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

¹If the fund man­age­ment com­pany or SICAV is re­quired to ob­serve a no­tice peri­od be­fore it may again have leg­al con­trol of the loaned se­cur­it­ies, it may not lend more than 50 per­cent of the eli­gible hold­ing of a par­tic­u­lar se­cur­ity.

²If, however, the bor­row­er or in­ter­me­di­ary provides a con­trac­tu­al guar­an­tee to the fund man­age­ment com­pany or SICAV that the lat­ter may again leg­ally dis­pose of the loaned se­cur­it­ies on the same or fol­low­ing bank­ing day, the fund man­age­ment com­pany or SICAV may lend the en­tire eli­gible hold­ing of a par­tic­u­lar se­cur­ity.