Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.


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Art. 27 Credit derivatives

1As defined in Art­icle 77 para­graph 1 let­ter a CISO1, an ex­pos­ure-in­creas­ing cred­it de­riv­at­ive is not deemed a guar­an­tee.

2The debt­or of ref­er­ence of a cred­it de­riv­at­ive must have out­stand­ing equity or debt se­cur­it­ies or rights to equity or debts that are traded on an ex­change or an­oth­er reg­u­lated mar­ket open to the pub­lic.

1 SR 951.311

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