The prospectus must be submitted to the reviewing body prior to publication. The reviewing body shall check that it is complete, coherent and understandable.
The Federal Council may designate securities whose prospectus must be reviewed only after publication if a bank in accordance with the BankA1or a securities firm in accordance with the FinIA2confirms that the most important information on the issuers and the securities is known at the time of publication.
Prospectuses for collective investment schemes do not have to be reviewed; the foregoing does not apply to the approval requirement for the documentation of foreign collective investment schemes under Article 15 paragraph 1 letter e and Article 120 CISA3.