Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 23 Fin­IA)

¹The level of cap­it­al ad­equacy stip­u­lated in Art­icle 23 Fin­IA must be main­tained at all times.

²The fol­low­ing are fixed costs in ac­cord­ance with Art­icle 23 para­graph 2 Fin­IA:

a.

per­son­nel ex­penses;

b.

op­er­at­ing busi­ness ex­penses;

c.

de­pre­ci­ation of in­vest­ment as­sets;

d.

ex­penses for valu­ation ad­just­ments, pro­vi­sions and losses.

³The 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.

⁴Where there are le­git­im­ate grounds for so do­ing, FINMA may ease re­quire­ments.