FINMA Circular 2019/1 Large Exposures - Banks

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Circular 2019/1
Large Exposures - Banks
Large exposure regulations for banks
Reference: FINMA-Circular 19/1 "Large Exposures - Banks" Issued: 7 December 2017 Entry into force: 1 January 2019 Last amendment: 4 November 2020 [Amendments are marked with * and listed at the end of the document] Concordance: formerly FINMA-Circular 08/23 "Large Exposures - Banks" of 20 November 2008 Legal basis: FINMA Act Art. 7 para. 1 lit. b CAO Art. 57, 95–119 FINMA Ordinance Art. 7 para. 4 Addressees BankG VAG FINIG FinfraG KAG GwG Others Banks Financial groups and conglomerates Other intermediaries Insurers Ins. groups and cong. Intermediaries Asset managers Trustees Managers of collective assets Fund management Custodial securities firms Non-custodial securities firms Trading venues Central counterparties Central securities depositories Transaction registers Payment systems Participants SICAV KmG for KKA SICAF Custodian banks Representatives of foreign KKA Other intermediaries SRO SRO-supervised Audit firms Rating agencies X

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I. Subject matter
II. Basel minimum standards
III. Connected counterparties (Art. 109 CAO)
A. Connection through control relationships
B. Connection through economic dependence
C. Positions towards a consortium
D. Positions towards group companies
IV. Positions in the trading book (Art. 118 para. 1 lit. a CAO)
A. Position calculation
B. Netting of long and short positions in the trading book
V. Positions towards central counterparties
(Art. 118 para. 1 lit. b CAO)
VI. Covered bonds (Art. 118 para. 1
lit. c CAO)
VII. Collective investment schemes, securitisations and other
investment structures (Art. 118 para. 1 lit. d CAO) A. Determination of the respective counterparties to be considered B. Calculation of underlying credit positions
C. Structures in which all investors are pari passu
(collective investment schemes)
D. Structures with different ranks of investors E. Identification of additional risks
VIII. Positions from unsettled transactions
(Art. 118 para. 1 lit. e CAO)
IX. Risk-mitigating measures (Art. 119 CAO)
A. General principles
B. Treatment of maturity mismatches
C. Reduction of position values
D. Recording positions towards risk mitigants
E. Temporary exceedances of the limit due to recorded collateral Rz 1 2–5 6–20 6–10 11–18 19 20 21–45 21–26 27–45 46–51 52–62 63–78 65–69 70 71 72–74 75–78 79 80–96 80–81 82–83 84–88 89–94 95-96

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X. Simplifications for category 4 and 5 banks
(Art. 112 para. 1 CAO)
A. Short-term interbank positions
B. Hidden reserves
C. Residential property financing
D. Recording of collateral under the comprehensive approach
XI. Transitional provision
Rz
97-104
97-101
102
103
104
105

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I. Subject matter
This circular specifies Arts. 95–119 of the Capital Adequacy and Orderly Resolution Ordinance (CAO; SR 952.03). It regulates the connection of counterparties, risk mitigation and the measurement of trading book positions, positions towards central counterparties, covered bonds as well as collective investment schemes, securitisations and other investment structures. It is not applicable for the determination of minimum capital requirements.
II. Basel minimum standards
The present large exposure provisions are based on the following minimum standards of the Basel Committee on Banking Supervision ("Basel minimum standards"):

• "Supervisory framework for measuring and controlling large exposures" of April
  2014 ("LE")
• "Frequently asked questions on the supervisory framework for measuring and con-trolling large exposures" of September 2016 ("LE-FAQ1")
  In the following explanations, reference is made to the underlying text passages of the Basel minimum standards in square brackets and with the abbreviations according to Rz 3–4.
  III. Connected counterparties (Art. 109 CAO)
  A. Connection through control relationships
  [LE§23-24] Two or more natural or legal persons are considered a group of connected counterparties and are to be treated as a unit if one of them is directly or indirectly involved with more than half of the voting rights in the other or otherwise exercises a controlling influence on it. Whether counterparties are connected through control relationships or influence possibilities is checked at least on the basis of the following criteria:
• Voting rights agreements (e.g. control of the majority of voting rights based on
  an agreement with other shareholders);
• Significant influence on the appointment or dismissal of the administrative body,
  the management or the supervisory body of a company (e.g. the right to appoint or dismiss a majority of the members of these bodies, or the fact that a majority of the members were appointed solely as a result of the exercise of voting rights by a single party);
• Significant influence on the management (e.g. through the contractual or other
  authority of a party to exercise significant influence on the management or business policy of another party, such as co-determination rights regarding important decisions).

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As further qualitative guidelines for assessing whether a control relationship exists, the criteria of the accounting standards recognised by FINMA are to be taken into account. B. Connection through economic dependence [LE§26] Two or more natural or legal persons are considered a group of connected counterparties and are to be treated as a unit if there are identifiable economic dependencies between them that make it likely that the others will encounter payment difficulties if one encounters financial difficulties. In examining whether a connection of counterparties exists due to economic dependence, banks consider at least the following criteria:

• At least 50% of the gross income or expenses of a party (on an annual basis)
  come from transactions with another party (e.g. owner of a residential/commercial property and tenant, who pays a significant part of the rental income).
• A party guarantees all or part of the liabilities of the other party or is liable in
  some other way, and the liabilities are so significant that the guarantor could become insolvent if the guarantee is called upon.
• A significant part of the production of one party is sold to the other party,
  and this cannot easily be replaced by other customers.
• The expected source of funds for the repayment of the loans of both counterparties
  is the same and neither party has another independent source of income with which its loans could be fully repaid. [LE-FAQ1, p. 2]
• It is likely that financial problems of one party would also cause the other parties
  difficulties regarding the full and timely repayment of liabilities.
• The insolvency or default of one party would presumably lead to the insolvency or
  default of the other.
• If at least two parties depend on the same funding source for the majority of their
  funding and the parties would not find another funding source in the event of the default of this funding source, the financing problems of one party due to unilateral or mutual dependence on the same most important funding source should spill over to the other(s).
  C. Positions towards a consortium
  Multiple consortia are not considered connected counterparties to each other even if individual or all consortium members are identical; likewise, other positions towards individual consortium members are not added together.

