Encumbrance

(1) The encumbrance of assets belonging to a special AIF, and the assignment and encumbrance of claims from legal relationships relating to these assets, are permissible where 1. this is provided for in the investment conditions and compatible with proper business management, and 2. the depositary consents to the aforementioned measures because it regards the terms on which the measures are to take place as being in line with the market.
(2) The Federal Institute may limit the level of permissible encumbrance of assets where it considers this necessary to protect investors or to ensure the stability and integrity of the financial system.