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ARTICLE · 24 NOVEMBER 2021

Alternative Investment Funds 2021

Bär & Karrer Ltd.
Bär & Karrer Ltd.
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Bär & Karrer Ltd.

Bär & Karrer Ltd.

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Investment companies that are incorporated as a Swiss corporation and that are either listed on a Swiss stock exchange or restricted to qualified investors do not fall within the scope of the CISA.

SwitzerlandFinance and Banking

1 Regulatory Framework

1.1 What legislation governs the establishment and  operation of Alternative Investment Funds?

The establishment and operation of Alternative Investment  Funds ("AIFs") (and their managers) is governed by the Federal  Act on Collective Investment Schemes of 23 June 2006 ("CISA",  SR 951.31) and its implementing ordinances, the Ordinance on  Collective Investment Schemes of 22 November 2006 ("CISO",  SR 951.311), the Ordinance of the Swiss Financial Market  Supervisory Authority on Collective Investment Schemes  of 27 August 2014 ("CISO-FINMA", SR 951.312) and the  Ordinance of the Swiss Financial Market Supervisory Authority  on Collective Investment Schemes of 6 December 2012  ("CISIO-FINMA", SR 951.315.2). In addition, the Federal Act  on Financial Institutions of 15 June 2018 ("FinIA", SR 954.1)  and its implementing ordinance, the Ordinance on Financial  Institutions of 6 November 2019 ("FinIO", SR 954.11) set out  the legal

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