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

¹The fund man­age­ment com­pany or SICAV may lend se­cur­it­ies in its own name and for its own ac­count to a bor­row­er («prin­cip­al»).

²The fund man­age­ment com­pany or SICAV may also ap­point an in­ter­me­di­ary to put the se­cur­it­ies at the dis­pos­al of the bor­row­er either on a fi­du­ciary basis («agent») or dir­ectly («find­er»), in ac­cord­ance with the pro­vi­sions of this sec­tion.

³The fund man­age­ment com­pany or SICAV shall con­clude a stand­ard­ised frame­work agree­ment gov­ern­ing se­cur­it­ies lend­ing with each bor­row­er or in­ter­me­di­ary in ac­cord­ance with Art­icle 7.