Art. 110

(Art. 81 CISA)

1. The fund regulations may provide for repayment to be deferred temporarily in the following exceptional cases:
   1. where a market which serves as the basis for the valuation of a significant proportion of the fund's assets is closed, or if trading on such market is restricted or suspended;
   2. in the event of political, economic, military, monetary or other emergencies;
   3. if, owing to exchange controls or restrictions on other asset transfers, the collective investment scheme can no longer transact its business;
   4. in the event of large-scale withdrawals of units which may significantly endanger the interests of the other investors.
2. The audit company and FINMA must be informed immediately of any decision to defer redemptions. The decision must also be communicated to the investors in a suitable manner.