Taxes on the issue and transfer of securities and uncertificated securities as well as on premium payments for insurance policies. In Switzerland, these are regulated by the Federal Act on Stamp Duties of 27 June 1973, which has since been revised several times, and its ordinance. In the case of securities, a distinction is made between issue duty (levying stamp duty on the issue of securities; also known as issue stamp) and turnover duty (levying stamp duty on changes of ownership; also known as turnover stamp). The rates differ according to the legal and partly according to the economic nature of the securities. Investors are exempt from stamp duty on the subscription and redemption of claims of an investment foundation. However, the investment foundation is liable to stamp duty for stock exchange transactions within the investment groups.