Under Swiss law, the term «qualified» refers to investors as defined by article 10 para. 3, 3bis and 3ter of the Federal Act on Collective Investment Schemes (CISA).
Excerpt from CISA (as of 1st January 2018):
- Art. 10 para. 3:
- a. regulated financial intermediaries such as banks, securities traders, fund management companies and asset managers of collective investment schemes, as well as central banks;
- b. regulated insurance institutions;
- c. public entities and retirement benefits institutions with professional treasury operations;
- d. companies with professional treasury operations;
- Art. 10 para. 3bis:
- High-net-worth individuals may declare in writing that they wish to be deemed qualified investors. In addition, the Federal Council may make such persons' suitability as qualified investors dependent on certain conditions, specifically technical qualifications.
- Art. 10 para. 3ter:
- Investors who have concluded a written discretionary management agreement as defined in Article 3 Paragraph 2b and c are deemed qualified investors unless they have declared in writing that they do not wish to be deemed as such.