Ordinance on Investment Undertakings (Investment Undertakings ...

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d) the obligation to compile an inventory of assets in the business report pursuant to article 20, paragraph 1, subparagraph (c), article 22, and Annex 3, point 8 of this <strong>Ordinance</strong>; e) the publication obligations with respect to the investment undertaking; f) the marketing of units of investment undertakings for transferable securities pursuant to articles 87 and 90 of the Act. 2) The initiation of business activities requires that: a) a prospectus for investment undertakings for qualified investors according to Annex 2a is available that has been signed by a licensed management company and depositary bank; b) the prospectus for investment undertakings for qualified investors circumscribes the circle of qualified investors and contains a clearly visible warning informing the investors that: 1. the investment undertaking is for qualified investors within the meaning of this Article; and 2. the investment undertaking is exempt from the licensing requirement and the other obligations listed in paragraph 1; c) the warning according to subparagraph (b) is clearly visible on all solicitation materials and the subscription form; d) the management company has submitted a confirmation by the external audit office to the FMA attesting that: 1. the external audit office conducts the audit for the investment undertaking in question in accordance with article 27 of the Act; 2. the investment undertaking conforms to the Act and this <strong>Ordinance</strong>; and 3. the prospectus for investment undertakings for qualified investors, and in particular the warning according to subparagraph (b), conforms to this <strong>Ordinance</strong>. 3) Business activities may only be taken up once the FMA attests to the management company that it has received the confirmation by the external audit office according to paragraph 2, subparagraph (d). 4) At the latest six months after receipt of the attestation according to paragraph 3, the following shall be submitted to the FMA: a) by the management company: the prospectus for investment undertakings for qualified investors; b) by the external audit office: the audit report pursuant to article 99, paragraphs 2 and 3. 16
5) Amendments to the prospectus for investment undertakings for qualified investors shall become effective as soon as: a) the external audit office confirms that the amendments correspond to the Act and this <strong>Ordinance</strong>; and b) the FMA attests to the management company that it has received the confirmation by the external audit office and the prospectus signed by the management company and the depositary bank. 6) Until the first submission of the prospectus for investment undertakings for qualified investors and the audit report, supervision by the FMA shall exclusively be limited to the responsibilities enumerated in this Article, subject to the issuing of measures in accordance with article 96, paragraph 4 of the Act. Article 29 Qualified investors 1) The following persons and enterprises shall be considered qualified investors, if they invest at least 250,000 Swiss francs or the equivalent in a different currency in the investment undertaking for qualified investors: a) banks and finance companies, insurance undertakings, occupational pension schemes, postal institutions, securities firms, asset management companies, collective capital investments and their management companies, and any non-supervised companies whose only purpose consists in investing securities for third parties; b) other enterprises whose: 1. own funds amounted to more than 40 million Swiss francs or the equivalent in a different currency in the most recent fiscal year; or 2. beneficial owner or owners are qualified investors within the meaning of subparagraph (c); c) natural persons whose securities portfolio at the time of signing of the subscription form exceeds one million Swiss francs or the equivalent in a different currency; or d) States, corporations and institutes under public law, central banks, international and supranational institutions, and other comparable international organizations. 2) The acquisition of a unit of an investment undertaking for qualified investors requires signature of a subscription form by the qualified investor. On the subscription form, the qualified investor must confirm 17
Page 1 and 2: Ordinance of 23 Au
Page 3 and 4: tractually governed forward transac
Page 5 and 6: Article 8 Name 1) The name of an in
Page 7 and 8: a) the full prospectuses so provide
Page 9 and 10: 5. Business report, half-yearly rep
Page 11 and 12: Article 20 Business report and half
Page 13 and 14: Article 23 Quarterly reporting 1) T
Page 15: thorize additional cancellation dea
Page 19 and 20: 1. accounting services required by
Page 21 and 22: pecially in the event of insolvency
Page 23 and 24: D. Investment rules 1. Investment u
Page 25 and 26: ments), if they are permissible as
Page 27 and 28: nized international accounting prov
Page 29 and 30: article 39 and article 43, paragrap
Page 31 and 32: ) Special limitations Article 45 In
Page 33 and 34: creditworthiness risk, etc.), an in
Page 35 and 36: term loans for repaying units, up t
Page 37 and 38: Article 55 Special requirements 1)
Page 39 and 40: Article 58 Securing liabilities 1)
Page 41 and 42: considered unsegmented. All documen
Page 43 and 44: Article 68 Forms With respect to se
Page 45 and 46: Article 72 Volume and term 1) If it
Page 47 and 48: Article 78 Special obligations of t
Page 49 and 50: m) a confirmation by the Office of
Page 51 and 52: 4) The organization, in particular
Page 53 and 54: Article 87 b) Equity position If th
Page 55 and 56: V. Supervision of management compan
Page 57 and 58: Article 95 Foreign audit offices A
Page 59 and 60: a) the accounts are being kept prop
Page 61 and 62: a) the accuracy of the business and
Page 63 and 64: ) the information concerning issue,
Page 65 and 66: Minimum content of the full prospec
Page 67 and 68:
*2.1 designation or company name, d
Page 69 and 70:
4.2 main activity. 5 Information on
Page 71 and 72:
2.5 profile of the typical investor
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niques and instruments, especially
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2. Off-balance-sheet operations The
Page 77 and 78:
6. Number of units in circulation 6
Page 79 and 80:
1.4.2 buildings on which constructi
Page 81 and 82:
5. Change of net assets For each in
Page 83:
account. 83
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