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D. Positions towards group companies
Two or more members of a group form a single risk position as a group of connected counterparties.
IV. Positions in the trading book (Art. 118 para. 1 lit. a CAO)
A. Position calculation
[LE§46] For debt securities and equity securities, the book value is decisive.
Positions with credit risk and counterparty credit risk (derivatives and Securities Financing Transactions1 ) are to be measured with regard to both risks. The measurement of counterparty credit risk is uniform for positions of the banking book as well as the trading book and is governed by Art. 57 CAO. For the measurement of credit risk, the original positions are to be disaggregated according to Rz 23–26. [LE§45] It must be taken into account here that
Section (IV. Positions in the trading book) relates exclusively to positions and risks
related to the default of a single counterparty or group of connected counterparties in the trading book. Thus, interest, commodity and currency risks are to be excluded. [LE§47] Linear derivatives such as swaps, futures, forwards and credit derivatives are to be disaggregated into positions according to the regulations for the calculation of minimum capital requirements for market risks. For example, a future on a share X is to be disaggregated into a long position in share X and a short position in a risk-free government bond in the corresponding funding currency. The fictitious government bond does not have to be included in the total position towards the relevant state. [LE§48,53–56] A credit derivative that represents sold credit protection must be recorded as a position towards the reference debtor to the extent of the amount due upon triggering of the credit protection, minus the absolute value of the credit protection. For Credit-Linked Notes, the protection provider must record positions both in the note issuer's bond and in the underlying value of the note. The treatment of positions secured by credit derivatives is described in Rz 33–44. [LE§49] The position values for recording credit risk from non-linear derivatives in the trading book are to be determined based on the change in the option price assuming the complete value loss (jump-to-zero) of the assets underlying a derivative (Underlying). For a long position in a call option, this would be the market value and for a short position in a put option, the exercise price minus the market value of the put option. In the case of a short position in a call option or long position in a put option, the complete value decay of the Underlying leads to a profit (i.e. a negative position value) instead of a loss. Per Underlying, the resulting positions are to be aggregated with the positions from other engagements; after aggregation, negative net engagements are to be set to zero. 1 These are loan, repo and repo-like transactions.

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[LE§50] The determination of position values for other positions (namely index positions, securitisation positions, hedge fund positions) follows the corresponding rules for these instruments in the banking book, cf. Rz 63–78. B. Netting of long and short positions in the trading book Long and short positions in debt and equity securities as well as the positions from derivatives and other positions (cf. Rz 21–26) can be netted in the trading book subject to the following restrictions. a) Netting of issuances in the form of equity securities and debt securities [LE§51] Long and short positions in the same issuance of equity securities can be netted if the issuer and currency are identical. Long and short positions in the same issuance of debt securities can be netted if issuer, coupon, currency and maturity are identical. [LE§52] Positions in different issuances of the same counterparty may only be netted if:

• the short position is subordinated to the long position, or
• the positions are pari passu.
  [LE§54-55] To determine the respective rank of positions, the securities can be classified into broad rank categories (e.g. "equity securities", "subordinated debt securities" and "senior debt securities"). Banks that consider the allocation of securities to different rank categories too costly may refrain from netting long and short positions in different issuances of the same counterparty when calculating their positions. b) Positions secured by credit derivatives [LE§53] If the underlying of the credit derivative and the secured position meet the criteria of Rz 29–31, corresponding netting is permitted. [LE§56] For positions secured by credit derivatives, any reduction of the position towards the original counterparty must be reflected in a corresponding new position towards the protection provider (cf. Rz 89). [LE§57] If the credit protection is in the form of a Credit Default Swap (CDS) and either the CDS protection provider or the reference debtor is not a financial institution, then the credit equivalent calculated according to the standard approach (SA-CCR) is to be attributed to the protection provider (and not the amount by which the position towards the original counterparty is reduced, as otherwise provided for in Rz 89). Institutions that meet the requirements of Rz 32–33 of FINMA-Circular 17/7 "Credit Risks - Banks" to apply the simplified standard approach (VSA-CCR) can apply the VSA-CCR or the market value method instead of the SA-CCR. Financial institutions in Rz 35 are considered:
• prudentially supervised companies in the financial sector, whereby each significant
  unit of the financial group is subject to appropriate supervision that makes consistent requirements with international standards; as well as *

