Structured products may be offered in or from Switzerland to retail clients with whom there is no permanent portfolio management or investment advice relationship only if these are issued, guaranteed or secured in an equivalent manner by:
a foreign institution that is subject to equivalent prudential supervision.
The issuing of structured products to retail clients by special purpose entities is permitted if:
a. these products are offered by:
1. financial intermediaries as defined in the BankA, the FinIA and the CISA4,
2. insurance companies as defined in the ISA,
3. a foreign institution that is subject to equivalent supervision, and
b. collateral corresponding to the requirements under paragraph 1 is guaranteed.
The Federal Council shall regulate the requirements for such collateral.