Art. 108a

(Art. 78a CISA)

1. The fund management company or the SICAV must ensure the appropriate management of liquidity for each collective investment scheme it manages by means of a process.
2. In particular, the process must provide that:
   1. the overall liquidity profile of the investments of the collective investment scheme is consistent with the investment policy and the redemption terms and is in line with the existing liabilities of the collective investment scheme;
   2. the liquidity of each portfolio is continuously monitored and regularly assessed, taking into account other material risks, in order to identify liquidity risks at an early stage and to be able to respond to them in a timely and appropriate manner;
   3. the liquidity of the investments and the impact of the investment on the liquidity of the portfolio are taken into account when making investment decisions;
   4. appropriate liquidity management instruments are provided for each collective investment scheme;
   5. the fund management company or the SICAV has the information required to assess the appropriateness of the liquidity, in particular with regard to the investments, the liabilities and the group of investors in the collective investment scheme.
3. The fund management company or the SICAV must carry out appropriate stress tests at regular intervals for each collective investment scheme it manages. These are based on normal and exceptional market conditions and are based on historical and hypothetical scenarios. Stress tests may be waived if the fund’s net assets of the managed collective investment scheme do not exceed CHF 25 million.
4. The fund management company or the SICAV must draw up a crisis plan in which it defines the measures for the use of the intended liquidity management instruments as well as the processes and internal responsibilities. It must regularly review the crisis plan to ensure that the liquidity management instruments can be deployed promptly and properly if necessary.
5. FINMA may regulate the details.