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Regulated Status
Swiss Regulatory Framework

REYL & CIE holds an Authorised Securities Dealer license, as defined in the 1997 Swiss Federal Law regulating banking and securities dealing activities in Switzerland. REYL & CIE was among the first financial institutions in the Geneva Canton to be awarded this license in July 1999.

The Authorised Securities Dealer license attests that REYL & CIE operates under the direct supervision of the Swiss Federal Banking Commission ("SFBC") and the Swiss National Bank.

This status implies that REYL & CIE complies with the following legal requirements:
- its accounts are certified by SFBC-approved external and internal auditors and are periodically filed with the SFBC;
- its employees satisfy morality tests and have all the requisite expertise to perform their tasks;
- its operational and administrative internal procedures follow best business practice;
- it maintains relationships with a network of first-rate correspondents, custodians and other service providers.
REYL & CIE is also affiliated with the following professional organisations:
- Member, Swiss Bankers' Association (ASB);
- Associate Member, Swiss Exchange (SWX);
- Founding Member, Swiss Association of Authorized Securities Dealers;
- Member, International Securities Market Association (ISMA);
- Member, Alternative Investment Management Association (AIMA).




Regulated Status Outside Switzerland

In addition to the SFBC, the following regulatory authorities have granted REYL & CIE permission to pursue its activities within their respective jurisdictions:

- Autorité des Marchés Financiers (AMF): portfolio management license in France (2004) and authorisation to market Reyl (Lux) Global Funds SICAV in France (2003).
- Central Bank of Ireland (CBI): license to act as sponsor and investment manager of funds listed on the Dublin Stock Exchange (2003).
- Banca d’Italia / Consob: authorisation to market Reyl (Lux) Global Funds SICAV in Italy (2003).
- Commission de Surveillance du Secteur Financier (CSSF): authorisation to act as sponsor and manager of funds listed on the Luxemburg Exchange (2002).
- Cayman Islands Monetary Authority (CIMA): license to act as fund promoter and manager in the Cayman Islands.



The benefits of a strictly regulated status under Swiss law.
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