Art. 44

(Art. 29 FinIA)

1. The capital stipulated in Article 29 FinIA must be maintained at all times and amount to at least one quarter of the fixed costs reported in the most recent annual accounts and no more than CHF 20 million, including capital in accordance with paragraph 2.
2. Managers of collective assets must:
   1. hold capital amounting to 0.01% of the total collective assets managed by the manager of collective assets; or
   2. take out professional liability insurance.
   ³FINMA shall regulate the details of professional liability insurance, in particular with regard to term, notice period, the amount of insurance cover, the professional liability risks to be covered and the reporting duties.
3. Fixed costs in accordance with paragraph 1 are:
   1. personnel expenses;
   2. operating business expenses;
   3. depreciation of investment assets;
   4. expenses for valuation adjustments, provisions and losses.
4. 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.
5. Where there are legitimate grounds for so doing, FINMA may ease requirements or impose stricter requirements.¹