Art. 17

(Art. 17 CISA)

1. Open-ended collective investment schemes for qualified investors are deemed to have been approved on expiry of the following time limits:
   1. securities funds, real estate funds and other funds for traditional investments: following receipt of the application;
   2. other funds for alternative investments: four weeks following receipt of the application.
2. FINMA shall approve open-ended collective investment schemes which are directed towards the public at the latest within the following time limits:
   1. securities funds: four weeks following receipt of the application;
   2. real estate funds and other funds for traditional investments: six weeks following receipt of the application;
   3. other funds for alternative investments: eight weeks following receipt of the application.
3. The period begins one day following receipt of the application.
4. Where FINMA requires further information, the commencement of the period must be postponed from the time the request is made until such time as the information is received by FINMA.