Art. 102 Treatment of initial margins 36
(Art. 110 FinMIA) 1 No reciprocal offsetting may apply to initial margins. 2 Initial margins paid in cash must be held with a central bank or a Swiss bank independent of the paying counterparty or an independent foreign bank subject to appropriate regulation and supervision. 3 Initial margins not paid in cash may be held by the receiving counterparty or by a third party mandated by the counterparty. The third party may be the paying counterparty. 4 The use of initial margins for other purposes is not permissible. This does not apply to the reutilisation of initial margins paid in cash by a custodial third party, provided it is contractually ensured that the reutilisation does not adversely affect the security and its usability. 5 The receiving counterparty and the custodial third party must keep the non-cash initial margins received separate from their own assets and conclude a segregation agreement. This shall prescribe in particular that:
36 Amended by No I of the O of 5 July 2017, in force since 1 Aug. 2017 (AS 2017 3715). |