Art. 31

(Art. 20 para. 1 let. a CISA)

1. Persons who manage Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes, or their agents, may only purchase investments from collective investment schemes at the market price for their own account and may only sell such investments from their own portfolios at the market price.¹
2. In relation to services delegated to third parties they shall waive the compensation owed to them in accordance with the fund regulations, company agreement, investment regulations or discretionary management agreement where such compensation is not used for payment of the services rendered by such third parties*.*
3. Where investments of a collective investment scheme are transferred to another scheme of the same licensee or a scheme belonging to a related licensee, no costs may be levied.
4. Persons who manage or represent Swiss collective investment schemes or hold the assets of these schemes in safekeeping, or who manage or represent foreign collective investment schemes or their agents, may not levy any issue or redemption fees if they purchase target funds which:²
   1. they manage themselves either directly or indirectly; or
   2. are managed by a company to which they are related by virtue of:
   1. common management, 2. control, or 3. a significant direct or indirect interest.³
5. When a management fee is levied on investments in target funds pursuant to paragraph 4, Article 73 paragraph 4 applies accordingly.⁴
6. FINMA regulates the details. It may declare that paragraph 4 and 5 also applies to other products.⁵