Art. 27

(Art. 22 para. 1 FinIA)

1. 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, and those of cooperatives must be met with cooperative capital.
2. The minimum capital requirements of partnerships and sole proprietorships must be met with:
   1. the capital accounts;
   2. the limited partnership contributions;
   3. the assets of partners with unlimited liability.
3. 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:
   1. in the event of liquidation, bankruptcy or probate proceedings, such accounts and assets shall be subordinate to the claims of all other creditors; and
   2. the portfolio manager or trustee 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 supervisory organisation, not to reduce any of the capital components as defined in paragraph 2 letters a and c to the extent that the minimum capital requirement is no longer met.
4. The declaration in accordance with paragraph 3 is irrevocable. It must be made in writing or in another form demonstrable via text and filed with the supervisory organisation.
5. FINMA may permit partnerships and sole proprietorships to provide, instead of minimum capital, collateral in the form of a bank guarantee or a cash deposit in a blocked account with a bank, said collateral being equivalent to the minimum capital in accordance with Article 22 paragraph 1 FinIA.