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

¹FINMA shall is­sue a rul­ing ap­point­ing a re­struc­tur­ing agent, un­less it is to carry out these du­ties it­self.

²Where FINMA ap­points a re­struc­tur­ing agent, it must en­sure when mak­ing its choice that the agent has suf­fi­cient time and ex­pert­ise to carry out the man­date di­li­gently, ef­fi­ciently and ef­fect­ively and is not sub­ject to any con­flict of in­terests that might com­prom­ise its abil­ity to per­form the man­date.

³It shall de­term­ine the re­struc­tur­ing agent’s powers and wheth­er he or she is au­thor­ised to act in place of the bank’s gov­ern­ing bod­ies. Dur­ing the dur­a­tion of the re­struc­tur­ing pro­ceed­ings, he or she may in par­tic­u­lar make com­mit­ments per­tain­ing to the re­struc­tur­ing to be hon­oured by the bank.

⁴FINMA shall spe­cify the de­tails of the task, in par­tic­u­lar with re­gard to the re­struc­tur­ing agent’s costs, re­port­ing and con­trol.