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Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Act, FinMIA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
of 19 June 2015 (Status as of 1 August 2021)
Art. 97Clearing 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.