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

¹In its short-form re­port for the feed­er fund, the audit com­pany shall take ac­count of the short-form re­port for the mas­ter fund. If the mas­ter fund and feed­er fund have dif­fer­ent ac­count­ing years, the mas­ter fund shall com­pile an in­ter­im fin­an­cial state­ment as of the re­port­ing date of the feed­er fund. Based on this, the audit com­pany shall com­pile an ad-hoc short-form re­port for the mas­ter fund as of the re­port­ing date of the feed­er fund.

²In its short-form re­port for the feed­er fund, the audit com­pany shall men­tion any de­vi­ations from the stand­ard word­ing con­tained in the short-form re­port for the mas­ter fund as well as any oth­er ma­ter­i­al in­form­a­tion, to­geth­er with any in­flu­ence on the feed­er fund.

³If the mas­ter fund and feed­er fund have dif­fer­ent audit com­pan­ies, the lat­ter shall con­clude an agree­ment on co­oper­a­tion and du­ties of dis­clos­ure to en­sure the ful­fil­ment of their du­ties. This shall con­tain, as a min­im­um:

a.

a de­scrip­tion of the doc­u­ments and cat­egor­ies of in­form­a­tion that the two audit com­pan­ies ex­change on a reg­u­lar basis, in­clud­ing the ar­range­ments for and tim­ing of such ex­changes;

b.

the co­ordin­a­tion of the role of the audit com­pan­ies in the pro­cess of com­pil­ing the an­nu­al fin­an­cial state­ments for the mas­ter fund and feed­er fund;

c.

a state­ment of the in­form­a­tion that must be in­cluded in the audit re­port for the mas­ter fund in ac­cord­ance with para­graph 2;

d.

oth­er ar­range­ments gov­ern­ing the co­oper­a­tion between the audit com­pan­ies as well as the com­pil­a­tion and trans­fer of the short-form and ad-hoc re­ports.