Federal Act
on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(Financial Market Infrastructure Act, FinMIA)

¹ In­so­far as this is pos­sible and to the ex­tent that they are con­cerned, FINMA shall in­form cent­ral coun­ter­parties, cent­ral se­cur­it­ies de­pos­it­or­ies, pay­ment sys­tems and those DLT trad­ing fa­cil­it­ies that provide com­par­able cent­ral cus­tody, clear­ing or set­tle­ment ser­vices, in Switzer­land and abroad, of the in­solv­ency meas­ures it in­tends to take against a par­ti­cipant and which lim­it the par­ti­cipant's power of dis­pos­al. It shall also in­form them of the pre­cise time of entry in­to ef­fect of the meas­ures.⁴⁷

² The or­ders giv­en to a cent­ral coun­ter­party, cent­ral se­cur­it­ies de­pos­it­ory, pay­ment sys­tem or a DLT trad­ing fa­cil­ity that provides com­par­able cent­ral cus­tody, clear­ing or set­tle­ment ser­vices by a par­ti­cipant against which such an in­solv­ency meas­ure has been taken shall be leg­ally en­force­able and bind­ing on third parties if:⁴⁸

a. they were in­tro­duced be­fore the meas­ure was ordered and were un­al­ter­able in ac­cord­ance with the rules of the fin­an­cial mar­ket in­fra­struc­ture; or

b. they were ex­ecuted on the busi­ness day defined by the rules of the fin­an­cial mar­ket in­fra­struc­ture dur­ing which the meas­ure was ordered and the fin­an­cial mar­ket in­fra­struc­ture proves that it was not and should not have been aware of the meas­ure be­ing ordered.

³ Para­graph 2 ap­plies if:

a. the fin­an­cial mar­ket in­fra­struc­ture is au­thor­ised in Switzer­land;

b. the for­eign fin­an­cial mar­ket in­fra­struc­ture is re­cog­nised or su­per­vised in Switzer­land and grants Swiss par­ti­cipants dir­ect ac­cess to its fa­cil­it­ies; or

c. the par­ti­cip­a­tion agree­ment is sub­ject to Swiss law.

⁴ Para­graph 2 ap­plies by ana­logy to:

a.

fin­an­cial mar­ket in­fra­struc­tures in ac­cord­ance with Art­icle 4 para­graph 3;

b.

pay­ment sys­tems that are op­er­ated by banks.