feeder fund / its fund management companyArt. 60 Duties of the feeder fund / its fund management company 1 The feeder fund shall provide its custodian bank with all the information regarding the master fund that it needs in order to fulfil its task. 2 It shall… Direct link
Art. 61 – Duties of the custodian bankArt. 61 Duties of the custodian bank 1 If the master fund’s custodian bank identifies irregularities in the master fund that may have a negative impact on the feeder fund, it shall notify its audit company and the feede… Direct link
Art. 62 – Duties of the audit companyArt. 62 Duties of the audit company 1 In its short-form report for the feeder fund, the audit company shall take account of the short-form report for the master fund. If the master fund and feeder fund have different ac… Direct link
Art. 63 – Dissolution of the master fundArt. 63 Dissolution of the master fund 1 Following the announcement of the dissolution of the master fund, the feeder fund shall without delay defer repayments. Within one month following the announcement of the dissolu… Direct link
Art. 64 – Merger, conversion and transfer of assetsArt. 64 Merger, conversion and transfer of assets 1 If the master fund decides on a merger, conversion or transfer of assets, the feeder fund must, within a month of the announcement being made by the master fund, notif… Direct link
2Chapter 2 Other Funds
Art. 65Art. 65 1 The provisions for securities funds relating to securities lending (Arts. 1–9), securities repurchase agreements (Arts. 10–22), derivatives (Arts. 23–49), collateral management (Arts. 50–55) and master-feeder… Direct link
1Title 2 Institutions
2Chapter 1 Duties of Representatives of Foreign Collective Investment Schemes
Art. 66 – Publication dutiesArt. 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… Direct link
Art. 66a – Obligation to give noticeArt. 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 th… Direct link
Art. 66b – Obligation to give notice on cancellation or amendment of the professional indemnity insuranceArt. 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… Direct link
2Chapter 2 Risk Management and Risk Control
Art. 67Art. 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). Amended by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, in force s… Direct link
Art. 68–71Art. 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). Repealed by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, wit… Direct link
2Chapter 3 SICAV
Art. 72Art. 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. Direct link
2Chapter 4 …
Art. 73–76Art. 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). Repealed by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, wit… Direct link
2Chapter 5 Custodian Bank
Art. 77 – OrganisationArt. 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 manage… Direct link
Art. 78 – Control functionArt. 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 compl… Direct link
1Title 3 Accounting, Valuation, Financial Statements and Duty to Publish
2Chapter 1 Accounting
3Section 1 General Provisions
Art. 79 – PrinciplesArt. 79 Principles 1 Unless the CISA and this Ordinance provide otherwise, the provisions set out in the Code of ObligationsSR 220 (CO) in accordance with Article 87 CISA apply in respect of accounting. SR 220 2 Account… Direct link
Art. 80 – Unit of accountArt. 80 Unit of account SR 951.311 1 A foreign currency may be designated as the unit of account for: a. an investment fund or its sub-funds in the fund regulations; b. the sub-funds of a SICAV in the investment regulat… Direct link
3Section 2 Open-Ended Collective Investment Schemes
Art. 81 – Sub-funds and unit classesArt. 81 Sub-funds and unit classes SR 951.311 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). 1 In the case of collective investment schemes whic… Direct link
Art. 82 – Control of units and unit certificatesArt. 82 Control of units and unit certificates 1 The custodian bank shall record the issue and redemption of units, including fractions thereof, on a continuous basis. It shall record the following details: a. the date… Direct link
Art. 83 – Real estate fundsArt. 83 Real estate funds SR 951.311 1 The real estate fund and real estate companies owned by it must close their accounts on the same day. FINMA may grant exemptions provided consolidated financial statements are prod… Direct link
2Chapter 2 Valuation
3Section 1 General Provisions
Art. 84 – InvestmentsArt. 84 Investments 1 Investments are valued at market value (Art. 88 CISA). 2 In the notes to the statement of net assets, or balance sheet and profit and loss account (Arts. 94 and 95), the investments are to be summa… Direct link
Art. 85 – Private equityArt. 85 Private equity 1 Private equity investments are valued in accordance with recognised international standards, provided the valuation is not governed by this Ordinance. 2 The standards applied must be described i… Direct link
Art. 86 – Real estate fundArt. 86 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). Amended by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, in force s… Direct link
