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

¹In the case of se­cur­it­ies funds, ex­treme mar­ket cir­cum­stances must be sim­u­lated peri­od­ic­ally, but at least monthly (stress tests).

²Stress tests must also be con­duc­ted where sig­ni­fic­ant changes to the res­ults of the stress test ow­ing to changes in the value or the com­pos­i­tion of the se­cur­it­ies fund’s as­sets, or to changes in the mar­ket cir­cum­stances can­not be ex­cluded.

³Stress tests in­clude all risk factors which may have a ma­ter­i­al in­flu­ence on the mar­ket value of the se­cur­it­ies fund. Spe­cial at­ten­tion must be paid to risk factors which are not or only in­suf­fi­ciently taken in­to ac­count by the risk as­sess­ment mod­el.

⁴The res­ults of the con­duc­ted stress tests and any ne­ces­sary res­ult­ing meas­ures must be clearly doc­u­mented