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


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

1 In­solv­ency 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.

2 Fol­low­ing 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.

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

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

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