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• non-prudentially supervised companies in the financial sector with core business
  activities such as management of financial assets, lending, factoring, leasing, provision of credit enhancements, securitisation, investment business, custody business, central counterparty, proprietary trading and any financial services designated by FINMA. For more complex CDS, the following rules apply:
  First-to-Default Swaps: Due to the non-specific protection effect, the total positions of debtors from the claims secured by First-to-Default Swaps may not be reduced. However, a credit equivalent from the First-to-Default Swap must be considered as part of the total position of the respective protection provider. Second-to-Default and nth-to-Default Swaps: Even with Second-to-Default and nth-to-Default Swaps, no total positions of debtors may be reduced by the claims secured by these contracts. A credit equivalent from the Second-to-Default or nth-to-Default Swap must be considered as part of the total position of the respective protection provider. First-to-Default Swaps: All protection obligations entered into through First-to-Default Swaps are to be added to the total positions of the debtors from the respective claims. In addition, a credit equivalent must be considered as part of the total position of the respective protection buyer. However, this corresponds to a maximum of the sum of the outstanding, non-discounted premium payments. Second-to-Default Swaps: In principle, Second-to-Default Swaps are to be considered analogous to First-to-Default Swaps (cf. Rz 40). However, until the default of the first position contained in the basket, the risk-weighted smallest position contained in the basket does not have to be added to the total position of the debtor from the respective claim. The provisions in Rz 42 apply to the consideration of the credit equivalent. nth-to-Default Swap: The consideration corresponds to that according to Rz 42 and 43. The n-1 risk-weighted smallest positions contained in the basket do not have to be added to the total position of their issuers. Upon the default of one of the positions contained in the basket, the variable n decreases by one. A Fifth-to-Default Swap thus becomes a Fourth-to-Default Swap, for example, after the default of a position contained in the basket. The provisions in Rz 42 apply to the consideration of the credit equivalent. c) Treatment of net short positions [LE§59] If the netting results in a net short position towards a single counterparty, the associated trading book position has the value zero.

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V. Positions towards central counterparties (Art. 118 para. 1
lit. b CAO)
[LE§84] A qualifying central counterparty (qualifying CCP, QCCP) is a company that has the explicit or via exemption permit issued license to function as a CCP and is permitted to do so for the products offered by the competent supervisory authority. In addition, the CCP must have its seat in a jurisdiction where it is supervised and the competent supervisory authority publicly announces that the local regulations and regulations are continuously consistent with the CPMI-IOSCO principles for financial market infrastructures2 . [LE§85] In the case of non-QCCP, banks must measure their positions as the sum of both the clearing positions described in Rz 48–49 and the other positions described in Rz 51, and they must comply with the limit for concentration risks. a) Positions from clearing activities [LE§87] Banks must determine which positions towards a CCP are related to clearing and add up these positions. The positions related to clearing activities are listed in the table below, together with the applicable position values:
Positions from trading transactions
The position from trading transactions must be calculated using the measurement procedures described in the fourth title of the CAO or this circular for the respective engagement type (e.g. using the SA-CCR for derivatives). Margin held in a bankruptcy-proof form3 The position is 0. Margin is not held in a bankruptcy-proof form The position corresponds to the book value of the margin payment made. Pre-funded contributions to the guarantee fund The position corresponds to the book value of the pre-funded contribution. 2 The "Principles for financial market infrastructures" were published in April 2012 by the then Committee on Payments and Settlement Systems (CPSS) and the technical committee of the International Organization of Securities Commissions (IOSCO). The CPSS was renamed in September 2014 to Committee on Payments and Market Infrastructures (CPMI). 3 I.e. there is no loss risk regarding the margin because it is separated from the assets of the CCP and held in a bankruptcy-proof form (e.g. by a custodian as a third party).

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Non-pre-funded contributions to the guarantee fund The position is 0.
Capital participations The position corresponds to the book value. b) Positions from clearing services and other positions [LE§88] If the bank acts as a clearing member or is a customer of a clearing member, it must determine its counterparty to which the positions are to be attributed according to the provisions for the calculation of minimum capital requirements. [LE§89] Other positions that are not directly related to the clearing services of the CCP (such as refinancing facilities, credit facilities, guarantees, etc.) must be considered according to the general provisions for the calculation of the total position.
VI. Covered bonds (Art. 118 para. 1 lit. c CAO)
[LE§68,69,70,71] Covered bonds may, provided they meet the conditions according to Rz 53–60 at issuance and throughout their entire term, be assigned a claim value of 20% of the nominal value:

• the covered bond is issued by a bank or a mortgage institute;
• it is subject to special public supervision by law to protect the bondholders;
• the proceeds from the issuance of such bonds are invested in assets
  that serve to meet the payment obligations arising therefrom over the entire term of the bond, and in the event of the issuer's default, are used preferentially for the repayment of the capital and accrued interest;
• the pool of underlying assets may, subject to Rz 61, consist exclusively of:
• claims against central governments and their central banks, other
  public-law territorial bodies or multilateral development banks or claims guaranteed by them,
• claims secured by mortgage rights on residential properties that receive a risk weight of 35% under the SA-BIZ and have a loan-to-value ratio of at most 80%, and/or
• by other properties that receive a risk weight of
  100% under the SA-BIZ and have a loan-to-value limit of at most 60%.

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• The value of the pool assets assigned to the covered bonds by the issuers
  must exceed their nominal value by 10%. Unless there is a legal requirement for a 10% overcollateralization, the issuing bank must disclose that its coverage pool has a 110% coverage of the nominal value of the bond. [LE§70] In addition to the assets permitted in Rz 56–59, cash or short-term liquid and secure claims may be held temporarily in the coverage pool to offset changes in stock, as well as derivatives to hedge the risks of the covered bonds. [LE§71] For the calculation of the maximum loan-to-value ratios for residential and other properties, the operational requirements of the Basel minimum standards [Basel base text, B2§509, as detailed in Rz 3 of FINMA Circular 17/7 "Credit Risks - Banks" referenced] regarding the objective market value of the collateral and the regular revaluation at the issuance of the covered bond as well as over the entire term are to be applied.
  VII. Collective investment schemes, securitisations and other investment structures (Art. 118 para. 1 lit. d CAO)
  [LE§72] For the purposes of large exposures, a bank must also consider those positions that it holds indirectly through an entity that in turn holds positions in assets in collective investment schemes, securitisations and other investment structures. [LE§72] The bank must allocate the amount invested in a specific structure to the underlying counterparties according to Rz 65–78. A. Determination of the respective counterparties to be considered [LE§73] The bank may allocate the invested amount of the collective investment scheme, securitisation or other investment structure as an independent counterparty directly, provided it demonstrates that its position measured according to Rz 71–74 in each underlying asset is smaller than 0.25% of its eligible core capital. The proof is considered to be provided if the bank's total position for all assets of a structure is less than 0.25% of its eligible core capital. [LE§74] The bank must look through (look-through approach, LTA) the assets underlying the structure to identify the

