Art. 38

(Art. 9 FinIA)

1. The majority of the members of the body responsible for governance, supervision and control may not be members of the body responsible for management.
2. The chair may not at the same time hold the office of chair of the body responsible for management.
3. At least one third of members must be independent of the persons who hold a qualified participation in the manager of collective assets and in companies of the same conglomerate or group. Managers of collective assets which are part of a financial group subject to consolidated supervision by FINMA are exempted.
4. Where there are legitimate grounds for so doing, FINMA may allow departures from these requirements.