Art. 36

(Art. 24 para. 3 FinIA)

FINMA shall grant a portfolio manager in accordance with Article 24 paragraph 2 FinIA authorisation in accordance with Article 24 paragraph 3 FinIA if:

1. it has its registered office in Switzerland;
2. the conditions of authorisation in accordance with Article 24 paragraph 1 FinIA are satisfied; and
3. Swiss or applicable foreign law provides that the management of collective assets may only be delegated to a supervised manager of collective assets.