Legal basis for collective investment schemes

The financial market legislation governing the supervision of collective investment schemes derives from two federal acts, two Federal Council ordinances and three SFMA ordinances.

• Collective Investment Schemes Act (CISA)
• Collective Investment Schemes Ordinance (CISO)
• SFMA Collective Investment Schemes Ordinance (CISO-SFMA)
• Financial Institutions Act (FinIA)
• Financial Institutions Ordinance (FinIO)
• SFMA Financial Institutions Ordinance (FinIO-SFMA)
• Insolvency Ordinance

Collective Investment Schemes Act

This federal act is designed to protect investors and ensure transparency and a properly functioning market for collective investment schemes.

Collective Investment Schemes Ordinance

The Collective Investment Schemes Ordinance further defines the provisions of CISA.

SFMA Collective Investment Schemes Ordinance

This SFMA ordinance further defines the provisions contained in CISA.

SFMA Collective Investment Schemes Bankruptcy Ordinance

This SFMA ordinance further defines the bankruptcy proceedings for licensed institutions set out in CISA.

Financial Institutions Act (FinIA)

FinIA essentially standardises the authorisation rules for certain financial institutions (portfolio managers, managers of collective assets, fund management companies and securities firms).

Financial Institutions Ordinance (FinIO)

FinIO governs the authorisation of, and organisational requirements for, supervised financial institutions.

SFMA Financial Institutions Ordinance (FinIO-SFMA)

This ordinance lays down more specific details on technical topics covered by the FinIA and the FinIO for portfolio managers, trustees, managers of collective assets, fund management companies and securities firms.

Insolvency Ordinance

The Insolvency Ordinance specifies the restructuring and bankruptcy proceedings as set out in the Banking Act, the Insurance Supervision Act and the Collective Investment Schemes Act for all financial market institutions falling under SFMA's insolvency jurisdiction under the financial market laws.