Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 28 para. 1 and 3 Fin­IA)

¹The min­im­um cap­it­al of man­agers of col­lect­ive as­sets must amount to at least CHF 200,000 and be paid up in full. This amount must be main­tained at all times.

²The min­im­um cap­it­al re­quire­ments of com­pan­ies lim­ited by shares and of part­ner­ships lim­ited by shares must be met with share and par­ti­cip­a­tion cap­it­al, those of lim­ited li­ab­il­ity com­pan­ies must be met with nom­in­al cap­it­al.

³The min­im­um cap­it­al re­quire­ments of part­ner­ships must be met with:

a.

the cap­it­al ac­counts;

b.

the lim­ited part­ner­ship con­tri­bu­tions;

c.

the as­sets of part­ners with un­lim­ited li­ab­il­ity.

⁴The cap­it­al ac­counts and as­sets of part­ners with un­lim­ited li­ab­il­ity may only be coun­ted to­wards the min­im­um cap­it­al re­quire­ment if a de­clar­a­tion is provided to the ef­fect that:

a.

in the event of li­quid­a­tion, bank­ruptcy or pro­bate pro­ceed­ings, such ac­counts and as­sets shall be sub­or­din­ate to the claims of all oth­er cred­it­ors; and

b.

the man­ager of col­lect­ive as­sets un­der­takes:

1.

neither to net such ac­counts and as­sets with its own claims nor to se­cure them with its own as­sets,

2.

without the pri­or con­sent of the audit firm, not to re­duce any of the cap­it­al com­pon­ents as defined in para­graph 3 let­ters a and c to the ex­tent that the min­im­um cap­it­al re­quire­ment is no longer met.

⁵The de­clar­a­tion in ac­cord­ance with para­graph 4 is ir­re­voc­able. It must be made in writ­ing or in an­oth­er form demon­strable via text and filed with the audit firm.

⁶If a man­ager of col­lect­ive as­sets for for­eign col­lect­ive in­vest­ment schemes con­ducts the fund busi­ness with­in the mean­ing of Art­icle 26 para­graph 2 Fin­IA, FINMA can stip­u­late a high­er min­im­um cap­it­al re­quire­ment.