Under the collective investment schemes act of 23 June 2006 (CISA), a foreign investment fund may only be publicly distributed if it has been registered with the Swiss Financial Market Supervisory Authority FINMA. The holder of this registration is the so-called representative of the fund in Switzerland ("Representative"). By operation of law, the Representative provides for a place of performance and jurisdiction at its domicile in connection with shares in the funds repre-sented distributed in and from Switzerland and is legally responsible for all marketing and distribution activities of the funds represented in Switzerland. A further requirement for the registration of a foreign investment fund with the Swiss Financial Market Supervisory Authority FINMA is that the fund has appointed a paying agent in Switzerland which must be a bank in Switzerland. FIFS does not act as paying agent but closely cooperates with banks acting as paying agents.