Ordinance on Investment Undertakings (Investment Undertakings ...

Providing services beyond the fund business
Article 86
a) In general
1) If activities are conducted according to article 24, paragraph 3 of
the Act, then
a) the provisions on organization in accordance with article 10, paragraphs
1 and 2 of the <strong>Ordinance</strong> on the Asset Management Act (Asset
Management <strong>Ordinance</strong>, AMO) shall apply to the fund management,
in addition to the provisions of the Act and this <strong>Ordinance</strong>;
b) the following provisions of the Law on Asset Management (Asset
Management Act, AMA) and the corresponding ordinance shall apply
to the fund management in lieu of the provisions of the Act and
this <strong>Ordinance</strong>:
1. code of conduct (article 14 of the AMA);
2. conflicts of interest (article 20 of the AMA); and
3. recording requirements (article 22 of the AMA);
c) the fund management shall submit periodic reports with respect to
these activities exclusively in accordance with article 28, paragraph 2
of the Law on Asset Management;
d) the assets of the investor may not be invested in whole or in part in
units of the investment undertaking managed by the fund management,
unless the client has given general approval in advance; and
e) the investor may turn to the extrajudicial arbitration board in accordance
with article 61 of the Law on Asset Management to resolve disputes
between the investor and the fund management concerning the
management of individual portfolios.
2) In the case of activities according to article 24, paragraph 3 of the
Act that are performed by a State, a central bank of a Member State of
the EEA, or other national institutions with comparable responsibilities,
the conditions according to paragraph 1 need not be observed.
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