3Section 2 Open-Ended Collective Investment Schemes
Art. 87Art. 87 1 The tangible and intangible assets of the company shareholders of a SICAV must be valued at acquisition or production cost less any economically necessary depreciation. 2 The valuation principles for the tangi… Direct link
3Section 3 Closed-Ended Collective Investment Schemes
Art. 88 – Limited partnership for collective investmentArt. 88 Limited partnership for collective investment Articles 84–87 apply mutatis mutandis to the valuation process. Direct link
Art. 89 – Investment company with fixed capital (SICAF)Art. 89 Investment company with fixed capital (SICAF) 1 The valuation methods applied to prepare the single entity financial statements (Art. 109 para. 1) shall be in accordance with the provisions of accounting. In add… Direct link
2Chapter 3 General Provisions on Accountability
Art. 90 – Private equityArt. 90 Private equity 1 The valuation methods applied (Art. 85) must be disclosed in the annual and semi-annual reports. 2 If an investment is recognised below cost, this fact must be disclosed. 3 In the case of collec… Direct link
Art. 91 – Subsidiary companiesArt. 91 Subsidiary companies SR 951.311 1 If subsidiary companies are used to implement the investment policy, a transparent substance-over-form approach must be applied to the accounts (such as in the statement of net… Direct link
2Chapter 4 Accounting for Open-Ended Collective Investment Schemes
3Section 1 Annual Accounts
Art. 92 – SICAVsArt. 92 SICAVs SR 951.311 1 The annual accounts of a SICAV comprise the annual accounts relating to the individual pools of investor assets (sub-funds) and the annual accounts relating to the shareholders’ assets, and t… Direct link
Art. 93 – Minimum breakdown of statement of net assets, or the balance sheet and profit and loss account for investment funds and SICAVsArt. 93 Minimum breakdown of statement of net assets, or the balance sheet and profit and loss account for investment funds and SICAVs The statement of net assets, or the balance sheet and profit and loss account for in… Direct link
Art. 94 – Securities fundsArt. 94 Securities funds SR 951.311 For securities funds, the statement of net assets, or the balance sheet and profit and loss account, have the minimum structure set out in Annex 2. Direct link
Art. 95 – Real estate fundsArt. 95 Real estate funds SR 951.311 For real estate funds, the statement of net assets, or the balance sheet and profit and loss account, have the minimum structure set out in Annex 3. Direct link
Art. 96 – Other fundsArt. 96 Other funds SR 951.311 The provisions on the minimum breakdown for securities funds (Art. 94) apply mutatis mutandis to other funds. They also include the investments permitted for other funds. Direct link
Art. 97 – Minimum breakdown of balance sheet and profit and loss account relating to the shareholders’ assetsArt. 97 Minimum breakdown of balance sheet and profit and loss account relating to the shareholders’ assets SR 951.311 1 The shareholders’ assets must be broken down into: a. investments; b. business assets. 2 For the b… Direct link
Art. 98 – Overall accounts of a SICAVArt. 98 Overall accounts of a SICAV 1 The overall accounts of a SICAV consist of the balance sheet, profit and loss account and the notes pursuant to the COSR 220 and include the investors’ assets and the shareholders’… Direct link
3Section 2 Further Information
Art. 99 – Inventory of the collective investment schemeArt. 99 Inventory of the collective investment scheme 1 As a minimum, the inventory must be broken down by type of investment such as securities, bank credit balances, money market instruments, derivative financial inst… Direct link
Art. 100 – Inventory of real estate fundsArt. 100 Inventory of real estate funds 1 As a minimum, the inventory must be broken down into: a. residential buildings; b. commercially used properties; c. mixed-use properties; d. building land, including properties… Direct link
Art. 101 – Itemisation of buy, sell and other transactionsArt. 101 Itemisation of buy, sell and other transactions 1 All changes in the composition of the collective investment scheme, in particular buy, sell, off-balance-sheet exposures, bonus shares, subscription rights and… Direct link
Art. 102 – Changes in the fund’s net assetsArt. 102 Changes in the fund’s net assets 1 For each collective investment scheme, any changes in the fund’s net assets must be itemised and contain at least: a. the fund’s net assets at the beginning of the reporting y… Current article Direct link
Art. 103 – Figures from previous yearsArt. 103 Figures from previous years 1 In the annual and semi-annual reports, the previous year’s figures must also be disclosed in the statement of net assets, or the balance sheet and profit and loss account. 2 The fu… Direct link
3Section 3 Appropriation of Net Income and Distributions
