Art. 7

(Art. 2 FinIA)

Where there are legitimate grounds for so doing, the Swiss Financial Market Supervisory Authority (FINMA) may fully or partially exempt managers of collective assets from the provisions of the FinIA and the present Ordinance if:

1. the protective purpose of the FinIA is not impaired; and
2. the management of collective assets has been delegated to them solely by the following persons:

1. authorised parties in accordance with Article 2 paragraph 1 letters c and d as well as paragraph 2 letters f–i FinIA,

2. authorised parties in accordance with Article 13 paragraph 2 letters b–d CISA¹, or

3. foreign companies which with regard to organisation and investor rights are subject to rules that are equivalent to the provisions of the FinIA and the CISA.