Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 20 Fin­IA)

¹A qual­i­fied man­ager is deemed to sat­is­fy the re­quire­ments for train­ing and pro­fes­sion­al ex­per­i­ence at the time of as­sum­ing man­age­ment du­ties if she or he can fur­nish evid­ence of the fol­low­ing:

a.

five years of pro­fes­sion­al ex­per­i­ence:

1.

in the case of port­fo­lio man­agers, in port­fo­lio man­age­ment for third parties,

2.

in the case of trust­ees, with­in the frame­work of trusts; and

b.

train­ing of at least 40 hours:

1.

in the case of port­fo­lio man­agers, in port­fo­lio man­age­ment for third parties,

2.

in the case of trust­ees, with­in the frame­work of trusts.

²Where there are le­git­im­ate grounds for so do­ing, FINMA may grant ex­emp­tions from these re­quire­ments.

³Port­fo­lio man­agers and trust­ees shall en­gage in reg­u­lar con­tinu­ing pro­fes­sion­al de­vel­op­ment to main­tain the skills ac­quired.

⁴They shall take the ne­ces­sary pre­cau­tions to en­sure the con­tinu­ation of busi­ness op­er­a­tions in the event that the qual­i­fied man­ager is pre­ven­ted from act­ing or dies. If third parties from out­side the com­pany are ap­poin­ted, the cli­ents must be in­formed ac­cord­ingly. In all oth­er re­spects, Art­icle 14 Fin­IA shall ap­ply.