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

¹ Col­lat­er­al may be pos­ted even without the trans­fer of the ledger-based se­cur­ity, if:

1.

the col­lat­er­al is vis­ible in the se­cur­it­ies ledger; and

2.

it is en­sured that only the col­lat­er­al re­cip­i­ent can dis­pose of the ledger-based se­cur­ity in the event of de­fault.

² In oth­er re­spects:

1.

the spe­cial li­en on ledger-based se­cur­it­ies is gov­erned by the pro­vi­sions on spe­cial li­ens that ap­ply to cer­ti­fic­ated se­cur­it­ies (Arts. 895–898 of the CC⁸³³).

2.

the pledging of ledger-based se­cur­it­ies is gov­erned by the pro­vi­sions on li­ens on debts and oth­er rights as ap­plic­able for cer­ti­fic­ated se­cur­it­ies (Arts. 899–906 of the CC).