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

¹Pur­su­ant to Art­icle 77 para­graph 2 CISO¹, a re­pur­chase agree­ment rep­res­ents the rais­ing of a loan by the se­cur­it­ies fund.

²The money ob­lig­a­tions arising from re­pos, to­geth­er with all oth­er loans taken, must com­ply with the stat­utory and reg­u­lat­ory lim­its on bor­row­ing.

³If, when con­duct­ing a repo trans­ac­tion, the fund man­age­ment com­pany or SICAV uses the money re­ceived to ac­quire se­cur­it­ies of the same type, qual­ity, cred­it rat­ing and ma­tur­ity in con­junc­tion with the con­clu­sion of a re­verse repo, this is not deemed to be tak­ing a loan.