Ordinance on Investment Undertakings (Investment Undertakings ...

) Special limitations
Article 45
Investments in government bonds and equivalent investments
1) If the purposes of the Act are not interfered with and with approval
by the FMA, up to 100% of assets may be invested in transferable
securities and money market instruments of the same issuer, as long as
they are launched or guaranteed by a State, a corporation under public
law within the OECD, or international organizations with a public law
character.
2) In the event of investments in bond issues and comparable investments,
the full prospectus must contain an indication of whether the investments
are corporate bonds or government bonds, how long their
term is, and the rating requirements to which they are subject.
3) The investments must be divided into transferable securities and
money market instruments that have been launched as part of at least six
different issues; the transferable securities and money market instruments
from the same issue may not exceed 30% of the assets.
4) The approval according to paragraph 1 and the issuers or guarantors
must be listed in the full prospectus and in other solicitation materials.
Article 46
Replication of an index (index fund)
1) An investment undertaking for transferable securities may replicate
a particular stock index or debt-security index if the full prospectus
so provides.
2) A clearly visible indication of the replication of an index must be
included in the full and simplified prospectuses and in all solicitation materials.
The indication included in the full prospectus must be sufficiently
elaborate for the investor to identify what the index in question is and to
what extent this index is to be replicated.
3) The recognition of an index requires in particular that:
a) its composition is sufficiently diversified;
b) it represents an adequate subscription basis for the market; and
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