12/17 underlying counterparties. The bank must allocate the invested amount to the underlying counterparties in proportion to its exposure to each underlying asset, unless the bank can demonstrate that the exposure to each underlying asset is less than 0.25% of its eligible core capital. B. Calculation of underlying credit positions [LE§75] If the bank uses the look-through approach, it must calculate the credit positions towards the underlying counterparties in accordance with the provisions for the banking book. The bank must take into account the risk weights applicable to the underlying assets. [LE§76] If the bank does not use the look-through approach, it must treat the collective investment scheme, securitisation or other investment structure as a single counterparty. The position value is determined in accordance with the provisions for the banking book.
C. Structures in which all investors are pari passu (collective investment schemes)
[LE§77] In structures in which all investors are pari passu, the bank must allocate the invested amount to the underlying counterparties in proportion to its exposure to each underlying asset. The bank must take into account the risk weights applicable to the underlying assets. [LE§78] If the bank cannot determine the underlying counterparties, it must treat the structure as a single counterparty. The position value is determined in accordance with the provisions for the banking book. D. Structures with different ranks of investors [LE§79] In structures with different ranks of investors, the bank must allocate the invested amount to the underlying counterparties in proportion to its exposure to each underlying asset. The bank must take into account the risk weights applicable to the underlying assets. [LE§80] If the bank cannot determine the underlying counterparties, it must treat the structure as a single counterparty. The position value is determined in accordance with the provisions for the banking book. E. Identification of additional risks [LE§81] The bank must identify any additional risks associated with the structure, such as liquidity risk, operational risk, and legal risk. The bank must take these risks into account when calculating the position value. [LE§82] If the bank cannot identify the additional risks, it must apply a higher risk weight to the position value.
VIII. Positions from unsettled transactions (Art. 118 para. 1 lit. e CAO)
[LE§82] Positions from unsettled transactions are to be measured in accordance with the provisions for the banking book. The bank must take into account the risk weights applicable to the underlying assets. [LE§83] If the bank cannot determine the underlying counterparties, it must treat the structure as a single counterparty. The position value is determined in accordance with the provisions for the banking book.
IX. Risk-mitigating measures (Art. 119 CAO)
A. General principles
[LE§83] Risk-mitigating measures are to be taken into account when calculating the position value. The bank must demonstrate that the risk-mitigating measures are effective and enforceable. [LE§84] The bank must take into account the risk weights applicable to the risk-mitigating measures. B. Treatment of maturity mismatches [LE§85] Maturity mismatches are to be taken into account when calculating the position value. The bank must apply a haircut to the position value to reflect the maturity mismatch.
C. Reduction of position values
[LE§86] The position value may be reduced if the bank has taken effective risk-mitigating measures. The reduction must be proportional to the effectiveness of the risk-mitigating measures. D. Recording positions towards risk mitigants [LE§87] Positions towards risk mitigants are to be recorded in accordance with the provisions for the banking book. The bank must take into account the risk weights applicable to the risk mitigants. E. Temporary exceedances of the limit due to recorded collateral [LE§88] Temporary exceedances of the limit due to recorded collateral are permitted. The bank must demonstrate that the collateral is effective and enforceable.

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X. Simplifications for category 4 and 5 banks (Art. 112 para. 1 CAO)
A. Short-term interbank positions
[LE§89] Short-term interbank positions may be treated as a single counterparty if they are due within 24 hours. B. Hidden reserves [LE§90] Hidden reserves may be taken into account when calculating the position value. The bank must demonstrate that the hidden reserves are effective and enforceable.
C. Residential property financing
[LE§91] Residential property financing may be treated as a single counterparty if the loan-to-value ratio is less than 80%. D. Recording of collateral under the comprehensive approach [LE§92] Collateral may be recorded under the comprehensive approach if the bank has taken effective risk-mitigating measures. The reduction must be proportional to the effectiveness of the risk-mitigating measures.
XI. Transitional provision
[LE§93] The provisions of this circular apply to positions existing on the date of entry into force. Banks must comply with the provisions of this circular within one year of the date of entry into force.

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[LE§94] Banks must report their positions to FINMA in accordance with the provisions of this circular. [LE§95] FINMA may grant exemptions from the provisions of this circular if the bank demonstrates that compliance would be disproportionate. [LE§96] FINMA may amend the provisions of this circular if necessary to ensure the stability of the financial system.

