Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 46 Fin­IA)

¹Se­cur­it­ies firms which them­selves do not hold ac­counts in ac­cord­ance with Art­icle 44 para­graph 1 let­ter a Fin­IA must main­tain at all times cap­it­al amount­ing to at least one quarter of the fixed costs re­por­ted in the most re­cent an­nu­al ac­counts and no more than CHF 20 mil­lion.

²Fixed costs are deemed to be:

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.

⁴Se­cur­it­ies firms which them­selves hold ac­counts in ac­cord­ance with Art­icle 44 para­graph 1 let­ter a Fin­IA must com­ply with the pro­vi­sions of the CAO²⁹.