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


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Art. 72 Derivative financial instruments

(Art. 54 and 56 CISA)

1 De­riv­at­ive fin­an­cial in­stru­ments are per­mit­ted if:

a.
their un­der­ly­ings are in­stru­ments as defined in Art­icle 70 para­graph 1 let­ters a-d, fin­an­cial in­dices, in­terest rates, ex­change rates, loans or cur­ren­cies;
b.
the un­der­ly­ings are in­stru­ments per­mit­ted by the fund reg­u­la­tions; and
c.
they are traded on a stock ex­change or oth­er reg­u­lated mar­ket open to the pub­lic.

2 In the case of trans­ac­tions in­volving OTC de­riv­at­ives, the fol­low­ing con­di­tions shall be com­plied with in ad­di­tion:

a.
The coun­ter­party is a reg­u­lated fin­an­cial in­ter­me­di­ary spe­cial­iz­ing in such trans­ac­tions.
b.
The OTC de­riv­at­ives are traded daily or may be re­turned to the is­suer at any time. In ad­di­tion, it is pos­sible for them to be val­ued in a re­li­able and trans- par­ent man­ner.

3 A se­cur­it­ies fund's over­all ex­pos­ure as­so­ci­ated with de­riv­at­ive fin­an­cial in­stru­ments may not ex­ceed 100 per cent of the net as­sets. The over­all ex­pos­ure may not ex­ceed 200 per cent of the fund's total net as­sets. When tak­ing ac­count of the pos­sib­il­ity of tem­por­ary bor­row­ing amount­ing to no more than 10 per cent of the net as­sets (Art. 77 para 2), the over­all ex­pos­ure may not ex­ceed 210 per cent of the fund's total net as­sets.

4 War­rants must be treated in the same man­ner as fin­an­cial in­stru­ments.

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