CFCL General information

CFCL eligible fund types

Register market

The following types of collective investment schemes are regulated under the Collective Investment Schemes Act (CISA) and Collective Investment Schemes Ordinance (CISO):

Contractual form
Company:
- Investment company with variable capital (SICAV)
- Investment Company with fixed capital (SICAF)
Limited Partnership

CSD link

Please refer to the Market Link Guide – Switzerland for more information about funds available via the CSD link.

Eligible funds

Investment funds that are eligible in Switzerland CSD, SIX SIS or T2S can be made eligible in CFCL.

Exchange Traded Funds (ETFs)

Exchange-Traded Funds (ETFs) are permitted and can be traded within the Swiss market.

Listed ETFs have the same settlement process as listed equities.

Custody chain and depository

Switzerland is a T2S market.

The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonization of asset services and connectivity channels between CFCL, CBL, and CEU. This service is available to all our clients via a single interface and log-on.

The service description is valid for CFCL clients, unless otherwise highlighted in the documentation.

CFCL utilises the T2S infrastructure platform to access Switzerland’ CSD (Euroclear Switzerland) through the intermediaries of CBL and CEU. CFCL uses CBL as a global custodian across all markets.

Type of link

Indirect

	CSD	Custodian (as CBL’s depository)	CBL (as CFCL’s depository)
Name	SIX-SIS AG	UBS Switzerland AG	Clearstream Banking S.A.
FATCA GIIN	N8IQT4.00001.ME.756	N2CI0B.00240.ME.756	N1V1GJ.00000.LE.442
LEI	549300A3XI3YWROC2J57	549300WOIFUSNYH0FL22	549300OL514RA0SXJJ44
Country of incorporation	Switzerland	Switzerland	Luxembourg
Account type	Omnibus	Omnibus	Segregated
Legal Account name/holder	Clearstream Banking S.A. under UBS as custodian and SIX SIS AG participant	Clearstream Fund Centre S.A.	Clearstream Fund Centre S.A.

Depository

Depository

CSD/Local custodian/Agent

CBL

UBS Switzerland AG
P. O. Box
CH-8098 Zürich
Switzerland

Depository Code: 53

Operational arrangements

This section describes the operational arrangements of the Swiss market, which is both a domestic and a register market.

	Domestic Market		Register Market	Remarks
	SECOM	T2S	Register Market	Remarks
Settlement in T2S	Yes	Yes	N/A
Settlement free of payment	Yes	Yes	Yes
Settlement against payment in central bank money	No	No	Yes	CBL acting as a sub custodian for CFCL holds a cash account at the custodian UBS. Against payment settlement in CHF takes place on the cash account of UBS at the Swiss National Bank. Against payment settlement in EUR takes place on the DCA of UBS Europe SE at the Deutsche Bundesbank. Against Payment in EUR settling in SIX SIS takes place on UBS’s own EUR account in SIX SIX. Against Payment in GBP take places on UBS’s own GBP account with SIX SIS. Against Payment in USD take places on UBS’s own USD account with SIX SIS.
Settlement against payment	Yes	Yes	N/A
Short selling of entitlement	No	No	N/A	Short selling of income or corporate actions proceeds is not authorised for settlement in CFCL. Please refer to CFCL Client Handbook.
Settlement penalty fees	Limited	Limited	N/A	SECOM: In the event of delayed delivery, SIX Swiss Exchange AG foresees the possibility of generating a buy-in procedure.
Partial settlement	No	No	N/A	SECOM: Only if imposed by the Swiss CSD. T2S: T2S offers partial settlement but UBS does not offer this service
Recycling	Yes	Yes	N/A
Settlement with Euroclear	Yes	Yes	N/A
Hold and Release	No	No	N/A
Allegements	No	No	N/A
Transaction Linking	No	No	N/A
Bilateral Cancellation	No	No	N/A
Registered securities	Yes	Yes	N/A
Transaction Management	No	No	N/A
Proxy voting	Yes	Yes	N/A
Liquidity Hub Connect	No	No	N/A
Sale and purchase of rights	Yes	Yes	N/A
Repo services	No	No	N/A
Market restrictions	Yes	Yes	N/A
FTT	No	No	N/A
Daily reconciliation	Yes	Yes	N/A
Link eligible for use in Eurosystem credit operations	No	No	N/A
Moments of entry of instructions	The rules of SIX SIS do not define the moment of entry within the meaning of the Settlement Finality Directive.
Irrevocability of instructions	The participant can revoke instructions sent to SIX SIS until the moment at which SIX SIS debits the participant's custody account pursuant to the instruction. SIX SIS doesn’t allow unilateral cancellation after the matched status has been reached. Cancellation after matching have to be instructed by both parties (bilateral cancellation).
Finality of instructions	The transfer of securities positions effected due to an instruction is completed when a custody account has been credited accordingly. The transfer is final with the credit; the disposing participant loses its rights in the intermediated security that was disposed of.

Legal arrangements

The below section is valid on the date of the legal opinions that were issued and might be subject to change.

The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.

As CBL is our sub-custodian, please refer to the CBL General information - Switzerland for the complete information about Legal arrangements.

Cash correspondent details

Currency:	Euro (EUR) via T2 RTGS
CCB name:	Banque Centrale du Luxembourg
CBL account:	See T2 RTGS payment instructions
Swift address:	TRGTXEPMRTG

Currency:	Euro (EUR) via TARGET2	Swiss Franc (CHF)
CCB name:	Banque Centrale du Luxembourg	UBS Switzerland AG
CBL account:	LU84 9990 0012 8904 200E	023 00000060768050000
Swift address:	TRGTXEPMXXX	UBSWCHZH80A

Currency:	British Pound (GBP)	U.S.Dollar (USD)
CCB name:	Barclays Bank PLC, London	JPMorgan Chase Bank, New York
CBL account:	GB29 BARC 2032 5350 4088 59	001-1-573714
Swift address:	BARCGB22	CHASUS33

CFCL General information – Switzerland