Bank balances

The UCITS capital management company may hold, for the account of a domestic UCITS, only bank balances with a maturity of no more than twelve months. The balances to be held in blocked accounts may be maintained with a credit institution with its seat in a Member State of the European Union or another State party to the Agreement on the European Economic Area; the balances may also be held with a credit institution with its seat in a third country whose supervisory provisions are, in the Federal Institute's view, equivalent to those of the law of the European Union.