Commentaries: Art. 59

FINMA shall grant the foreign financial institution authorisation to establish a representation if:
1. the foreign financial institution is subject to appropriate supervision;
2. the competent foreign supervisory authorities do not raise any objections to the establishment of the representation;
3. the persons entrusted with its management provide a guarantee of irreproachable business conduct.
FINMA may make authorisation additionally contingent upon the granting of reciprocity by the state in which the foreign financial institution has its registered office.