Art. 59

(Art. 37 FinIA)

1. The level of capital adequacy stipulated in Article 37 FinIA must be maintained at all times. They must amount to no more than CHF 20 million, including the capital in accordance with paragraphs 3 and 5.¹
2. They will be calculated as follows in percentages of the total assets of the collective investment schemes managed by the fund management company:
   1. 1% for that portion of the total assets not exceeding CHF 50 million;
   2. ¾% for that portion of the total assets exceeding CHF 50 million, but not exceeding CHF 100 million;
   3. ½% for that portion of the total assets exceeding CHF 100 million, but not exceeding CHF 150 million;
   4. ¼% for that portion of the total assets exceeding CHF 150 million, but not exceeding CHF 250 million;
   5. ⅛% for that portion of the total assets exceeding CHF 250 million.
3. Where the fund management company provides further services in accordance with Article 34 FinIA, it must in respect of the operational risks arising from such services hold additional capital amounting to 15 per cent of the return from these services in the previous three years. Only years in which a positive return was achieved shall be taken into account.²
4. If the fund management company is entrusted with the administration and portfolio management of the assets of a SICAV, its total assets must be included in the calculation of capital in accordance with paragraph 2.
5. If the fund management company is solely entrusted with the administration of a SICAV, it must hold additional capital of 0.01% of the total assets of the SICAV.