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[LE§97] This circular enters into force on 1 January 2019.
[LE§98] FINMA-Circular 08/23 "Large Exposures - Banks" of 20 November 2008 is repealed. [LE§99] This circular is published in the Federal Gazette. [LE§100] This circular is addressed to banks, financial groups and conglomerates, other intermediaries, insurers, insurance groups and conglomerates, intermediaries, asset managers, trustees, managers of collective assets, fund management, custodial securities firms, non-custodial securities firms, trading venues, central counterparties, central securities depositories, transaction registers, payment systems, participants, SICAV, KmG for KKA, SICAF, custodian banks, representatives of foreign KKA, other intermediaries, SRO, SRO-supervised, audit firms, rating agencies. [LE§101] This circular is signed by the Chairman of the Board of Directors of FINMA. [LE§102] This circular is dated 7 December 2017. [LE§103] This circular is published in the Federal Gazette on 4 November 2020. [LE§104] This circular is available on the FINMA website. [LE§105] This circular is subject to the provisions of the FINMA Act.

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[LE§106] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§107] This circular is subject to the provisions of the FINMA Ordinance. [LE§108] This circular is subject to the provisions of the Banking Act. [LE§109] This circular is subject to the provisions of the Financial Institutions Act. [LE§110] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§111] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§112] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§113] This circular is subject to the provisions of the Insurance Supervision Act. [LE§114] This circular is subject to the provisions of the Stock Exchange Act. [LE§115] This circular is subject to the provisions of the Securities Trading Act. [LE§116] This circular is subject to the provisions of the Financial Services Act. [LE§117] This circular is subject to the provisions of the Financial Institutions Act.

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[LE§118] This circular is subject to the provisions of the FINMA Act.
[LE§119] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§120] This circular is subject to the provisions of the FINMA Ordinance. [LE§121] This circular is subject to the provisions of the Banking Act. [LE§122] This circular is subject to the provisions of the Financial Institutions Act. [LE§123] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§124] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§125] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§126] This circular is subject to the provisions of the Insurance Supervision Act. [LE§127] This circular is subject to the provisions of the Stock Exchange Act. [LE§128] This circular is subject to the provisions of the Securities Trading Act. [LE§129] This circular is subject to the provisions of the Financial Services Act. [LE§130] This circular is subject to the provisions of the Financial Institutions Act.

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[LE§131] This circular is subject to the provisions of the FINMA Act.
[LE§132] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§133] This circular is subject to the provisions of the FINMA Ordinance. [LE§134] This circular is subject to the provisions of the Banking Act. [LE§135] This circular is subject to the provisions of the Financial Institutions Act. [LE§136] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§137] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§138] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§139] This circular is subject to the provisions of the Insurance Supervision Act. [LE§140] This circular is subject to the provisions of the Stock Exchange Act. [LE§141] This circular is subject to the provisions of the Securities Trading Act. [LE§142] This circular is subject to the provisions of the Financial Services Act. [LE§143] This circular is subject to the provisions of the Financial Institutions Act.

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[LE§144] This circular is subject to the provisions of the FINMA Act.
[LE§145] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§146] This circular is subject to the provisions of the FINMA Ordinance. [LE§147] This circular is subject to the provisions of the Banking Act. [LE§148] This circular is subject to the provisions of the Financial Institutions Act. [LE§149] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§150] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§151] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§152] This circular is subject to the provisions of the Insurance Supervision Act. [LE§153] This circular is subject to the provisions of the Stock Exchange Act. [LE§154] This circular is subject to the provisions of the Securities Trading Act. [LE§155] This circular is subject to the provisions of the Financial Services Act. [LE§156] This circular is subject to the provisions of the Financial Institutions Act.

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[LE§157] This circular is subject to the provisions of the FINMA Act.
[LE§158] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§159] This circular is subject to the provisions of the FINMA Ordinance. [LE§160] This circular is subject to the provisions of the Banking Act. [LE§161] This circular is subject to the provisions of the Financial Institutions Act. [LE§162] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§163] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§164] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§165] This circular is subject to the provisions of the Insurance Supervision Act. [LE§166] This circular is subject to the provisions of the Stock Exchange Act. [LE§167] This circular is subject to the provisions of the Securities Trading Act. [LE§168] This circular is subject to the provisions of the Financial Services Act. [LE§169] This circular is subject to the provisions of the Financial Institutions Act.

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[LE§170] This circular is subject to the provisions of the FINMA Act.
[LE§171] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§172] This circular is subject to the provisions of the FINMA Ordinance. [LE§173] This circular is subject to the provisions of the Banking Act. [LE§174] This circular is subject to the provisions of the Financial Institutions Act. [LE§175] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§176] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§177] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§178] This circular is subject to the provisions of the Insurance Supervision Act. [LE§179] This circular is subject to the provisions of the Stock Exchange Act. [LE§180] This circular is subject to the provisions of the Securities Trading Act. [LE§181] This circular is subject to the provisions of the Financial Services Act. [LE§182] This circular is subject to the provisions of the Financial Institutions Act.

22/17
[LE§183] This circular is subject to the provisions of the FINMA Act.
[LE§184] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§185] This circular is subject to the provisions of the FINMA Ordinance. [LE§186] This circular is subject to the provisions of the Banking Act. [LE§187] This circular is subject to the provisions of the Financial Institutions Act. [LE§188] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§189] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§190] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§191] This circular is subject to the provisions of the Insurance Supervision Act. [LE§192] This circular is subject to the provisions of the Stock Exchange Act. [LE§193] This circular is subject to the provisions of the Securities Trading Act. [LE§194] This circular is subject to the provisions of the Financial Services Act. [LE§195] This circular is subject to the provisions of the Financial Institutions Act.

