Ordinance
on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(Financial Market Infrastructure Ordinance, FinMIO)

of 25 November 2015 (Status as of 1 January 2023)

Art. 74 Primacy of agreements in the event of insolvency

(Art. 90 and 91 Fin­MIA)

1 The off­set­ting agree­ments shall in­clude in par­tic­u­lar net­ting pro­vi­sions as well as the de­fault agree­ments con­tained in bi­lat­er­al or frame­work agree­ments.

2 The trans­fer of re­ceiv­ables and li­ab­il­it­ies is un­der­stood to mean in par­tic­u­lar the as­sign­ment, can­cel­la­tion, re­found­ing via agree­ment and the clos­ure of a po­s­i­tion and sub­sequent re­open­ing of an equi­val­ent po­s­i­tion.

3 In the event of a trans­fer of a po­s­i­tion, any col­lat­er­al in the form of se­cur­it­ies or oth­er as­sets whose value can be de­term­ined ob­ject­ively are auto­mat­ic­ally trans­ferred, in­so­far as they were passed on with­in the trans­ac­tion chain, to the tak­ing-over par­ti­cipant.

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