Ordinance on Investment Undertakings (Investment Undertakings ...

Article 55
Special requirements
1) In the case of investment undertakings for other values with increased
risk, special features must be indicated in a clearly visible location
and in detail in the full and simplified prospectuses, on any subscription
form, and in every solicitation. This shall apply in particular to increased
investment risks arising from the investment policy and to restrictions
on the redemption of units.
2) The persons responsible for the management company shall be required
to have the training and experience appropriate to the investment
policy and related requirements for such an investment undertaking. If
the investment decisions are delegated to third parties, these third parties
must also fulfill the aforementioned requirements.
3) The investor shall confirm on any subscription form that he has
been informed of the increased risks of the investment undertaking.
4) The management company shall determine the investment process
in writing, including the investment decisions and the valuation methods
for the investments. The audit report shall contain an assessment of the
adequacy of the documentation.
5) The risk-determination procedure used by the management company
must be reviewed by the external audit office. The audit report shall
contain an assessment of the adequacy of the procedure used.
3. Investment undertakings for real estate
Article 56
Investments
1) Both privately and commercially used real estate and real estate
values in the broader sense shall be permissible as investments in real estate.
These shall include in particular:
a) residential buildings, commercial buildings, and mixed-use real properties;
b) condominiums;
c) real properties under construction, if the approved construction plan
falls within the scope of subparagraph (a) or (b), or real properties
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