Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 9 Fin­IA)

¹Two au­thor­ised sig­nat­or­ies must sign jointly. Art­icle 20 para­graph 2 Fin­IA re­mains re­served.

²Port­fo­lio man­agers and trust­ees must be able to be rep­res­en­ted by a per­son who has their place of res­id­ence in Switzer­land. This per­son must be a mem­ber of the body re­spons­ible for man­age­ment or of the body re­spons­ible for gov­ernance, su­per­vi­sion and con­trol in ac­cord­ance with para­graph 3. Art­icle 20 para­graph 2 Fin­IA re­mains re­served.

³With re­ser­va­tion as to Art­icle 20 para­graph 2 Fin­IA, FINMA may re­quire the port­fo­lio man­ager or trust­ee to ap­point a body re­spons­ible for gov­ernance, su­per­vi­sion and con­trol the ma­jor­ity of whose mem­bers are not mem­bers of the body re­spons­ible for man­age­ment if:

a.

it has ten or more full-time po­s­i­tions or an­nu­al gross earn­ings of more than CHF 5 mil­lion; and

b.

the nature and scope of its activ­it­ies so de­mand.