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

(Art. 90 para. 1 CISA; Art. 68 CISO¹)

¹If sub­si­di­ary com­pan­ies are used to im­ple­ment the in­vest­ment policy, a trans­par­ent sub­stance-over-form ap­proach must be ap­plied to the ac­counts (such as in the state­ment of net as­sets, or the bal­ance sheet and profit and loss ac­count, in­vent­ory, buy and sell trans­ac­tions).

²The com­pan­ies must be con­sol­id­ated in ac­cord­ance with a VASR² stand­ard. There­fore, the ac­count­ing prin­ciples ap­plied to them must be for con­sol­id­a­tion pur­poses.