PC NMS October 2012 clean version CSSF 3010 pour VISA FINAL

exchange in any Member State of the European Union (EU), any Member State of the
Organisation for the Economic Cooperation and Development (OECD), and any other State
which the Board of Directors deems appropriate with regard to the investment objective of each
Sub-Fund (each an "Eligible State"); and/or
ii. transferable securities and money market instruments dealt in on another market which is
regulated, operates regularly and is recognised and open to the public in an Eligible State (a
"Regulated Market"); and/or
iii. recently issued transferable securities and money market instruments, provided that the terms
of issue include an undertaking that application will be made for admission to official listing on
an official stock exchange or another Regulated Market (an "Eligible Market") and such
admission is achieved within one year of the issue; and/or
iv. units of undertakings for collective investment in transferable securities (a "UCITS") and/or of
other undertakings for collective investment within the meaning of Article 1, paragraph (2)
points a) and b) of Directive 2009/65/EC , as amended ("other UCIs"), whether situated in an EU
member state or not, provided that:
• such other UCIs have been authorised under laws which provide that they are subject to
supervision considered by the Luxembourg supervisory authority to be equivalent to that laid
down in Community law and that a cooperation between authorities is sufficiently ensured,
• the level of protection for unitholders in such other UCIs is equivalent to that provided for
unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing,
lending, and uncovered sales of transferable securities and money market instruments are
equivalent to the requirements of directive 2009/65/EC,
• the business of such other UCIs is reported in half-yearly and annual reports to enable an
assessment of the assets and liabilities, income and operations over the reporting period,
• no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is
contemplated, can, according to their constitutional documents, in aggregate be invested in
units of other UCITS or other UCIs; and/or
v. deposits with credit institutions which are repayable on demand or have the right to be
withdrawn, and maturing in no more than 12 months, provided that the credit institution has its
registered office in a Member State of the European Union, or if the registered office of the
credit institution is situated in a non-Member State, provided that it is subject to prudential
rules considered by the CSSF as equivalent to those laid down in Community law; and/or
vi. financial derivative instruments, including equivalent cash-settled instruments, dealt in on a
regulated market referred to in subparagraphs i. and ii. above, and/or financial derivative
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