Art. 51

(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.