Art. 19

(Art. 3 and 17 FinIA)

1. Portfolio managers and trustees are deemed to pursue their activities on a commercial basis and, within the meaning of anti-money laundering legislation, on a professional basis if they:
   1. thereby generate gross earnings of more than CHF 50,000 per calendar year;
   2. establish business relationships with more than 20 contractual partners per calendar year, each of which relationships is not limited to a once-only activity, or they maintain at least 20 such relationships per calendar year; or
   3. have unlimited power of disposal over assets belonging to others, which assets exceed CHF 5 million at any given time.
2. Activities for schemes and persons in accordance with Article 2 paragraph 2 letters a, b, d and e FinIA are not factored into the assessment of commerciality.
3. Paragraphs 1 and 2 do not apply to portfolio managers in accordance with Article 24 paragraph 2 FinIA.