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

(Art. 73 para. 2 and 2^bis CISA)

Where the cus­todi­an bank trans­fers safe­keep­ing of the fund’s as­sets to a third-party cus­todi­an or cent­ral se­cur­it­ies de­pos­it­ory in Switzer­land or abroad, it shall veri­fy and mon­it­or wheth­er the lat­ter:¹⁹³

a.

pos­sesses an ap­pro­pri­ate or­gan­isa­tion­al struc­ture, fin­an­cial guar­an­tees and the spe­cial­ist qual­i­fic­a­tions re­quired giv­en the nature and com­plex­ity of the as­sets en­trus­ted to it;

b.

is sub­ject to reg­u­lar ex­tern­al audits, thereby en­sur­ing that it pos­sesses the fin­an­cial in­stru­ments;

c.

the as­sets re­ceived from the cus­todi­an bank are kept in safe cus­tody in such a man­ner that by means of reg­u­lar port­fo­lio com­par­is­ons they can at all times be clearly iden­ti­fied as be­long­ing to the fund’s as­sets;

d.

com­plies with the pro­vi­sions ap­plic­able to the cus­todi­an bank with re­spect to the per­form­ance of the tasks del­eg­ated to it and the avoid­ance of con­flicts of in­terest.