Federal Law - Stock Exchanges/Trading In Securities - 3. Security Dealers

3: Security Dealers

Art. 10 License

1 Whoever wishes to be active as a security dealer, requires a license from the Supervisory Authority.

2 The license will be granted if:

a. the applicant guarantees, through its internal rules and its operational organisation, the fulfilment of the duties arising under this law ;

b. the applicant possesses the minimum required capital or has deposited the required collateral ;

c. the applicant and its responsible employees demonstrate the necessary specialised knowledge; and

d. the applicant, its responsible employees as well as its qualified shareholders guarantee the orderly conduct of business operations.

3 The Federal Council shall lay down the minimum requirements for the granting of a license. It shall fix in particular the level of minimum capital for bodies corporate and the amount of collateral to be deposited by natural persons and partnerships.