Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes

¹The fund man­age­ment com­pany or SICAV shall con­duct re­pur­chase agree­ments ex­clus­ively with first-class su­per­vised coun­ter­parties and in­ter­me­di­ar­ies that spe­cial­ise in these types of trans­ac­tions, such as banks, brokers and in­sur­ance com­pan­ies, as well as li­censed and re­cog­nised cent­ral coun­ter­party clear­ing houses and cent­ral se­cur­it­ies de­pos­it­or­ies that can guar­an­tee the ex­e­cu­tion of trans­ac­tions in a due and prop­er man­ner.

²The fund man­age­ment com­pany or SICAV must ob­tain the writ­ten con­sent of the cus­todi­an bank if the lat­ter is not to be in­volved in the re­pur­chase agree­ment as either coun­ter­party or in­ter­me­di­ary.

³The cus­todi­an bank may only deny its con­sent if there is no guar­an­tee that it can meet its stat­utory and con­trac­tu­al du­ties with re­gard to set­tle­ment, safe­keep­ing, pro­vi­sion of in­form­a­tion, and con­trol.