Following the announcement of the dissolution of the master fund, the feeder fund shall without delay defer repayments. Within one month following the announcement of the dissolution of the master fund, it shall submit to FINMA a report / an application regarding:
the dissolution of the master fund;
an amendment to the fund contract or investment regulations due to the change of master fund; or
an amendment to the fund contract or investment regulations due to the conversion into a non-feeder fund.
The liquidation proceeds of the master fund may not be paid out before the applications set out in paragraph 1 letters b and c have been approved unless they are reinvested solely for the purpose of efficient liquidity management until the time of approval.