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

¹Fol­low­ing the an­nounce­ment of the dis­sol­u­tion of the mas­ter fund, the feed­er fund shall without delay de­fer re­pay­ments. With­in one month fol­low­ing the an­nounce­ment of the dis­sol­u­tion of the mas­ter fund, it shall sub­mit to FINMA a re­port / an ap­plic­a­tion re­gard­ing:

a.

the dis­sol­u­tion of the mas­ter fund;

b.

an amend­ment to the fund con­tract or in­vest­ment reg­u­la­tions due to the change of mas­ter fund; or

c.

an amend­ment to the fund con­tract or in­vest­ment reg­u­la­tions due to the con­ver­sion in­to a non-feed­er fund.

²The li­quid­a­tion pro­ceeds of the mas­ter fund may not be paid out be­fore the ap­plic­a­tions set out in para­graph 1 let­ters b and c have been ap­proved un­less they are re­in­ves­ted solely for the pur­pose of ef­fi­cient li­quid­ity man­age­ment un­til the time of ap­prov­al.