Art. 55

(Art. 39 CISA)

1. The holdings provided by the company shareholders are included in the capital.
2. The following must be deducted from the capital:
   1. any balance sheet loss attributable to the company shareholders;
   2. any allowances and provisions attributable to the company shareholders;
   3. intangible assets (including start-up and organisational costs as well as goodwill) with the exception of software;
   4. ¹ …
3. The self-managed SICAV calculates the required level of capital adequacy in accordance with Article 59 of the Financial Institutions Ordinance of 6 November 2019²(FinIO).³
4. An externally managed SICAV that delegates administration to an authorised fund management company and portfolio management to a manager of collective assets calculates the required level of capital adequacy in accordance with Article 59 FinIO. It may deduct 20 per cent from this amount.⁴
5. An externally managed SICAV that delegates portfolio management to a bank pursuant to the Federal Banking Act of 8 November 1934⁵or to a securities firm pursuant to the FinIA⁶with its registered office in Switzerland may be exempted by FINMA from the duty to include its own resources in the assets.⁷
6. Where an externally managed SICAV delegates administration and portfolio management to the same authorised fund management company, it is not required to include its own resources in the assets (Art. 59 para. 4 FinIO).⁸
7. The prescribed ratio between the equity and total assets of a self-managed SICAV as well as an externally managed SICAV that delegates administration to an authorised fund management company and portfolio management to a manager of collective assets shall be maintained at all times.⁹
8. A SICAV notifies FINMA of capital inadequacy immediately.
9. FINMA regulates the details.