Ordinance on Investment Undertakings (Investment Undertakings ...

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4) The audit report must be signed by the head auditor and by the head of mandate of the external audit office. 5) If a fund management manages several investment funds, then separate audit reports may be compiled for the fund management and the investment funds. Article 102 Verification of the licensing conditions In particular, the following licensing conditions shall be considered in the audit report: a) guarantee of sound and proper business operation according to article 68 of the Act and articles 84 and 85 of this <strong>Ordinance</strong>; b) legality of the full and simplified prospectuses according to articles 5 et seq. of the Act and articles 6 et seq. of this <strong>Ordinance</strong> or of the prospectus for investment undertakings for qualified investors according to Annex 2a; c) organization of the investment undertaking according to article 64 of the Act and article 83 of this <strong>Ordinance</strong>; d) responsibilities of the depositary bank according to article 31 of the Act; e) legal form and capital of the management company according to articles 65 and 66 of the Act; f) requirements on the domicile and the head office in Liechtenstein according to article 30 of this <strong>Ordinance</strong>; g) net assets according to article 59 of the Act and article 82 of this <strong>Ordinance</strong>; and h) fulfillment of the submission and reporting requirements according to article 29 of the Act. Article 103 Verification of conduct of business 1) In particular, the following points concerning the conduct of business shall be discussed in the audit report: 60
a) the accuracy of the business and half-yearly reports and the quarterly reports according to articles 15 to 25 of this <strong>Ordinance</strong>; b) in the case of investment undertakings for transferable securities and investment undertakings for other values, the external audit office shall assess the valuation methods used, especially for investments that are only marketable to a limited extent; c) in the case of investment undertakings for other values with increased risk, the external audit office shall assess compliance with the special requirements according to article 55 of this <strong>Ordinance</strong>; d) in the case of investment undertakings for real estate, the external audit office shall in particular assess the review and consolidation of the real estate companies associated with the investment undertaking, the acceptability of the valuation methods used, the capitalization rates, and the estimated values; e) compliance with the investment rules of the Act and the <strong>Ordinance</strong> and either of the full prospectus or of the prospectus for investment undertakings for qualified investors; f) the delegation of responsibilities to third parties according to article 25 of the Act and articles 34 et seq. of this <strong>Ordinance</strong>; g) the lawfulness of and compliance with the risk management procedure to be specified by the management company of the investment undertaking; h) the lawfulness of and compliance with any documents to be issued internally, especially those concerning derivative financial instruments, repurchase transactions, and conflicts of interest; i) the lawfulness of the revaluations and write-offs (article 19 of this <strong>Ordinance</strong>); k) the lawfulness of any solicitation materials, the publication of the issue and redemption prices (articles 12 and 26, paragraph 3 of the Act), and any reports to the Swiss National Bank according to article 29, paragraph 5 of the Act. l) the use of experts, in particular with respect to the requirements for experts (article 62 of this <strong>Ordinance</strong>), the estimation of the market value (article 48, paragraph 1 of the Act), and substantial deviations of the purchasing or selling price from the estimated value (article 48, paragraph 3 of the Act); m) compliance with the provisions on the return of units (article 19 of the Act); n) the lawfulness of the payments to the management company and the depositary bank (article 22 of the Act); 61
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Ordinance of 23 Au
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tractually governed forward transac
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Article 8 Name 1) The name of an in
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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 and 44: Article 68 Forms With respect to se
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: a) the accounts are being kept prop
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
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