Art. 49

(Art. 32 FinIA)

1. The independent management of investment funds in its own name and for the account of investors by the fund management company comprises in particular:
   1. decisions on the issue of units, on investments and on their valuation;
   2. calculation of the net asset value;
   3. determination of the issue and redemption prices as well as distributions of profit;
   4. assertion of all rights pertaining to the investment fund.
2. Institutions which engage solely in administration activities for externally managed SICAVs pursuant to CISA¹manage investment funds independently and as fund management companies require authorisation in accordance with Article 5 paragraph 1 in conjunction with Article 32 FinIA.