Art. 12

(Art. 14 para. 1 let. c CISA)

1. The executive board must comprise at least two persons. These persons must be resident in a place where they can in fact carry out their management duties properly.
2. The authorised signatories of the licensee must sign jointly.
3. The licensee must define its organisational structure in a set of organisational regulations.¹
4. It must employ personnel who are properly and suitably qualified for its activity.
5. FINMA may require that an internal audit be performed if required by the scope and nature of the activity.
6. In justified instances, it may grant derogations from these requirements.