Art. 23

(Art. 9 FinIA)

1. Two authorised signatories must sign jointly. Article 20 paragraph 2 FinIA remains reserved.
2. Portfolio managers and trustees must be able to be represented by a person who has their place of residence in Switzerland. This person must be a member of the body responsible for management or of the body responsible for governance, supervision and control in accordance with paragraph 3. Article 20 paragraph 2 FinIA remains reserved.
3. With reservation as to Article 20 paragraph 2 FinIA, FINMA may require the portfolio manager or trustee to appoint a body responsible for governance, supervision and control the majority of whose members are not members of the body responsible for management if:
   1. it has ten or more full-time positions or annual gross earnings of more than CHF 5 million; and
   2. the nature and scope of its activities so demand.