Ordinance
on Collective Investment Schemes
(Collective Investment Schemes Ordinance, CISO)

(Art. 70 para. 2 and 71 para. 2 CISA)

¹ Oth­er funds for tra­di­tion­al in­vest­ments may:

a.

raise loans for an amount not ex­ceed­ing 25 per cent of the fund's net as­sets;

b.¹⁸⁵

pledge or cede as col­lat­er­al no more than 60 per cent of the fund's net as­sets;

c.

com­mit to an over­all ex­pos­ure of up to 225 per cent of the fund's net as­sets;

d.

en­gage in short-selling.

² Oth­er funds for al­tern­at­ive in­vest­ments may:

a.

raise loans for an amount not ex­ceed­ing 50 per cent of the fund's net as­sets;

b.¹⁸⁶

pledge or cede as col­lat­er­al no more than 100 per cent of the fund's net as­sets;

c.

com­mit to an over­all ex­pos­ure of up to 600 per cent of the fund's net as­sets;

d.

en­gage in short-selling.

³ The in­vest­ment re­stric­tions shall be set out ex­pli­citly in the fund reg­u­la­tions. Such reg­u­la­tions shall also gov­ern the nature and scale of short-selling per­mit­ted.