Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

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. 91 Primacy of agreements in the event of insolvency of an indirect participant

1In­solv­ency meas­ures that are ordered against a cent­ral coun­ter­party's in­dir­ect par­ti­cipant have no ef­fect on pre­vi­ously con­cluded agree­ments pur­su­ant to Art­icle 90 para­graph 1 let­ters a to c between the par­ti­cipant and the in­dir­ect par­ti­cipant.

2Fol­low­ing the net­ting or real­isa­tion car­ried out by the par­ti­cipant with­in the mean­ing of Art­icle 90 para­graph 1 let­ters a and b, the in­dir­ect par­ti­cipant's re­main­ing en­ti­tle­ments shall be se­greg­ated in fa­vour of its cli­ents and in­dir­ect par­ti­cipants.

3Para­graphs 1 and 2 shall also ap­ply to in­solv­ency meas­ures against the in­dir­ect par­ti­cipant of an­oth­er in­dir­ect par­ti­cipant.

4Meas­ures to the con­trary ordered with­in the scope of the post­pone­ment of the ter­min­a­tion of con­tracts by FINMA are re­served.

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