Art. 32a

(Art. 63 para. 3 and 4 CISA)

1. Pursuant to Article 63 paragraph 4 of the CISA, FINMA may in justified individual cases grant an exemption from the ban on transactions with closely connected persons pursuant to Article 63 paragraphs 2 and 3 of the CISA if:
   1. the relevant documents of the collective investment scheme provide for such a possibility;
   2. the exemption is in the interests of the investors;
   3. in addition to the valuation by the regular valuation experts for the real estate fund, a valuation expert who is independent of such experts or their employer and of the fund management company or SICAV as well as the custodian bank of the real estate fund pursuant to Article 64 paragraph 1 of the CISA confirms the market conformity of the purchase and sale price for the property and of the transaction costs.
2. Following conclusion of the transaction, the fund management company or SICAV prepares a report containing the following:
   1. information on the individual properties acquired or transferred and their value on the date of acquisition or transfer;
   2. the valuation reports by the regular valuation experts;
   3. the report on the market conformity of the purchase or sales price by the valuation experts pursuant to paragraph 1 lit. c.
3. As part of its audit of the fund management company or SICAV, the audit company confirms adherence to the special duty of loyalty in relation to real estate investments.
4. The approved transactions with closely connected persons are mentioned in the annual report of the collective investment scheme.
5. In the case of properties where the fund management company, SICAV or persons closely connected thereto have construction projects carried out, FINMA may not grant any exemptions from the prohibition of transactions with closely connected persons.¹