Ordinance of the Swiss Financial Market Supervisory Authority on the Insolvency of Banks and Securities Dealers

¹The bank­ruptcy li­quid­at­or shall de­cide on the type and tim­ing of real­isa­tion and shall carry it out.

²Pledged as­sets may not be real­ised by means oth­er than a pub­lic auc­tion ex­cept with the pledgees' con­sent.

³As­sets may be real­ised without delay if they:

a.

are sub­ject to rap­id de­pre­ci­ation;

b.

gen­er­ate un­reas­on­ably high ad­min­is­trat­ive costs;

c.

are traded on a rep­res­ent­at­ive mar­ket; or

d.

are of in­sig­ni­fic­ant value.