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

¹The re­quire­ment set out in Art­icle 12 para. 2^bis of the Bank­ing Or­din­ance of 30 April 2014² (BO) ap­plies to:

a.

con­tracts for the pur­chase, sale, lend­ing or re­pur­chase agree­ments re­lat­ing to cer­ti­fic­ated se­cur­it­ies, un­cer­ti­fic­ated se­cur­it­ies or in­ter­me­di­ated se­cur­it­ies and cor­res­pond­ing trans­ac­tions in­volving in­dices con­tain­ing these un­der­ly­ing as­sets, as well as op­tions in re­la­tion to such un­der­ly­ing as­sets;

b.

con­tracts for the pur­chase and sale with fu­ture de­liv­ery, lend­ing or re­pur­chase agree­ments re­lat­ing to com­mod­it­ies and cor­res­pond­ing trans­ac­tions in­volving in­dices con­tain­ing these un­der­ly­ing as­sets, as well as op­tions in re­la­tion to such un­der­ly­ing as­sets;

c.

con­tracts for the pur­chase, sale or trans­fer of com­mod­it­ies, ser­vices, rights or in­terest at a fu­ture date and at a pre­de­ter­mined price (fu­tures con­tracts);

d.

con­tracts for swap trans­ac­tions re­lat­ing to in­terest, for­eign ex­change, cur­ren­cies and com­mod­it­ies as well as to cer­ti­fic­ated se­cur­it­ies, un­cer­ti­fic­ated se­cur­it­ies, in­ter­me­di­ated se­cur­it­ies, the weath­er, emis­sions or in­fla­tion, and cor­res­pond­ing trans­ac­tions in­volving in­dices con­tain­ing these un­der­ly­ings, in­clud­ing cred­it de­riv­at­ives and in­terest rate op­tions;

e.

in­ter­b­ank bor­row­ing agree­ments;

f.

oth­er con­tracts with the same ef­fect as those lis­ted un­der let­ters a–e;

g.

con­tracts in ac­cord­ance with let­ters a-f in the form of mas­ter agree­ments;

h.

con­tracts in ac­cord­ance with let­ters a-g entered in­to by for­eign group en­tit­ies guar­an­teed or oth­er­wise se­cured by a bank or se­cur­it­ies deal­er dom­i­ciled in Switzer­land.

²The re­quire­ment set out in Art­icle 12 para. 2^bis BO does not ap­ply to:

a.

con­tracts which provide for the ter­min­a­tion or ex­er­cise of rights pur­su­ant to Art­icle 30a para. 1 BA which are neither dir­ectly nor in­dir­ectly triggered by ac­tions taken by FINMA in ac­cord­ance with the el­ev­enth sec­tion of the Bank­ing Act;

b.

con­tracts which are con­cluded or settled dir­ectly or in­dir­ectly through a fin­an­cial mar­ket in­fra­struc­ture or or­gan­ised trad­ing fa­cil­ity;

c.

con­tracts with cent­ral banks;

d.

con­tracts of group en­tit­ies which are not act­ive in the fin­an­cial ser­vices sec­tor;

e.

con­tracts with coun­ter­parties that are not com­pan­ies with­in the mean­ing of Art­icle 77 of the Fin­an­cial Markt In­fra­struc­ture Or­din­ance of 25 Novem­ber 2015³;

f.

con­tracts re­lat­ing to the place­ment of fin­an­cial in­stru­ments in the mar­ket;

g.

amend­ments to ex­ist­ing con­tracts which be­come ef­fect­ive pur­su­ant to their terms and con­di­tions and without fur­ther ac­tion by the parties.