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

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.