The fund management company and the SICAV may conduct transactions in derivatives provided:
such transactions do not result in a change to the investment characteristics of the securities fund;
they have an appropriate organisational structure and adequate risk management;
the persons entrusted with processing and monitoring are qualified to do so, and can at all times comprehend and track the effect of the derivatives used.
The overall exposure to transactions involving derivatives may not exceed a certain percentage of the fund's net assets. Exposure to transactions involving derivatives must be calculated in relation to the statutory and regulatory limits, specifically with regard to risk diversification.
The Federal Council determines the percentage rate. FINMA regulates the details.
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