(Art. 20 FinIA)

¹ A qualified manager is deemed to satisfy the requirements for training and professional experience at the time of assuming management duties if she or he can furnish evidence of the following:

a.

five years of professional experience:

1.

in the case of portfolio managers, in portfolio management for third parties,

2.

in the case of trustees, within the framework of trusts; and

b.

training of at least 40 hours:

1.

in the case of portfolio managers, in portfolio management for third parties,

2.

in the case of trustees, within the framework of trusts.

² Where there are legitimate grounds for so doing, FINMA may grant exemptions from these requirements.

³ Portfolio managers and trustees shall engage in regular continuing professional development to maintain the skills acquired.

⁴ They shall take the necessary precautions to ensure the continuation of business operations in the event that the qualified manager is prevented from acting or dies. If third parties from outside the company are appointed, the clients must be informed accordingly. In all other respects, Article 14 FinIA shall apply.