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

(Art. 14 para. 1^ter CISA)

¹ The SICAV or the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes re­mains re­spons­ible for the ful­fil­ment of su­per­vis­ory du­ties and when del­eg­at­ing tasks shall safe­guard cli­ents' in­terests.

² They shall agree with the third party in writ­ing or in an­oth­er form demon­strable via text which tasks are to be del­eg­ated. The fol­low­ing in par­tic­u­lar are to be laid down in the agree­ment:

a.

the au­thor­it­ies and re­spons­ib­il­it­ies;

b.

any powers of sub­deleg­a­tion;

c.

the third party's duty to render ac­count;

d.

the rights to con­trol of the SICAV and the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes.

³ The SICAVs and the rep­res­ent­at­ives of for­eign col­lect­ive in­vest­ment schemes shall lay down in their or­gan­isa­tion­al prin­ciples the tasks del­eg­ated as well as de­tails of the pos­sib­il­ity of sub­deleg­a­tion.

⁴ Del­eg­a­tion is to be or­gan­ised so that the SICAV or the rep­res­ent­at­ive of for­eign col­lect­ive in­vest­ment schemes, its in­tern­al aud­it­ors, the audit com­pany and FINMA can in­spect and re­view the del­eg­ated task.