Securities, i Sample Clauses

Securities, i e. securities issued in large quan- tities and non-securitized rights with the same function (book-entry securities) that are traded on a stock exchange or another regulated mar- ket open to the public and that embody a partic- ipation right or claim or the right to acquire such securities and book-entry securities by way of subscription or exchange, for example warrants. Investments in securities out of new issuances are permissible only if the listing of the same on an exchange or another regulated market open to the public is provided for under the terms of issuance. If the securities have still not been listed on the exchange or another market open to the public one year after the acquisition, the securities are to be sold within one month or to be included in the limitation rule of para- graph 1(h). In connection with fixed-interest investments, the following principles apply in terms of the creditworthiness of the borrowers and of the relevant permissible investments (subject to the specific principles for money market instru- ments in (f) below): n Only investments that, at the time of the purchase, exhibit a rating of at least BBB– (Standard & Poor’s or Fitch), BBB(low), or Baa3 (Xxxxx’x), respectively, or a comparable rating by Credit Suisse, UBS, and/or Xxxxxxx Kantonalbank provided that and so long as the above-referenced banks regularly prepare such ratings, will be considered. In the event that the ratings of the rating agencies vary, the pertinent lower rating shall apply. If the rating falls below the level named above, the investment must be sold within 20 banking days.