Art. 73

(Art. 54 and 57 para. 1 CISA)

1. The fund management company and the SICAV may only invest in target funds if:
   1. their documents restrict investments in other target funds for their part to a total of 10 percent;
   2. these funds are subject to provisions equivalent to those pertaining to securities funds in respect of the object, organisation, investment policy, investor protection, risk diversification, asset segregation, borrowing, lending, shortselling of securities and money market instruments, issue and redemption of units and content of the semi-annual and annual reports;
   3. the target funds are admitted as collective investment schemes in the country of domicile, where they are subject to investor protection which is equivalent to that in Switzerland, and international legal assistance is ensured.
2. They may invest a maximum of:
   1. 20 per cent of the fund's assets in units of the same target fund; and
   2. ¹ 30 per cent of the fund’s assets in units of target funds that do not meet the relevant directives of the European Union (undertakings for collective investment in transferable securities, UCITS) but are equivalent to these or Swiss securities funds pursuant to Article 53 CISA.
3. In relation to investments in target funds, Articles 78-84 do not apply.
4. If, in accordance with the fund regulations, a significant portion of the fund assets may be invested in target funds:
   1. ² the fund regulations and the prospectus must contain information about the maximum level of management fees to be borne by the investing collective investment scheme itself as well as by the target funds;
   2. the annual report must specify the maximum portion of management fees that the investing collective investment scheme and the target funds may each bear.