Federal Act
on the Amendment of the Swiss Civil Code
(Part Five: The Code of Obligations)

¹ The ob­lig­or un­der a ledger-based se­cur­ity is en­titled and ob­liged to render per­form­ance only to the cred­it­or in­dic­ated in the se­cur­it­ies ledger and sub­ject to ap­pro­pri­ate modi­fic­a­tion of the ledger.

² By ren­der­ing the per­form­ance due at ma­tur­ity to the cred­it­or in­dic­ated in the se­cur­it­ies ledger, the ob­lig­or is re­leased from the ob­lig­a­tion even if the in­dic­ated cred­it­or is not the ac­tu­al cred­it­or, un­less the ob­lig­or is guilty of malice or gross neg­li­gence.

³ When ac­quir­ing a ledger-based se­cur­ity in a se­cur­it­ies ledger from the cred­it­or in­dic­ated therein, the ac­quirer is pro­tec­ted even if the seller was not en­titled to dis­pose of the ledger-based se­cur­ity, un­less the ac­quirer ac­ted in bad faith or with gross neg­li­gence.

⁴ The ob­lig­or may raise against a claim de­riv­ing from a ledger-based se­cur­ity only those ob­jec­tions which:

1.

are aimed at con­test­ing the valid­ity of the re­gis­tra­tion or de­rive from the se­cur­it­ies ledger it­self or its ac­com­pa­ny­ing data;

2.

he or she is per­son­ally en­titled to raise against the cur­rent cred­it­or of the ledger-based se­cur­ity; or

3.

are based on the dir­ect re­la­tions between the ob­lig­or and a former cred­it­or of the ledger-based se­cur­ity, if the cur­rent cred­it­or in­ten­tion­ally ac­ted to the det­ri­ment of the ob­lig­or when ac­quir­ing the ledger-based se­cur­ity