Ordinance on Investment Undertakings (Investment Undertakings ...

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Article 71 Collateral 1) The management company may only loan securities of the investment undertaking against collateral, the value of which must at all times correspond to at least 105% of the market value of the loaned securities. The collateral must, until expiry of the securities loan agreement, be pledged for the benefit of the investment undertaking or transferred into its possession. 2) The following shall be permissible as collateral: a) liquid assets; b) shares that are traded on an exchange or another regulated market open to the public and that are launched by companies whose values are represented in a stock or debt-security index recognized by the FMA; c) fixed-interest or variable-interest securities that exhibit a long-term, current rating by a rating agency recognized by the FMA of at least A-, A3, or equivalent; or d) irrevocable letters of credit, guarantees, and sureties by third party banks that exhibit a long-term, current rating by a rating agency recognized by the FMA of at least A-, A3, or equivalent. 3) The FMA may approve other types of collateral if they are equivalent to the types of collateral mentioned in paragraph 2. 4) Securities that have been pledged for the benefit of the investment undertaking or transferred into its possession may neither be loaned, further pledged, sold, used as part of a securities repurchase transaction, nor used to cover obligations arising from derivative financial instruments by the management company. 5) As a matter of principle, the depositary bank shall monitor compliance with the collateral requirements. If the securities loan is concluded via the depositary bank, then the depositary bank shall require its counterparty to provide collateral. The collateral must fulfill the requirements enumerated in paragraphs 1 to 4. If further pledging of the collateral is allowed, then the investment undertaking shall be granted a legal lien on this collateral. In this case, the depositary bank need not provide separate collateral to the investment undertaking. 44
Article 72 Volume and term 1) If it has been agreed that the management company may again legally dispose of the loaned securities only after expiry of a defined period of notice, then not more than 50% of the loanable holdings of a given type of security may be loaned, calculated according to the market value at the time of conclusion of the agreement. In this case, the term of the securities loan agreement shall be limited to 30 calendar days. 2) If, however, the management company has been contractually assured that it may again legally dispose of the loaned securities even on the same day or on the next banking day, then the entire loanable holdings of a given type of security may be loaned. In this case, the term of the agreement may be unlimited. Article 73 Framework agreement The management company shall regulate the securities loan in a framework agreement in accordance with the aforementioned conditions. The content of the framework agreement must comply with common international standards. Article 74 Information and taking inventory In its periodic reports of the investment undertaking, the management company shall provide information on the type and scope of the securities loaned as of the reporting date and on the amount of the commissions taken in through the securities loans. c) Repurchase transactions (repo, reverse repo) Article 75 Definitions 1) A repurchase transaction is the sale of assets accompanied by an agreement to buy back the assets. 45
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 and 42: considered unsegmented. All documen
Page 43: Article 68 Forms With respect to se
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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