Art. 104 – Appropriation of net incomeArt. 104 Appropriation of net income 1 The appropriation of net income has the following minimum structure: a. net income for the accounting year; b. capital gains generated during the accounting year intended for distr… Direct link
Art. 105 – DistributionsArt. 105 Distributions 1 Interim distributions of net income are only permitted if specified in the fund regulations. 2 Capital gains may only be distributed if the following conditions are met: a. The fund regulations… Direct link
3Section 4 Duty to Publish
Art. 106 – Publication of issue and redemption prices, or of net asset valueArt. 106 Publication of issue and redemption prices, or of net asset value SR 951.311 1 The issue and redemption price, or net asset value, must be published in the print media or electronic platforms cited in the prosp… Direct link
Art. 107Art. 107 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). Repealed by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, with… Direct link
2Chapter 5 Accounting for Closed-Ended Collective Investment Schemes
Art. 108 – Limited partnership for collective investmentArt. 108 Limited partnership for collective investment 1 Accounting shall be based on the provisions relating to open-ended collective investment schemes mutatis mutandis. 2 Participations which are held purely for inve… Direct link
Art. 109 – SICAFsArt. 109 SICAFs 1 The accounting methods applied to individual financial statements shall in principle be based on the provisions of the open-ended collective investment schemes. 2 The duty to consolidate under the COSR… Direct link
1Title 4 Audits and Audit Reports
2Chapter 1 Audits
Art. 110 – Separation of financial and regulatory auditsArt. 110 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). Amended by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, in force… Direct link
Art. 111 – Financial auditArt. 111 Financial audit SR 951.311 1 For a financial audit of collective investment schemes, the information is audited in accordance with Articles 89 paragraph 1 letters a–h and 90 CISA. 1bis The audit of the manageme… Direct link
Art. 112 – Regulatory auditArt. 112 Regulatory audit SR 956.1 Financial Market Auditing Ordinance of 15 Oct. 2008 (SR 956.161). Amended by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, in force since 1 Jan. 2021 (AS 2020 532… Direct link
2Chapter 2 Audit Reports
Art. 113 – Type of reportsArt. 113 Type of reports SR 956.1 SR 951.311 SR 956.161 The audit company shall produce: a. reports on the regulatory audit of the licensees and the collective investment schemes, as well as the representatives of forei… Direct link
Art. 114 – Financial audit reportArt. 114 Financial audit report SR 956.1 SR 956.161 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). 1 The audit company shall produce the report… Direct link
Art. 115 – Financial auditArt. 115 Financial audit SR 951.311 1 The provisions set out for regular audits under the COSR 220 apply mutatis mutandis to financial reports on a financial report. SR 220 2 The audit company produces short-form report… Direct link
Art. 116 – Short-form reportArt. 116 Short-form report SR 956.1 SR 951.311 SR 956.161 1 The brief report expresses an opinion on the adherence to the statutory, contractual and regulatory provisions for the annual accounts, as well as the provisio… Direct link
Art. 116aArt. 116a 1 The documents in accordance with Article 142 paragraph 1 CISOSR 951.311 must be submitted in electronic form using the templates provided by FINMA. SR 951.311 2 FINMA may permit exceptions to electronic subm… Direct link
1Title 5 Final and Transitional Provisions
Art. 117 – Repeal of another decreeArt. 117 Repeal of another decree The FINMA Collective Investment Schemes Ordinance of 21 December 2006 [AS 2007 301,2008 5613 n. I 1] is repealed. [AS 2007 301,2008 5613 n. I 1] Direct link
Art. 118Art. 118 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). Repealed by Annex No 1 of the FINMA O of 4 Nov. 2020 on Financial Institutions, with… Direct link
Art. 119 – CommencementArt. 119 Commencement This Ordinance comes into force on 1 January 2015. Direct link
Annexes3
Inclusion of derivatives / underlying equivalentsAnnex 1 (Art. 35 para. 2) Inclusion of derivatives / underlying equivalents 1. In principle, underlying equivalents are determined in accordance with the following, non-exhaustive list of derivatives. The following poin…Direct link
Minimum structure of the statement of net assets / balance sheet and profit and loss account of securities fundsAnnex 2 (Art. 94) Minimum structure of the statement of net assets / balance sheet and profit and loss account of securities funds 1. Statement of net assets and balance sheet 1.1 Due from banks, including fiduciary dep…Direct link
Minimum structure of the statement of net assets / balance sheet and profit and loss account of real estate fundsAnnex 3 (Art. 95) Minimum structure of the statement of net assets / balance sheet and profit and loss account of real estate funds 1. Statement of net assets and balance sheet 1.1 Cash on hand, postal check and bank si…Direct link

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