Art. 28

(Art. 23 FinIA)

1. The level of capital adequacy stipulated in Article 23 FinIA must be maintained at all times.
2. The following are fixed costs in accordance with Article 23 paragraph 2 FinIA:
   1. personnel expenses;
   2. operating business expenses;
   3. depreciation of investment assets;
   4. expenses for valuation adjustments, provisions and losses.
3. The portion of personnel expenses which is exclusively dependent on the business result or in relation to which no legal entitlement exists is to be deducted from personnel expenses.
4. Where there are legitimate grounds for so doing, FINMA may ease requirements.