Ordinance on Investment Undertakings (Investment Undertakings ...

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2) As long as the fund of funds complies with the investment provisions according to articles 37 et seq., the fund of funds shall also be considered an investment fund for transferable securities. 3) repealed 4) The full prospectus and the business report of a fund of funds must include information concerning how high the maximum direct costs are and how high the indirect costs are estimated to be. b) Securities loan Article 66 Definition 1) A securities loan is considered to be a loan-like legal transaction through which the management company as the lender with effect for the investment undertaking is obligated vis-à-vis the borrower to transfer possession of particular securities. The borrower is obligated to refund securities of the same type, amount, and quality and must transfer the income arising over the duration of the securities loan to the lender. 2) The securities loan shall not be considered a grant of a loan for purposes of article 50. Article 67 Principle 1) The management company may lend securities from the assets of the investment undertaking under management as part of its regular management activities, in accordance with the conditions governed by the following articles. 2) The depositary bank shall additionally guarantee that the securities loan is handled in conformity with the market and according to professional qualifications. 42
Article 68 Forms With respect to securities of the investment undertaking, the management company may either, on behalf of and for the account of the investment undertaking: a) lend them to a borrower (principal transaction); or b) mandate an intermediary to make the securities available to a borrower either through indirect representation as a trustee (agent) or through indirect representation (finder). Article 69 Counterparties 1) The management company may only engage in the securities loan with: a) borrowers specialized in such transactions or intermediaries such as banks, brokers, and insurance undertakings; or b) recognized securities clearing organizations. 2) The counterparties enumerated in paragraph 1, subparagraph (a) must exhibit a long-term, current rating by a rating agency recognized by the FMA of at least A-, A3, or equivalent. 3) The management company may also engage in a securities loan with its depositary bank, independently of the rating. Article 70 Loanable securities 1) The management company may loan the securities that are approved for the type of investment undertaking in question. 2) Loaned securities must continue to be taken into account in complying with investment rules. 43
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 and 16: thorize additional cancellation dea
Page 17 and 18: 5) Amendments to the prospectus for
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: considered unsegmented. All documen
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
Page 73 and 74: niques and instruments, especially
Page 75 and 76: 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

Ordinance on Investment Undertakings (Investment Undertakings ...

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