Ordinance on Investment Undertakings (Investment Undertakings ...

article 39 and article 43, paragraph 3. Article 39, paragraphs 3 and 11 remain
applicable.
4) If an investment undertaking for transferable securities acquires
units of other investment undertakings that are managed directly or indirectly
by the same management company or by a different company with
which the management company is linked by joint administration or
control or by significant direct or indirect holdings, then the management
company or the other company may not charge any fees for the
subscription or redemption of units of the other investment undertakings
for transferable securities or equivalent investment undertakings via the
investment undertaking for transferable securities.
5) If an investment undertaking for transferable securities invests a
significant part of its assets in units of other investment undertakings or
equivalent investment undertakings, then the prospectus of the investing
investment undertaking must contain information on how high the
maximum administrative fees may be that must be borne by the affected
investment undertaking for transferable securities itself and also by the
other investment undertakings for transferable securities or equivalent
investment undertakings in which it plans to invest. The annual report
must indicate how high the maximum share of administrative fees is that
the investment undertaking for transferable securities on the one hand
and the investment undertakings for transferable securities or equivalent
investment undertakings in which it invests on the other hand must bear.
6) The maximum share that an investment undertaking may invest in
units of an investment undertaking that is managed by the same or by a
linked management company must be indicated in the full prospectus.
Article 43
e) Default risks for derivative financial instruments
1) Open positions with counterparties, the fulfillment of which is endangered
by liquidity difficulties or bankruptcy of the counterparty, are
termed default risks (counterparty risk). As a rule, the default risk refers
to the positive replacement value of the open position. The calculation
method of the default risk shall be determined by the FMA.
2) All derivative transactions conducted on an exchange and whose
clearing office fulfills the following conditions shall be considered default-risk
free:
a) appropriate performance guarantee;
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