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

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.


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Art. 47 General provisions

1If the re­struc­tur­ing plan al­lows cor­por­ate ac­tions in ac­cord­ance with this Sec­tion, it is ne­ces­sary to en­sure that:

a.
the cred­it­ors' in­terests take pre­ced­ence over the in­terests of the own­ers and the hier­archy of cred­it­ors is re­spec­ted;
b.
the pro­vi­sions of the Swiss Code of Ob­lig­a­tions1 ap­ply mu­tatis mutandis.

2Where grant­ing pre-emption rights may en­danger the re­struc­tur­ing, they may be denied to the own­ers.

1 SR 220

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