Art. 97 Clearing duty
1 Counterparties must clear transactions in derivatives in accordance with Article 101 that were not conducted via a trading venue (OTC derivatives transactions) through a central counterparty authorised or recognised by FINMA. 2 This duty does not apply to transactions with small counterparties or for transactions between such counterparties. 3 A counterparty may assume that its counterparty's declaration concerning its characteristics is correct insofar as there are no indications to the contrary. 4 In order to complement the duty detailed in Article 112, the Federal Council may order that all derivatives transactions conducted via a trading venue or organised trading facility must be cleared by a central counterparty authorised or recognised by FINMA. 5 FINMA may allow clearing by an unrecognised central counterparty in individual cases, provided this does not adversely affect the protective purpose of this Act. |