Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 29 Fin­IA)

¹The cap­it­al stip­u­lated in Art­icle 29 Fin­IA must be main­tained at all times and amount to at least one quarter of the fixed costs re­por­ted in the most re­cent an­nu­al ac­counts and no more than CHF 20 mil­lion, in­clud­ing cap­it­al in ac­cord­ance with para­graph 2.

²Man­agers of col­lect­ive as­sets must:

a.

hold cap­it­al amount­ing to 0.01% of the total col­lect­ive as­sets man­aged by the man­ager of col­lect­ive as­sets; or

b.

take out pro­fes­sion­al li­ab­il­ity in­sur­ance.

³FINMA shall reg­u­late the de­tails of pro­fes­sion­al li­ab­il­ity in­sur­ance, in par­tic­u­lar with re­gard to term, no­tice peri­od, the amount of in­sur­ance cov­er, the pro­fes­sion­al li­ab­il­ity risks to be covered and the re­port­ing du­ties.

⁴Fixed costs in ac­cord­ance with para­graph 1 are:

a.

per­son­nel ex­penses;

b.

op­er­at­ing busi­ness ex­penses;

c.

de­pre­ci­ation of in­vest­ment as­sets;

d.

ex­penses for valu­ation ad­just­ments, pro­vi­sions and losses.

⁵The por­tion of per­son­nel ex­penses which is ex­clus­ively de­pend­ent on the busi­ness res­ult or in re­la­tion to which no leg­al en­ti­tle­ment ex­ists is to be de­duc­ted from per­son­nel ex­penses.

⁶Where there are le­git­im­ate grounds for so do­ing, FINMA may ease re­quire­ments.