Ordinance
of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(FINMA Financial Market Infrastructure Ordinance, FinMIO-FINMA)

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

¹ The no­ti­fic­a­tion du­ties un­der Art­icle 120 para­graph 1 Fin­MIA for share­hold­ings held by ap­proved col­lect­ive in­vest­ment schemes un­der the Col­lect­ive In­vest­ment Schemes Act of 23 June 2006²² (CISA) must be met by the li­cence hold­er²³ (Art. 5 para. 1 in con­junc­tion with Art­icle 2 para­graph 1 let­ter d Fin­IA, Art­icle 13 para­graph. 2 let­ters a–d CISA and Art­icle 15 para­graph 1 let­ter e in con­junc­tion with Art­icle 120 para­graph 1 CISA).²⁴

² Ful­filling the no­ti­fic­a­tion duty in­volves:

a.

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

b.

Fund man­age­ment com­pan­ies with­in a group of com­pan­ies are not re­quired to ag­greg­ate their hold­ings with the hold­ings of said group of com­pan­ies.

c.

The no­ti­fic­a­tion duty of ex­tern­ally man­aged in­vest­ment com­pan­ies with vari­able cap­it­al (SICAV) is met by the fund man­age­ment com­pany.

d.

Each sub-fund of an open-ended col­lect­ive in­vest­ment scheme with sub-funds qual­i­fies as an in­di­vidu­al col­lect­ive in­vest­ment scheme un­der para­graph 1.

³ For for­eign col­lect­ive in­vest­ment schemes not ap­proved for of­fer which do not de­pend on a group of com­pan­ies, the no­ti­fic­a­tion du­ties in Art­icle 120 para­graph 1 Fin­MIA shall be met by the fund man­age­ment com­pany or the leg­al en­tity it­self. The re­quire­ments of para­graph 2 ap­ply.²⁵

⁴ For for­eign col­lect­ive in­vest­ment schemes not ap­proved for of­fer which de­pend on a group of com­pan­ies, the re­port­ing re­quire­ments in Art­icle 120 para­graph 1 Fin­MIA are met by the group.²⁶

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

a.

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

b.

or­gan­isa­tion­al in­de­pend­ence: The group en­sures through its or­gan­isa­tion­al struc­tures:

1.

that the group par­ent com­pany and oth­er com­pan­ies un­der its con­trol do not in­flu­ence the fund man­age­ment com­pany or leg­al en­tity in ex­er­cising vot­ing rights either through in­struc­tions or by any oth­er meth­od, and

2.

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

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

a.

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

b.

a de­clar­a­tion that the in­de­pend­ence re­quire­ments in para­graphs 3 and 5 are ful­filled and main­tained.

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

⁸ For those cases un­der para­graph 3, the com­pet­ent dis­clos­ure of­fice may re­quest fur­ther doc­u­ment­a­tion sup­port­ing com­pli­ance with the in­de­pend­ence con­di­tions at any time.

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