Federal Act on Collective Investment Schemes

¹The cus­todi­an bank is re­spons­ible for the safe­keep­ing of the in­vest­ment fund's as­sets, the is­sue and re­demp­tion of units, as well as pay­ment trans­fers on be­half of the in­vest­ment fund.

²It may trans­fer the re­spons­ib­il­ity for the safe­keep­ing of the in­vest­ment fund's as­sets to third-party cus­todi­ans and col­lect­ive se­cur­it­ies de­pos­it­or­ies in Switzer­land or abroad, provided this is in the in­terest of ef­fi­cient safe­keep­ing. In­vestors must be in­formed in the pro­spect­us about the risks as­so­ci­ated with such trans­fers.¹

^2bisFin­an­cial in­stru­ments may only be trans­ferred (para­graph 2) to reg­u­lated third-party cus­todi­ans and col­lect­ive se­cur­it­ies de­pos­it­or­ies. This does not ap­ply to man­dat­ory safe­keep­ing at a loc­a­tion where the trans­fer to reg­u­lated third-party cus­todi­ans and col­lect­ive se­cur­it­ies de­pos­it­or­ies is not pos­sible, in par­tic­u­lar due to man­dat­ory leg­al pro­vi­sions or to the in­vest­ment product's mod­al­it­ies. In­vestors must be in­formed in the product doc­u­ment­a­tion of safe­keep­ing by non-reg­u­lated third-party cus­todi­ans or col­lect­ive se­cur­it­ies de­pos­it­or­ies.²

³The cus­todi­an bank en­sures that the fund man­age­ment com­pany or the SICAV com­plies with this Act and with the fund reg­u­la­tions. It veri­fies wheth­er:³

a.

the cal­cu­la­tion of the net as­set value and of the is­sue and re­demp­tion prices of the units is in com­pli­ance with this Act and with the fund reg­u­la­tions;

b.

the in­vest­ment de­cisions are in com­pli­ance with this Act and with the fund reg­u­la­tions;

c.

the in­come is ap­pro­pri­ated in ac­cord­ance with the fund reg­u­la­tions.

⁴The Fed­er­al Coun­cil reg­u­lates the re­quire­ments for act­ing as a cus­todi­an bank and may spe­cify para­met­ers for the pro­tec­tion of the se­cur­it­ies in­vest­ments.⁴