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Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)
1 Transactions with counterparties that are subject to the clearing duty for the first time in accordance with Article 98 paragraph 2 or Article 99 paragraph 2 FinMIA do not need to be cleared through a central counterparty if they were concluded prior to subjection to the clearing duty.
2 Derivatives transactions with counterparties which have their registered office or domicile in Switzerland to which the derivatives trading provisions do not apply do not have to be cleared through a central counterparty.
3 Derivatives transactions in which a covered bond issuer or a legal entity of a cover pool for covered bonds is involved do not have to be cleared via a central counterparty if the following prerequisites are met:
a.
The derivatives transaction serves the sole purpose of hedging interest rate or currency risks arising from the covered bond for the cover pool.
b.
The derivatives transaction is not terminated in the event of restructuring or bankruptcy proceedings brought against the covered bond issuer or the legal entity of the cover pool.
c.
The counterparty of the covered bond issuer or of the legal entity of the cover pool is at least pari passu with the covered bond creditors, except in cases where:
1.
the counterparty is the defaulting or affected party; or
2.
the counterparty renounces pari passu status.
d.
The other derivatives transactions entered into as part of the netting set are linked to the cover pool.
e.
The cover pool's collateral ratio is at least 102%.29
28 Amended by No I of the O of 5 July 2017, in force since 1 Aug. 2017 (AS 2017 3715).
29 Inserted by No I of the O of 5 July 2017, in force since 1 Aug. 2017 (AS 2017 3715).