Federal Act on Collective Investment Schemes

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Art. 137 Initiation of bankruptcy proceedings

1Where there is jus­ti­fied con­cern that an au­thor­ised parties as defined in Art­icle 13 para­graph 2 let­ters b–d is ex­cess­ively in­debted or has ser­i­ous li­quid­ity prob­lems and there is no pro­spect of re­struc­tur­ing or re­struc­tur­ing has failed, FINMA shall with­draw au­thor­isa­tion from the fin­an­cial in­sti­tu­tion, ini­ti­ate bank­ruptcy pro­ceed­ings and make this pub­lic.2

2The pro­vi­sions on com­pos­i­tion pro­ceed­ings (Art. 293–336 of the Fed­er­al Act of 11 April 18893 on Debt En­force­ment and Bank­ruptcy, DEBA), on a stay of pro­ceed­ings for com­pan­ies (Art. 725 and 725a of the Code of Ob­lig­a­tions4) and on no­ti­fic­a­tion of the court (Art. 728c para. 3 of the Code of Ob­lig­a­tions) do not ap­ply to the li­censee re­ferred to in para­graph 1.

3FINMA ap­points one or more bank­ruptcy li­quid­at­ors. These are sub­ject to su­pervi- sory con­trol by FINMA and shall provide FINMA with a re­port if re­ques­ted.5

1 Amended by An­nex No 3 of the FA of 18 March 2011 (Se­cur­ing In­vest­ments), in force since 1 Sept. 2011 (AS2011 3919; BBl 2010 3993).
2 Amended by An­nex No II 13 of the Fin­an­cial In­sti­tu­tions Act of 15 June 2018, in force since 1 Jan. 2020 (AS2018 5247, 2019 4631; BBl 2015 8901).
3 SR 281.1
4 SR 220
5 Amended by No I of the FA of 28 Sept. 2012, in force since 1 March 2013 (AS2013 585; BBl 2012 3639).

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