A. Derivatives with open-end structures

Art. 2
Definition

¹ Derivatives with open-end structures are derivatives which do not have a final due date (expiry).

² As a rule, derivatives with open-end structures usually entail a right of cancellation on the part of the issuer and a right of return in favour of the derivative holder.

Art. 3
Transparency in the listing prospectus

¹ Listing prospectuses for derivatives with open-end structures must state prominently that the derivatives in question do not constitute collective investment schemes as defined in the Federal Act on Collective Investment Schemes (CISA) and, as a result, they are not subject to supervision by the Swiss Federal Financial Market Supervisory Authority ("FINMA").

² Furthermore, a right of return in favor of the derivative holder must be provided for in the product terms.

See also:

• Federal Act of 23 June 2006 on Collective Investment Schemes (Collective Investment Schemes Act, CISA) (in German)