Federal Act
on the Swiss Financial Market Supervisory Authority
(Financial Market Supervision Act, FINMASA)

¹ The su­per­vis­ory or­gan­isa­tion and the per­sons re­spons­ible for its man­age­ment must provide a guar­an­tee of ir­re­proach­able busi­ness con­duct.

² Moreover, the per­sons re­spons­ible for ad­min­is­tra­tion and man­age­ment must en­joy a good repu­ta­tion and have the spe­cial­ist qual­i­fic­a­tions re­quired for their func­tions.

³ A ma­jor­ity of the per­sons charged with ad­min­is­tra­tion must be in­de­pend­ent of the su­per­vised per­sons and en­tit­ies.

⁴ The mem­bers of the man­age­ment board must be in­de­pend­ent of the per­sons and en­tit­ies su­per­vised by the su­per­vis­ory or­gan­isa­tion.

⁵ The per­sons en­trus­ted with su­per­vi­sion must be in­de­pend­ent of the per­sons and en­tit­ies they su­per­vise. The tasks of a su­per­vis­ory or­gan­isa­tion un­der this Act and those of a self-reg­u­lat­ory or­gan­isa­tion un­der AMLA⁹⁸ may be man­aged by the same per­sons and car­ried out by the same staff.