(Art. 51 FinMIA)
1 The central counterparty must hold a minimum capital in the amount of 8.0% in accordance with Article 42 paragraph 1 letter b CAO17.18 FINMA may demand additional capital in accordance with Article 45 CAO. Titles 1 to 3 CAO apply to the calculation.19
2 The dedicated capital in accordance with Article 53 paragraph 2 letter c FinMIA shall amount to at least 25% of the required capital set out in Title 3 CAO.
3 The central counterparty shall hold further capital in order to cover the costs of a voluntary cessation of business or restructuring. In the case of systemically important central counterparties, this capital must suffice to implement the plan set out in Article 72, but must at least be sufficient to cover ongoing operating expenditure for six months.
4 In special cases, FINMA can ease the requirements set out in the paragraphs 1 to 3 or impose more rigorous requirements.
5 The central counterparty must have a plan that sets out how further capital is to be procured if its capital no longer fulfils the requirements set out in paragraphs 1 to 4. The plan must be approved by the body responsible for governance, supervision and control.
6 If its capital falls short of 110% of the requirements set out in paragraphs 1 to 4, the central counterparty shall immediately inform FINMA and its audit firm, and shall provide FINMA with a plan that sets out how the threshold can once again be adhered to.
17 SR 952.03
18 Amended by Annex No 5 of the O of 29 Nov. 2023, in force since 1 Jan. 2025 (AS 2024 13).
19 Amended by Attachment No 2 to the O of 11 May 2016, in force since 1 July 2016 (AS 2016 1725).