BSK KAG, 2026, Art. 119–122 Commentary
The commentary on Arts. 119–122 CISA/KAG analyses the
Swiss market-access regime for foreign collective investment
schemes. It explains Art. 119 as the conceptual foundation,
distinguishing foreign open-ended and closed-ended schemes and
thereby determining the applicable regulatory consequences.
Arts. 120 and 121 are presented as the operational core of the
regime: they set out the FINMA approval requirement for offerings
to non-qualified investors, the substantive approval criteria
(including foreign supervision, equivalence, cooperation
arrangements, and the appointment of a Swiss representative and
paying agent), and the function of the paying agent as a minimum
investor-facing infrastructure in Switzerland.
