Art. 126h

(Art. 118g and 118h CISA)

1. The institution responsible for the administration of a L-QIF (Art.118g or 118h CISA) is responsible for ensuring that the legal, contractual, statutory or regulatory provisions applicable to the L-QIF are complied with.
2. If a collective investment scheme does not comply or no longer complies with the definition of an L-QIF set out in Article118a paragraph 1 letters a-c CISA, the institution must inform FINMA, the custodian bank and the audit firm immediately.
3. If the legal, contractual, statutory or regulatory provisions applicable to the L-QIF are otherwise not or no longer complied with, the institution must immediately inform the investors, the custodian bank and the audit firm and ensure that the proper situation is restored within a reasonable period of time. If this is not possible, it must dissolve the L-QIF.