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Federal Act on Intermediated Securities
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
The Federal Assembly of the Swiss Confederation,
Chapter 1 Purpose, Scope and Definitions
Chapter 2 Creation, Extinction and Conversion of Intermediated Securities
Chapter 3 Sub-Custody and Availability of Intermediated Securities
Chapter 4 Rights deriving from the Custody of Intermediated Securities
Section 1 General Rights of Account Holders
Section 2 Rights of Account Holders in the event of a Custodian's Liquidation
Section 3 Rights of a Custodian in Intermediated Securities
1This Act is subject to an optional referendum.
2The Federal Council shall set the commencement date.
3A custodian may waive its liability under paragraph 2 if the account holder has expressly designated the sub-custodian contrary to the custodian's advice.
4A custodian shall be liable, as if they were its own, for the acts of a sub-custodian which:
- independently and over a long period of time administers and settles all securities transactions on behalf of the custodian; or
- is part of the same economic entity as the custodian.
5Agreements to the contrary shall be valid only as between custodians or when made in favour of investors.
1 Amended by Annex No 14 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).
2 Repealed by Annex No 14 of the Financial Market Infrastructure Act of 19 June 2015, with effect from 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).