Article 4 Governance under the standard terms and conditions

The managing authority F1or, if applicable, the fund of funds manager shall be represented in the supervisory committee or a similar type of governance structure of the financial instrument.

The managing authority shall not participate directly in individual investment decisions. F2In the case of a fund of funds, the managing authority shall exercise only its supervisory role at the level of the fund of funds without interfering in individual decisions by the fund of funds.

The financial instrument shall have a governance structure that allows for decisions concerning credit and risk diversification to be made transparently in line with relevant market practice.

The F3fund of funds manager and the financial intermediary shall have a governance structure that ensures impartiality and independence of the F4fund of funds manager or of the financial intermediary.