Federal Act on the Swiss Financial Market Supervisory Authority

¹The Man­age­ment Board is the op­er­a­tion­al man­age­ment body. It is headed by a Chief Ex­ec­ut­ive Of­ficer.

²It has the fol­low­ing tasks in par­tic­u­lar:

a.

It is­sues rul­ings in ac­cord­ance with the or­gan­isa­tion­al reg­u­la­tions.

b.

It pre­pares the files and ma­ter­i­als on which the Board of Dir­ect­ors bases its de­cisions and re­ports to it reg­u­larly, and in the case of spe­cial events im­me­di­ately.

c.

It car­ries out all the tasks that are not as­signed to an­oth­er man­age­ment body.

³The or­gan­isa­tion­al reg­u­la­tions reg­u­late the de­tails.