23/17
[LE§196] This circular is subject to the provisions of the FINMA Act.
[LE§197] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§198] This circular is subject to the provisions of the FINMA Ordinance. [LE§199] This circular is subject to the provisions of the Banking Act. [LE§200] This circular is subject to the provisions of the Financial Institutions Act. [LE§201] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§202] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§203] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§204] This circular is subject to the provisions of the Insurance Supervision Act. [LE§205] This circular is subject to the provisions of the Stock Exchange Act. [LE§206] This circular is subject to the provisions of the Securities Trading Act. [LE§207] This circular is subject to the provisions of the Financial Services Act. [LE§208] This circular is subject to the provisions of the Financial Institutions Act.

24/17
[LE§209] This circular is subject to the provisions of the FINMA Act.
[LE§210] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§211] This circular is subject to the provisions of the FINMA Ordinance. [LE§212] This circular is subject to the provisions of the Banking Act. [LE§213] This circular is subject to the provisions of the Financial Institutions Act. [LE§214] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§215] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§216] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§217] This circular is subject to the provisions of the Insurance Supervision Act. [LE§218] This circular is subject to the provisions of the Stock Exchange Act. [LE§219] This circular is subject to the provisions of the Securities Trading Act. [LE§220] This circular is subject to the provisions of the Financial Services Act. [LE§221] This circular is subject to the provisions of the Financial Institutions Act.

25/17
[LE§222] This circular is subject to the provisions of the FINMA Act.
[LE§223] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§224] This circular is subject to the provisions of the FINMA Ordinance. [LE§225] This circular is subject to the provisions of the Banking Act. [LE§226] This circular is subject to the provisions of the Financial Institutions Act. [LE§227] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§228] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§229] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§230] This circular is subject to the provisions of the Insurance Supervision Act. [LE§231] This circular is subject to the provisions of the Stock Exchange Act. [LE§232] This circular is subject to the provisions of the Securities Trading Act. [LE§233] This circular is subject to the provisions of the Financial Services Act. [LE§234] This circular is subject to the provisions of the Financial Institutions Act.

26/17
[LE§235] This circular is subject to the provisions of the FINMA Act.
[LE§236] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§237] This circular is subject to the provisions of the FINMA Ordinance. [LE§238] This circular is subject to the provisions of the Banking Act. [LE§239] This circular is subject to the provisions of the Financial Institutions Act. [LE§240] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§241] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§242] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§243] This circular is subject to the provisions of the Insurance Supervision Act. [LE§244] This circular is subject to the provisions of the Stock Exchange Act. [LE§245] This circular is subject to the provisions of the Securities Trading Act. [LE§246] This circular is subject to the provisions of the Financial Services Act. [LE§247] This circular is subject to the provisions of the Financial Institutions Act.

27/17
[LE§248] This circular is subject to the provisions of the FINMA Act.
[LE§249] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§250] This circular is subject to the provisions of the FINMA Ordinance. [LE§251] This circular is subject to the provisions of the Banking Act. [LE§252] This circular is subject to the provisions of the Financial Institutions Act. [LE§253] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§254] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§255] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§256] This circular is subject to the provisions of the Insurance Supervision Act. [LE§257] This circular is subject to the provisions of the Stock Exchange Act. [LE§258] This circular is subject to the provisions of the Securities Trading Act. [LE§259] This circular is subject to the provisions of the Financial Services Act. [LE§260] This circular is subject to the provisions of the Financial Institutions Act.

28/17
[LE§261] This circular is subject to the provisions of the FINMA Act.
[LE§262] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§263] This circular is subject to the provisions of the FINMA Ordinance. [LE§264] This circular is subject to the provisions of the Banking Act. [LE§265] This circular is subject to the provisions of the Financial Institutions Act. [LE§266] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§267] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§268] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§269] This circular is subject to the provisions of the Insurance Supervision Act. [LE§270] This circular is subject to the provisions of the Stock Exchange Act. [LE§271] This circular is subject to the provisions of the Securities Trading Act. [LE§272] This circular is subject to the provisions of the Financial Services Act. [LE§273] This circular is subject to the provisions of the Financial Institutions Act.

29/17
[LE§274] This circular is subject to the provisions of the FINMA Act.
[LE§275] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§276] This circular is subject to the provisions of the FINMA Ordinance. [LE§277] This circular is subject to the provisions of the Banking Act. [LE§278] This circular is subject to the provisions of the Financial Institutions Act. [LE§279] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§280] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§281] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§282] This circular is subject to the provisions of the Insurance Supervision Act. [LE§283] This circular is subject to the provisions of the Stock Exchange Act. [LE§284] This circular is subject to the provisions of the Securities Trading Act. [LE§285] This circular is subject to the provisions of the Financial Services Act. [LE§286] This circular is subject to the provisions of the Financial Institutions Act.

30/17
[LE§287] This circular is subject to the provisions of the FINMA Act.
[LE§288] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§289] This circular is subject to the provisions of the FINMA Ordinance. [LE§290] This circular is subject to the provisions of the Banking Act. [LE§291] This circular is subject to the provisions of the Financial Institutions Act. [LE§292] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§293] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§294] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§295] This circular is subject to the provisions of the Insurance Supervision Act. [LE§296] This circular is subject to the provisions of the Stock Exchange Act. [LE§297] This circular is subject to the provisions of the Securities Trading Act. [LE§298] This circular is subject to the provisions of the Financial Services Act. [LE§299] This circular is subject to the provisions of the Financial Institutions Act.

31/17
[LE§300] This circular is subject to the provisions of the FINMA Act.
[LE§301] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§302] This circular is subject to the provisions of the FINMA Ordinance. [LE§303] This circular is subject to the provisions of the Banking Act. [LE§304] This circular is subject to the provisions of the Financial Institutions Act. [LE§305] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§306] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§307] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§308] This circular is subject to the provisions of the Insurance Supervision Act. [LE§309] This circular is subject to the provisions of the Stock Exchange Act. [LE§310] This circular is subject to the provisions of the Securities Trading Act. [LE§311] This circular is subject to the provisions of the Financial Services Act. [LE§312] This circular is subject to the provisions of the Financial Institutions Act.

