Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 24 para. 1 and 2 Fin­IA)

¹The fol­low­ing ap­ply to cal­cu­la­tion of the thresholds for col­lect­ive in­vest­ment schemes man­aged by the man­ager of col­lect­ive as­sets in ac­cord­ance with Art­icle 24 para­graph 2 let­ter a Fin­IA:

a.

As­sets man­aged in­clude all Swiss and for­eign col­lect­ive in­vest­ment schemes man­aged by the same man­ager ir­re­spect­ive of wheth­er it man­ages them dir­ectly or via del­eg­a­tion or via a com­pany with which it is con­nec­ted through:

1.

a single man­age­ment;

2.

a re­la­tion­ship of com­mon con­trol; or

3.

a sig­ni­fic­ant dir­ect or in­dir­ect par­ti­cip­a­tion.

b.

The value of the as­sets is cal­cu­lated on at least a quarterly basis, un­der due con­sid­er­a­tion of any lever­age ef­fect.

c.

For col­lect­ive in­vest­ment schemes that were es­tab­lished more than 12 months pre­vi­ously, the threshold may be cal­cu­lated on the basis of the av­er­age value of the as­sets over the last four quar­ters.

d.

The value of the col­lect­ive in­vest­ment schemes pur­su­ant to Art­icle 24 para­graph 2 let­ter a item 2 Fin­IA is cal­cu­lated on the basis of the cap­it­al com­mit­ments or the nom­in­al value of the col­lect­ive in­vest­ment schemes con­cerned, provided the price of the in­vest­ments un­der­ly­ing such schemes is not ob­tained through trad­ing on a reg­u­lated mar­ket.

²The fol­low­ing ap­ply to cal­cu­la­tion of the thresholds for the as­sets of oc­cu­pa­tion­al pen­sion schemes man­aged by the man­ager of col­lect­ive as­sets with­in the mean­ing of Art­icle 24 para­graph 2 let­ter b Fin­IA:

a.

As­sets of the fol­low­ing oc­cu­pa­tion­al pen­sion schemes shall be in­cluded:

1.

re­gistered and non-re­gistered oc­cu­pa­tion­al pen­sion schemes;

2.

em­ploy­er-sponsored wel­fare funds;

3.

in­vest­ment found­a­tions;

4.

pil­lar 3a found­a­tions;

5.

ves­ted be­ne­fits found­a­tions.

b.

The man­ager shall cal­cu­late on a quarterly basis wheth­er the threshold of CHF 100 mil­lion has been reached.

c.

The oc­cu­pa­tion­al pen­sion scheme shall cal­cu­late an­nu­ally wheth­er the threshold of 20% has been reached in the man­dat­ory seg­ment. It shall in­form the man­ager of the value cal­cu­lated.

³Threshold val­ues in ac­cord­ance with Art­icle 24 para­graph 2 let­ters a and b Fin­IA shall not be ad­ded to­geth­er.

⁴FINMA reg­u­lates the de­tails for cal­cu­lat­ing the thresholds and the lever­age ef­fect in ac­cord­ance with para­graphs 1 and 2.