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

(Art. 36 para. 3 CISA)

¹ The self-man­aged SICAV per­forms its own ad­min­is­tra­tion. It may only del­eg­ate port­fo­lio man­age­ment in ac­cord­ance with Art­icle 36 para­graph 3 CISA to a man­ager of col­lect­ive as­sets that is sub­ject to a re­cog­nised su­per­vis­ory body.

² The ex­tern­ally man­aged SICAV del­eg­ates ad­min­is­tra­tion to an au­thor­ised fund man­age­ment com­pany. Ad­min­is­tra­tion also in­cludes dis­tri­bu­tion of the SICAV. In ad­di­tion, the ex­tern­ally man­aged SICAV del­eg­ates port­fo­lio man­age­ment to the same fund man­age­ment com­pany or to a man­ager of col­lect­ive as­sets that is sub­ject to a re­cog­nised su­per­vis­ory body.

³ The pro­vi­sions of Art­icle 64 are re­served.