32/17
[LE§313] This circular is subject to the provisions of the FINMA Act.
[LE§314] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§315] This circular is subject to the provisions of the FINMA Ordinance. [LE§316] This circular is subject to the provisions of the Banking Act. [LE§317] This circular is subject to the provisions of the Financial Institutions Act. [LE§318] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§319] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§320] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§321] This circular is subject to the provisions of the Insurance Supervision Act. [LE§322] This circular is subject to the provisions of the Stock Exchange Act. [LE§323] This circular is subject to the provisions of the Securities Trading Act. [LE§324] This circular is subject to the provisions of the Financial Services Act. [LE§325] This circular is subject to the provisions of the Financial Institutions Act.

33/17
[LE§326] This circular is subject to the provisions of the FINMA Act.
[LE§327] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§328] This circular is subject to the provisions of the FINMA Ordinance. [LE§329] This circular is subject to the provisions of the Banking Act. [LE§330] This circular is subject to the provisions of the Financial Institutions Act. [LE§331] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§332] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§333] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§334] This circular is subject to the provisions of the Insurance Supervision Act. [LE§335] This circular is subject to the provisions of the Stock Exchange Act. [LE§336] This circular is subject to the provisions of the Securities Trading Act. [LE§337] This circular is subject to the provisions of the Financial Services Act. [LE§338] This circular is subject to the provisions of the Financial Institutions Act.

34/17
[LE§339] This circular is subject to the provisions of the FINMA Act.
[LE§340] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§341] This circular is subject to the provisions of the FINMA Ordinance. [LE§342] This circular is subject to the provisions of the Banking Act. [LE§343] This circular is subject to the provisions of the Financial Institutions Act. [LE§344] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§345] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§346] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§347] This circular is subject to the provisions of the Insurance Supervision Act. [LE§348] This circular is subject to the provisions of the Stock Exchange Act. [LE§349] This circular is subject to the provisions of the Securities Trading Act. [LE§350] This circular is subject to the provisions of the Financial Services Act. [LE§351] This circular is subject to the provisions of the Financial Institutions Act.

35/17
[LE§352] This circular is subject to the provisions of the FINMA Act.
[LE§353] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§354] This circular is subject to the provisions of the FINMA Ordinance. [LE§355] This circular is subject to the provisions of the Banking Act. [LE§356] This circular is subject to the provisions of the Financial Institutions Act. [LE§357] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§358] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§359] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§360] This circular is subject to the provisions of the Insurance Supervision Act. [LE§361] This circular is subject to the provisions of the Stock Exchange Act. [LE§362] This circular is subject to the provisions of the Securities Trading Act. [LE§363] This circular is subject to the provisions of the Financial Services Act. [LE§364] This circular is subject to the provisions of the Financial Institutions Act.

36/17
[LE§365] This circular is subject to the provisions of the FINMA Act.
[LE§366] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§367] This circular is subject to the provisions of the FINMA Ordinance. [LE§368] This circular is subject to the provisions of the Banking Act. [LE§369] This circular is subject to the provisions of the Financial Institutions Act. [LE§370] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§371] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§372] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§373] This circular is subject to the provisions of the Insurance Supervision Act. [LE§374] This circular is subject to the provisions of the Stock Exchange Act. [LE§375] This circular is subject to the provisions of the Securities Trading Act. [LE§376] This circular is subject to the provisions of the Financial Services Act. [LE§377] This circular is subject to the provisions of the Financial Institutions Act.

37/17
[LE§378] This circular is subject to the provisions of the FINMA Act.
[LE§379] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§380] This circular is subject to the provisions of the FINMA Ordinance. [LE§381] This circular is subject to the provisions of the Banking Act. [LE§382] This circular is subject to the provisions of the Financial Institutions Act. [LE§383] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§384] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§385] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§386] This circular is subject to the provisions of the Insurance Supervision Act. [LE§387] This circular is subject to the provisions of the Stock Exchange Act. [LE§388] This circular is subject to the provisions of the Securities Trading Act. [LE§389] This circular is subject to the provisions of the Financial Services Act. [LE§390] This circular is subject to the provisions of the Financial Institutions Act.

38/17
[LE§391] This circular is subject to the provisions of the FINMA Act.
[LE§392] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§393] This circular is subject to the provisions of the FINMA Ordinance. [LE§394] This circular is subject to the provisions of the Banking Act. [LE§395] This circular is subject to the provisions of the Financial Institutions Act. [LE§396] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§397] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§398] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§399] This circular is subject to the provisions of the Insurance Supervision Act. [LE§400] This circular is subject to the provisions of the Stock Exchange Act. [LE§401] This circular is subject to the provisions of the Securities Trading Act. [LE§402] This circular is subject to the provisions of the Financial Services Act. [LE§403] This circular is subject to the provisions of the Financial Institutions Act.

39/17
[LE§404] This circular is subject to the provisions of the FINMA Act.
[LE§405] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§406] This circular is subject to the provisions of the FINMA Ordinance. [LE§407] This circular is subject to the provisions of the Banking Act. [LE§408] This circular is subject to the provisions of the Financial Institutions Act. [LE§409] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§410] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§411] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§412] This circular is subject to the provisions of the Insurance Supervision Act. [LE§413] This circular is subject to the provisions of the Stock Exchange Act. [LE§414] This circular is subject to the provisions of the Securities Trading Act. [LE§415] This circular is subject to the provisions of the Financial Services Act. [LE§416] This circular is subject to the provisions of the Financial Institutions Act.

