Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 3 and 41 Fin­IA)

¹Se­cur­it­ies firms with­in the mean­ing of Art­icle 41 let­ter a Fin­IA are deemed to pur­sue their activ­it­ies on a com­mer­cial basis if they dir­ectly or in­dir­ectly man­age ac­counts or hold se­cur­it­ies in safe­keep­ing for more than 20 cli­ents.

²The fol­low­ing are not deemed to be cli­ents with­in the mean­ing of Art­icle 41 let­ter a Fin­IA:

a.

do­mest­ic and for­eign banks and se­cur­it­ies firms or oth­er com­pan­ies un­der state su­per­vi­sion;

b.

share­hold­ers or part­ners hold­ing a qual­i­fy­ing par­ti­cip­a­tion and per­sons with whom they have busi­ness or fam­ily ties;

c.

in­sti­tu­tion­al in­vestors with pro­fes­sion­al treas­ury op­er­a­tions.

³Activ­it­ies for schemes and per­sons in ac­cord­ance with Art­icle 2 para­graph 2 let­ters a, b, d and e Fin­IA are not factored in­to the as­sess­ment of com­mer­ci­al­ity.

⁴The prop­er func­tion­ing of the fin­an­cial mar­ket is deemed po­ten­tially jeop­ard­ised with­in the mean­ing of Art­icle 41 let­ter b item 1 Fin­IA if the total volume of ex­ecuted trades in se­cur­it­ies ex­ceeds CHF 5 bil­lion per cal­en­dar year in Switzer­land.

⁵Any party ad­mit­ted as a dir­ect par­ti­cipant of a trad­ing ven­ue is deemed to be op­er­at­ing as a mem­ber of a trad­ing ven­ue with­in the mean­ing of Art­icle 41 let­ter b item 2 Fin­IA.

⁶A se­cur­it­ies firm shall pub­licly quote prices with­in the mean­ing of Art­icle 41 let­ter c Fin­IA if the prices ac­cord­ing to Art­icle 3 let­ters g and h FinSA²⁸ are part of an of­fer to the pub­lic. Of­fers to schemes and per­sons in ac­cord­ance with para­graphs 2 and 3 are not deemed pub­lic.

⁷Fund man­age­ment com­pan­ies are not deemed to be se­cur­it­ies firms.