Art. 70

(Art. 46 FinIA)

1. Securities firms which themselves do not hold accounts in accordance with Article 44 paragraph 1 letter a FinIA must maintain at all times capital amounting to at least one quarter of the fixed costs reported in the most recent annual accounts and no more than CHF 20 million.
2. Fixed costs are deemed to be:
   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. Securities firms which themselves hold accounts in accordance with Article 44 paragraph 1 letter a FinIA must comply with the provisions of the CAO¹.