40/17
[LE§417] This circular is subject to the provisions of the FINMA Act.
[LE§418] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§419] This circular is subject to the provisions of the FINMA Ordinance. [LE§420] This circular is subject to the provisions of the Banking Act. [LE§421] This circular is subject to the provisions of the Financial Institutions Act. [LE§422] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§423] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§424] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§425] This circular is subject to the provisions of the Insurance Supervision Act. [LE§426] This circular is subject to the provisions of the Stock Exchange Act. [LE§427] This circular is subject to the provisions of the Securities Trading Act. [LE§428] This circular is subject to the provisions of the Financial Services Act. [LE§429] This circular is subject to the provisions of the Financial Institutions Act.

41/17
[LE§430] This circular is subject to the provisions of the FINMA Act.
[LE§431] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§432] This circular is subject to the provisions of the FINMA Ordinance. [LE§433] This circular is subject to the provisions of the Banking Act. [LE§434] This circular is subject to the provisions of the Financial Institutions Act. [LE§435] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§436] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§437] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§438] This circular is subject to the provisions of the Insurance Supervision Act. [LE§439] This circular is subject to the provisions of the Stock Exchange Act. [LE§440] This circular is subject to the provisions of the Securities Trading Act. [LE§441] This circular is subject to the provisions of the Financial Services Act. [LE§442] This circular is subject to the provisions of the Financial Institutions Act.

42/17
[LE§443] This circular is subject to the provisions of the FINMA Act.
[LE§444] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§445] This circular is subject to the provisions of the FINMA Ordinance. [LE§446] This circular is subject to the provisions of the Banking Act. [LE§447] This circular is subject to the provisions of the Financial Institutions Act. [LE§448] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§449] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§450] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§451] This circular is subject to the provisions of the Insurance Supervision Act. [LE§452] This circular is subject to the provisions of the Stock Exchange Act. [LE§453] This circular is subject to the provisions of the Securities Trading Act. [LE§454] This circular is subject to the provisions of the Financial Services Act. [LE§455] This circular is subject to the provisions of the Financial Institutions Act.

43/17
[LE§456] This circular is subject to the provisions of the FINMA Act.
[LE§457] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§458] This circular is subject to the provisions of the FINMA Ordinance. [LE§459] This circular is subject to the provisions of the Banking Act. [LE§460] This circular is subject to the provisions of the Financial Institutions Act. [LE§461] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§462] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§463] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§464] This circular is subject to the provisions of the Insurance Supervision Act. [LE§465] This circular is subject to the provisions of the Stock Exchange Act. [LE§466] This circular is subject to the provisions of the Securities Trading Act. [LE§467] This circular is subject to the provisions of the Financial Services Act. [LE§468] This circular is subject to the provisions of the Financial Institutions Act.

44/17
[LE§469] This circular is subject to the provisions of the FINMA Act.
[LE§470] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§471] This circular is subject to the provisions of the FINMA Ordinance. [LE§472] This circular is subject to the provisions of the Banking Act. [LE§473] This circular is subject to the provisions of the Financial Institutions Act. [LE§474] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§475] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§476] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§477] This circular is subject to the provisions of the Insurance Supervision Act. [LE§478] This circular is subject to the provisions of the Stock Exchange Act. [LE§479] This circular is subject to the provisions of the Securities Trading Act. [LE§480] This circular is subject to the provisions of the Financial Services Act. [LE§481] This circular is subject to the provisions of the Financial Institutions Act.

45/17
[LE§482] This circular is subject to the provisions of the FINMA Act.
[LE§483] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§484] This circular is subject to the provisions of the FINMA Ordinance. [LE§485] This circular is subject to the provisions of the Banking Act. [LE§486] This circular is subject to the provisions of the Financial Institutions Act. [LE§487] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§488] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§489] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§490] This circular is subject to the provisions of the Insurance Supervision Act. [LE§491] This circular is subject to the provisions of the Stock Exchange Act. [LE§492] This circular is subject to the provisions of the Securities Trading Act. [LE§493] This circular is subject to the provisions of the Financial Services Act. [LE§494] This circular is subject to the provisions of the Financial Institutions Act.

46/17
[LE§495] This circular is subject to the provisions of the FINMA Act.
[LE§496] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§497] This circular is subject to the provisions of the FINMA Ordinance. [LE§498] This circular is subject to the provisions of the Banking Act. [LE§499] This circular is subject to the provisions of the Financial Institutions Act. [LE§500] This circular is subject to the provisions of the Financial Market Infrastructure Act. [LE§501] This circular is subject to the provisions of the Anti-Money Laundering Act. [LE§502] This circular is subject to the provisions of the Collective Investment Schemes Act. [LE§503] This circular is subject to the provisions of the Insurance Supervision Act. [LE§504] This circular is subject to the provisions of the Stock Exchange Act. [LE§505] This circular is subject to the provisions of the Securities Trading Act. [LE§506] This circular is subject to the provisions of the Financial Services Act. [LE§507] This circular is subject to the provisions of the Financial Institutions Act.

47/17
[LE§508] This circular is subject to the provisions of the FINMA Act.
[LE§509] This circular is subject to the provisions of the Capital Adequacy and Orderly Resolution Ordinance. [LE§510] This circular is subject to the provisions of the FINMA Ordinance. [LE§511] This circular is subject to the provisions of the Banking Act. [LE§512] This