Commentaries: Art. 78

On concluding a contract, or subscribing and paying in cash, investors acquire:
1. in the case of an investment fund, a claim against the fund management company to participate in the assets and income of the investment fund in accordance with the fund units they acquire;
2. in the case of a SICAV, an interest in the company and its unappropriated net earnings in accordance with the shares they acquire.
They are, in principle, entitled at all times to request the redemption of their units and payment of the redemption amount in cash. Unit certificates must be returned for cancellation purposes.
In the case of collective investment schemes with various unit classes, the Federal Council regulates the details.
FINMA may allow a derogation from the duty to make payments in and out of the fund in cash.
In the case of collective investment schemes with subfunds, the asset entitlements are based on Article 93 paragraph 2 and Article 94 paragraph 2.