Federal Intermediated Securities Act (FISA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Art. 1 Subject-matter and purpose
1 This Act regulates the custody of certificated and uncertificated securities by custodians and their transfer. 2 It ensures the protection of property rights of investors. It contributes to legal certainty in international contexts, to the efficient settlement of securities transactions and to the stability of the financial system.
Art. 2 Scope of application
1 This Act applies to intermediated securities that are credited to a securities account by a custodian. 1bis According to the terms and conditions set out in Article 31 paragraph 1, Article 31 paragraph 2 is applicable to intermediated securities held with a custodian in Switzerland or abroad, even if such custody is subject to foreign law. 2 It does not affect any provision regarding the registration of registered shares in the share register.
Para. 1bis — Inserted by Annex No 8 of the FA of 17 Dec. 2021 (Insolvency and Deposit Insurance), in force since 1 Jan. 2023 (AS 2022 732; BBl 2020 6359).
Art. 3 Intermediated securities
1 Intermediated securities within the meaning of this Act are personal or corporate rights of a fungible nature against an issuer which: a. are credited to a securities account; and b. may be disposed of by the account holder in accordance with the provisions of this Act. 1bis An intermediated security within the meaning of this Act shall also be deemed to be any financial instrument held in custody in accordance with foreign law and any right to such a financial instrument, if it has a comparable function in accordance with such foreign law. 2 Intermediated securities are effective against the custodian and any third party; they are beyond the reach of other creditors of the custodian.
Para. 1 — Footnote not relevant to the English text. Para. 1bis — Inserted by Annex No 14 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).
Art. 4 Custodians
1 A custodian within the meaning of this Act maintains securities accounts in the name of persons or groups of persons. 2 The following are deemed to be custodians: a. banks within the meaning of the Banking Act of 8 November 1934; b. securities firms within the meaning of Article 41 of the Financial Institutions Act of 15 June 2018; c. fund management companies within the meaning of Article 32 of the Financial Institutions Act, insofar as they maintain unit accounts; d. central securities depositories within the meaning of Article 61 of the Financial Market Infrastructure Act of 19 June 2015; e. the Swiss National Bank within the meaning of the National Bank Act of 3 October 2003; f. Swiss Post within the meaning of the Postal Services Organisation Act of 17 December 2010; and g. DLT trading facilities under Articles 73a to 73f of the Financial Market Infrastructure Act of 19 June 2015 in relation to immobilised ledger-based securities under Articles 973d to 973i of the Code of Obliga
Para. 2 let. a — SR 952.0 Para. 2 let. b — Amended by Annex No II 17 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 2 let. b — SR 954.1 Para. 2 let. c — Amended by Annex No II 17 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Para. 2 let. d — Amended by Annex No 14 of the Financial Market Infrastructure Act of 19 June 2015, in force since 1 Jan.
Art. 5 Definitions
In this Act: a. sub-custodian means a custodian which maintains securities accounts for other custodians; b. account holder means a person or group of persons in whose name a custodian maintains a securities account; c. investor means an account holder other than a custodian, or a custodian holding intermediated securities for its own account; d. qualified investor means a custodian; an insurance company subject to prudential supervision; a public-law entity, a pension fund or a company with professional treasury management; e. certificated securities in collective custody means certificated securities within the meaning of Article 973a of the Code of Obligations; f. global certificate means a certificated security within the meaning of Article 973b of the Code of Obligations; g. uncertificated securities means rights within the meaning of Article 973c of the Code of Obligations; h. ledger-based securities means rights within the meaning of Article 973d of the Code of Obligations.
let. e — SR 220 let. g — Amended by No I 9 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Feb. 2021 (AS 2021 33; BBl 2020 233). let. h — Inserted by No I 9 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Feb. 2021 (AS 2021 33; BBl 2020 233).