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

¹The fund man­age­ment com­pany, SICAV and as­set man­ager of col­lect­ive in­vest­ment schemes shall reg­u­larly re­view the ap­pro­pri­ate­ness and ef­fect­ive­ness of the risk man­age­ment prin­ciples as well as the defined pro­cesses and sys­tems.

²Com­pli­ance with the risk man­age­ment prin­ciples and defined pro­cesses as well as the ap­pro­pri­ate­ness and ef­fect­ive­ness of the meas­ures to rem­edy any short­com­ings in the risk man­age­ment pro­cess are part of the re­port­ing to the board of dir­ect­ors and ex­ec­ut­ive board.

³The use of in­vest­ment tech­niques and de­riv­at­ives, the man­age­ment of col­lat­er­al and the res­ult­ing risks must be ap­pro­pri­ately in­cor­por­ated in­to the risk man­age­ment of the col­lect­ive in­vest­ment schemes man­aged.