(Art. 28 para. 1 and 3 FinIA)

¹ The 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.

² The 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.

³ The 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.

⁴ The 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.

⁵ The 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.

⁶ If 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.