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

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.


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Art. 54 Safekeeping of collateral

1The col­lat­er­al re­ceived must be kept at the cus­todi­an bank.

2Safe­keep­ing by a su­per­vised third-party cus­todi­an on be­half of the fund man­age­ment com­pany is per­mit­ted provided that:

a.
own­er­ship of the col­lat­er­al is not trans­ferred; and
b.
the third-party cus­todi­an is in­de­pend­ent of the coun­ter­party.

3In the case of col­lat­er­al de­livered to a coun­ter­party, a cus­todi­an ap­poin­ted by the lat­ter, or a cent­ral coun­ter­party, the cus­todi­an bank must en­sure that trans­ac­tions are settled in a se­cure man­ner and in line with the agree­ments.

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