An asset manager within the meaning of Art. 17 para. 1 FINIG is a person who, on the basis of a mandate, may professionally dispose of the assets of clients in the name and for the account of clients within the meaning of Art. 3 let. c items 1-4 FIDLEG. Due to the reference in Art. 17 para. 1 FINIG to Art. 3 let. c items 1-4 FIDLEG, assets under Art. 17 para. 1 FINIG are limited to financial instruments under the FIDLEG. According to Art. 3 let. a FIDLEG, financial instruments are equity and debt securities, units of collective investment schemes, structured products, derivatives, certain deposits and bonds. Art. 3 para. 1 of the Financial Services Ordinance (FIDLEV; SR 950.11) explicitly excludes claims arising from an account or deposit contract for payment or physical delivery, namely of foreign currencies, time deposits or precious metals, from the term financial instruments. According to the explanatory report on the Financial Services Ordinance (FIDLEV), the Financial Institutions Ordinance (FINIV) and the Supervision Organisations Ordinance (AOV) of 6 November 2019, the management of client assets from foreign currencies, fixed-term deposits or precious metals held in custody accounts or on accounts is not considered asset management if the client is entitled to payment or physical delivery (p. 19). In the present case, WINBRIDGE AG is only active in foreign exchange trading. It does not use foreign exchange derivatives or structured products. The clients have the right to have the entire capital or a part of it paid out to them at any time. Thus, WINBRIDGE AG does not offer any financial instruments in the sense of Art. 3 let. a FIDLEG. Accordingly, WINBRIDGE AG is not subject to the FINIG.