Commentaries: Art. 14

Authorisation is granted if:
1. ¹ the persons under Article 13 paragraph 2 and the persons responsible for the administration and management provide the guarantee of irreproachable business conduct;
2. ² the persons responsible for the administration and management enjoy a good reputation and possess the specialist qualifications required for the function;
3. the significant equity holders have a good reputation and do not exert their influence to the detriment of prudent and sound business practice;
4. compliance with the duties stemming from this Act is assured by internal regulations and an appropriate organisational structure;
5. sufficient financial guarantees are available;
6. the additional authorisation conditions listed in the relevant provisions of the Act are met.
Insofar as the financial guarantees are used to meet minimal capital requirements, the Federal Council may stipulate higher capital requirements than required by the Code of Obligations³.⁴
The Federal Council may stipulate additional authorisation conditions if this is consistent with recognised international standards.⁵
.⁶
The following are deemed to be significant equity holders, provided they directly or indirectly control at least 10 percent of the capital or votes in the persons specified in Article 13 paragraph 2 or can materially influence their business activities in another way:
1. natural and legal persons;
2. general and limited partnerships;
3. financially related parties which meet this criterion on a combined basis.⁷

Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631;BBl 2015 8901). ↩
Inserted by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631;BBl 2015 8901). ↩
SR 220 ↩
Inserted by Annex No 14 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 52075205;BBl 2006 2829). ↩
Inserted by No I of the FA of 28 Sept. 2012 (AS 2013 585; BBL 2012 3639). Amended by Annex No II 13 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631;BBl 2015 8901). ↩
Repealed by Annex No II 13 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631;BBl 2015 8901). ↩
Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS 2013 585;BBl 2012 3639). ↩

Art. 14

Footnotes