Art. 126c

(Art. 118b CISA)

1. The change of status from a supervised collective investment scheme to an L-QIF requires prior approval and, if necessary, authorisation from FINMA.
2. FINMA shall approve the change of status and, where applicable, authorise it if:
   1. the conditions set out in Article 118a paragraph 1 letters a–c CIS are met;
   2. the fund contract, the investment regulations or the articles of association provide for the possibility of a change of status;
   3. neither the collective investment scheme nor the investors incur any costs as a result of the change of status; and
   4. in the case of a collective investment scheme in the legal form:
   1. of a contractual fund: – the custodian bank has approved the change of status and – only investors who have expressly consented to the change of status remain in the collective investment scheme, 2. of a SICAV: – the custodian bank has approved the change of status – those company shareholders who hold at least two thirds of the issued company shares have consented to the change of status, and – only investors who have expressly consented to the change of status remain in the collective investment scheme, 3. of an LPCI: all investors have consented to the change of status.
3. FINMA may define the conditions for a change of status to an L-QIF in more detail.
4. In its decision to approve and, where applicable, authorise the change of status, it shall specify the date on which the collective investment scheme is released from supervision.