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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.
Art. 122 situates this framework in an international context by addressing mutual recognition through international treaties, allowing approval to be replaced by notification where equivalent regulatory standards apply.
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