1
In a calendar year (accounting year n), the SNSF may exceptionally exceed the maximum reserve threshold of 15 per cent of the federal funding allocated to it and approved by the Swiss Parliament if:
a.
the total amount of reserves does not exceed 20 per cent of the sum of the SNSF's off-balance sheet commitments for the two subsequent years (years n+1 and n+2); and
b.
the maximum threshold of 15 per cent of the federal funding expected to be allocated to the SNSF for the following year (n+3) is not exceed.
2
Each year, the SNSF shall submit an updated allocation to reserves projection to SERI.
3
SERI shall take note of this and, after prior consultation with the Federal Finance Administration, shall authorise any exemptions under paragraph 1.