PC NMS October 2012 clean version CSSF 3010 pour VISA FINAL

entity which is dedicated to the financing of securitisation vehicles which benefit from a
banking liquidity line.
(2) In addition, the Fund may invest a maximum of 10% of the net asset value of any Sub-Fund in
transferable securities and money market instruments other than those referred to under (1) above.
B. Each Sub-Fund may hold ancillary liquid assets.
C. i. Each Sub-Fund may invest no more than 10% of its net asset value in transferable securities or
money market instruments issued by the same issuing body (and in the case of credit-linked
securities both the issuer of the credit-linked securities and the issuer of the underlying securities).
Each Sub-Fund may not invest more than 20% of its net assets in deposits made with the same body.
The risk exposure to a counterparty of a Sub-Fund in an OTC derivative transaction may not exceed
10% of its net assets when the counterparty is a credit institution referred to in 1.A.V. above or 5% of
its net assets in other cases.
ii. Furthermore, where any Sub-Fund holds investments in transferable securities and money market
instruments of any issuing body which individually exceed 5% of the net asset value of such Sub-
Fund, the total value of all such investments must not account for more than 40% of the net asset
value of such Sub-Fund.
This limitation does not apply to deposits and OTC derivative transactions made with financial
institutions subject to prudential supervision.
Notwithstanding the individual limits laid down in paragraph C. i., a Sub-Fund may not combine:
• investments in transferable securities or money market instruments issued by a single body,
• deposits made with, and/or
• exposures arising from OTC derivative transactions undertaken with a single body
in excess of 20% of its net assets.
iii. The limit of 10% laid down in paragraph C. i. above shall be 35% in respect of transferable securities
or money market instruments which are issued or guaranteed by an EU member state, its local
authorities or by an Eligible State or by public international bodies of which one or more EU member
states are members.
iv. The limit of 10% laid down in paragraph C. i. above shall be 25% in respect of debt securities which
are issued by credit institutions having their registered office in an EU member state and which are
subject by law to a special public supervision for the purpose of protecting the holders of such debt
securities, provided that the amount resulting from the issue of such debt securities are invested,
pursuant to applicable provisions of the law, in assets which are sufficient to cover the liabilities
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