Ordinance on Investment Undertakings (Investment Undertakings ...

4) The organization, in particular the division of powers between the
board of directors and the general management, shall be clearly defined
in the rules of business and organization. The personal composition of
the board of directors and the general management may not impede the
proper exercise of the overall direction and supervision functions of the
board of directors. In every case, at least two persons who individually
exhibit the qualifications according to article 84, paragraph 1 must determine
the business policy of the management company.
Article 84
Guarantee of sound and proper business operation
1) The persons designated for the board of directors and the general
management must altogether have sufficient professional qualifications
for their designated responsibilities on the basis of their education or
their professional experience.
2) In assessing the requirements, the FMA shall take into account inter
alia the guidelines of the investment policy of the investment undertaking.
3) The designated persons must also, taking into account their additional
obligations, their place of residence, and the infrastructure and organization
of the undertaking, be able to fulfill their responsibilities for
the investment undertaking in an sound and proper manner.
4) In evaluating the designated persons, the FMA may also avail itself
of curricula vitae, educational and job performance reports and records,
and references.
5) In order to ensure proper conduct of business, the FMA may order
joint signing authority conferred on two persons.
Article 85
Good reputation
The persons designated for the board of directors and the general
management must have a good reputation as businesspersons.
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