The SICAV must appoint a custodian bank in accordance with Articles 72–74.
FINMA may grant exemptions from this duty if justified, provided:
the SICAV is exclusively open to qualified investors;
one or more institutions which are subject to equivalent supervision execute the transactions related to settlement and specialise in such transactions (prime broker); and
it is ensured that the prime broker or the foreign supervisory authority responsible for the prime broker will provide FINMA with all the information and documents that it requires to carry out its duties.
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