Art. 73a

(Art. 54 and 57 para. 1 CISA)

1. A feeder fund is a collective investment scheme that by way of derogation from Article 73 paragraph 2 letter a invests at least 85 per cent of the fund’s assets in units of the same target fund (master fund).
2. The master fund is a Swiss collective investment scheme of the same type as the feeder fund but is not itself a feeder fund and does not hold any units in such a fund.
3. A feeder fund may invest up to 15 per cent of its fund assets in liquid assets (Art. 75) or derivative financial instruments (Art. 72). The derivative financial instruments may only be used for hedging purposes.
4. FINMA regulates the details.