Ordinance
on Financial Institutions
(Financial Institutions Ordinance, FinIO)

(Art. 44 Fin­IA)

¹With­in the frame of their tasks in ac­cord­ance with Art­icle 44 Fin­IA, se­cur­it­ies firms shall en­sure an ef­fect­ive in­tern­al sep­ar­a­tion between the func­tions of trad­ing, as­set man­age­ment and set­tle­ment. Where there are le­git­im­ate grounds for so do­ing, FINMA may al­low ex­emp­tions or it may or­der the sep­ar­a­tion of fur­ther func­tions.

²If they do not op­er­ate primar­ily in the fin­an­cial sec­tor, firms trad­ing for the ac­count of cli­ents and firms act­ing as mar­ket makers with­in the mean­ing of Art­icle 41 let­ters a and c Fin­IA must keep se­cur­it­ies trad­ing activ­it­ies leg­ally sep­ar­ate.

³In all oth­er re­spects, Art­icle 14 ap­plies.