Art. 5

(Art.  7 para. 1, 3 and 4 CISA)¹

1. Irrespective of legal status, collective investment schemes are assets provided by at least two mutually independent investors for the purpose of collective investment and which are managed externally.
2. Investors are mutually independent when they provide assets that are mutually independent in legal and de facto terms.
3. For group companies in the same group of companies pursuant to Article 3 of the Financial Institutions Ordinance of 6 November 2019²(FinIO), the requirement for the assets to be independent pursuant to paragraph 2 does not apply.³
4. The assets of a collective investment scheme may be provided by a single investor (single investor fund) where such investor is an investor pursuant to Article 4 paragraph 3 letter b, e or f of the Financial Services Act of 15 June 2018⁴(FinSA).⁵
5. The restriction of investor eligibility to investors as defined in paragraph 4 must be disclosed in the relevant documents pursuant to Article 15 paragraph 1 of the CISA.
6. Fund management companies, investment companies with variable capital (SICAVs), limited partnerships for collective investment (LPCIs) and investment companies with fixed capital (SICAFs) are responsible for ensuring that the collective investment schemes they manage comply at all times with the definition of a collective investment scheme in accordance with Article 7 CISA and this Article.⁶