Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 2 Fin­IA)

Where there are le­git­im­ate grounds for so do­ing, the Swiss Fin­an­cial Mar­ket Su­per­vis­ory Au­thor­ity (FINMA) may fully or par­tially ex­empt man­agers of col­lect­ive as­sets from the pro­vi­sions of the Fin­IA and the present Or­din­ance if:

a.

the pro­tect­ive pur­pose of the Fin­IA is not im­paired; and

b.

the man­age­ment of col­lect­ive as­sets has been del­eg­ated to them solely by the fol­low­ing per­sons:

1.

au­thor­ised parties in ac­cord­ance with Art­icle 2 para­graph 1 let­ters c and d as well as para­graph 2 let­ters f–i Fin­IA,

2.

au­thor­ised parties in ac­cord­ance with Art­icle 13 para­graph 2 let­ters b–d CISA¹⁰, or

3.

for­eign com­pan­ies which with re­gard to or­gan­isa­tion and in­vestor rights are sub­ject to rules that are equi­val­ent to the pro­vi­sions of the Fin­IA and the CISA.