Ordinance of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

(Art. 120 para. 1, 121, 123 para. 1 FMIA)

¹The re­port­ing ob­lig­a­tions un­der Art­icle 120 para­graph 1 FMIA ap­ply for share­hold­ings in ap­proved col­lect­ive in­vest­ment schemes un­der CISA¹ and must be met by the li­cence hold­er² (Art. 13 para. 2 let. a–d CISA and Art. 15 in con­junc­tion with Art. 120 para. 1 CISA).

²Ful­filling the re­port­ing re­quire­ment in­volves:

a.

Re­port­ing re­quire­ments for more than one col­lect­ive in­vest­ment scheme of the same li­cence hold­er are to be ful­filled com­pre­hens­ively (i.e. in­clud­ing all in­vest­ment schemes) and for each col­lect­ive in­vest­ment if they in­di­vidu­ally reach, ex­ceed or fall be­low thresholds.

b.

There is no ob­lig­at­ory con­sol­id­a­tion with the group for fund man­age­ment com­pan­ies with­in a group.

c.

The fund man­age­ment com­pany is ob­liged to meet re­port­ing re­quire­ments for in­vest­ment com­pan­ies with vari­able cap­it­al (SICAV).

d.

Each sub-fund of an open-ended col­lect­ive cap­it­al in­vest­ment with sub-funds qual­i­fies as an in­di­vidu­al col­lect­ive cap­it­al in­vest­ment with­in the mean­ing of para­graph 1.

³For for­eign col­lect­ive cap­it­al in­vest­ment schemes not ap­proved for sale which do not de­pend on a group, the re­port­ing re­quire­ments in Art­icle 120 para­graph 1 FMIA are to be met by the fund man­age­ment com­pany or com­pany. Para­graph 2 ap­plies to ful­filling the re­port­ing re­quire­ment.

⁴For for­eign col­lect­ive cap­it­al in­vest­ment schemes not ap­proved for sale which de­pend on a group, the re­port­ing re­quire­ments in Art­icle 120 para­graph 1 FMIA are met by the group.

⁵The in­de­pend­ence of the fund man­age­ment com­pany or com­pany is con­tin­gent on the fol­low­ing:

a.

per­son­al in­de­pend­ence: Per­sons con­trolling the ex­er­cising of the vot­ing right for the fund man­age­ment com­pany or com­pany act in­de­pend­ently of the group par­ent com­pany and those com­pan­ies un­der its con­trol;

b.

or­gan­isa­tion­al in­de­pend­ence: The group en­sures the fol­low­ing through its or­gan­isa­tion­al struc­tures:

1.

the group par­ent com­pany and oth­er com­pan­ies un­der its con­trol have no in­flu­ence over the fund man­age­ment com­pany or com­pany's vot­ing rights either through reg­u­la­tion or by any oth­er meth­od, and

2.

no in­form­a­tion is ex­changed or dis­sem­in­ated between the fund man­age­ment com­pany or com­pany and group par­ent com­pany or oth­er com­pan­ies un­der its con­trol which could in­flu­ence the ex­er­cising of the vot­ing rights.

⁶The group must provide the rel­ev­ant dis­clos­ure of­fice with the fol­low­ing doc­u­ments for those cases un­der para­graph 3:

a.

a list with the names of the fund man­age­ment com­pan­ies or com­pan­ies;

b.

an ex­plan­a­tion as to how the in­de­pend­ence re­quire­ments in para­graphs 3 and 5 are ful­filled and main­tained.

⁷The group must provide the rel­ev­ant dis­clos­ure of­fice with de­tails of every change to the list un­der para­graph 6 let­ter a.

⁸For those cases un­der para­graph 3, the rel­ev­ant dis­clos­ure of­fice may re­quest fur­ther doc­u­ment­a­tion sup­port­ing the ful­fil­ment and main­ten­ance of the in­de­pend­ence con­di­tions at any time.

⁹De­tails of the in­vestor's iden­tity are not re­quired.