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

¹The board of dir­ect­ors of the fund man­age­ment com­pany, SICAV or as­set man­ager of col­lect­ive in­vest­ment schemes shall put in place an in­tern­al con­trol sys­tem based on sys­tem­at­ic risk ana­lys­is and mon­it­or it in such a way as to en­sure that all ma­ter­i­al risks of the li­censee are ap­pro­pri­ately and ef­fect­ively cap­tured, as­sessed, man­aged and mon­itored.

²The ex­ec­ut­ive board of the fund man­age­ment com­pany, SICAV or as­set man­ager of col­lect­ive in­vest­ment schemes shall im­ple­ment the re­quire­ments of the board of dir­ect­ors with re­gard to the set­ting up, main­ten­ance and reg­u­lar re­view of the in­tern­al con­trol sys­tem. It shall de­vel­op suit­able pro­cesses to im­ple­ment the con­trol activ­it­ies that are to be in­teg­rated in­to work­ing pro­cesses and to con­trol risks.