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 have suf­fi­ciently qual­i­fied spe­cial­ist per­son­nel to carry out risk con­trol.

²Risk con­trol shall identi­fy, as­sess and mon­it­or:

a.

the risks entered in­to by the li­censee;

b.

the risks of each in­di­vidu­al po­s­i­tion of the col­lect­ive in­vest­ment schemes man­aged and their over­all risk; and

c.

the risks of any oth­er man­age­ment man­dates.

³Risk con­trol shall be kept func­tion­ally and hier­arch­ic­ally sep­ar­ate from op­er­a­tion­al busi­ness units, in par­tic­u­lar the func­tion con­cerned with in­vest­ment de­cisions (port­fo­lio man­age­ment). It must be able to act in­de­pend­ently.