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. 6 Creation
1 Intermediated securities are created: a. when a custodian accepts certificated securities for collective custody and credits them to one or more securities accounts; b. when a custodian accepts a global certificate for custody and credits the respective rights to one or more securities accounts; c. when a custodian registers uncertificated securities in the main register and credits the respective rights to one or more securities accounts; or d. when ledger-based securities are transferred to a custodian and the respective rights are credited to one or more securities accounts. 2 For each issue of uncertificated securities, a single custodian shall maintain the main register. The main register shall provide details of the issue, the quantity, and the nominal value of the uncertificated securities issued; it shall be public. 3 On being transferred to a custodian, the ledger-based securities shall be immobilised in the securities ledger.
Para. 1 let. c — 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). Para. 1 let. d — 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). Para. 2 — Amended by No I 9 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developm
Art. 7 Conversion
1 Unless otherwise provided by the terms of issue or the issuer's articles of association, an issuer may, at any time and without the account holder's consent, convert certificated securities in collective custody, global certificates or uncertificated securities held or registered as a basis for intermediated securities into another form. It shall bear the conversion cost. 2 Insofar as provided by the terms of issue or the issuer's articles of association, an account holder may at any time require the issuer to deliver certificated securities in the quantity and of the kind corresponding to intermediated securities credited to the account holder's securities account based on a global certificate or uncertificated securities. The account holder shall bear the cost of this conversion unless the terms of issue or the issuer's articles of association provide otherwise. 3 The custodian shall ensure that the conversion of the securities does not alter the total number of the personal and co
Para. 1 — 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). Para. 2 — 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).
Art. 8 Extinction and delivery in general
1 An account holder may at any time require the custodian to deliver certificated securities in the quantity and of the kind corresponding to intermediated securities credited to the account holder's securities account provided that: a. certificated securities are held by the custodian or a sub-custodian; or b. the account holder is entitled to delivery of certificated securities under Article 7 paragraph 2. 2 The account holder shall be entitled to the delivery of certificated securities in accordance with the custom and usage of the market on which the securities are traded. 3 The custodian shall ensure that the delivery to the account holder occurs only after the corresponding securities have been debited to the latter's securities account.
Art. 8 — Amended by No I 4 of the FA of 21 June 2019 on the Implementation of the Recommendations of the Global Forum on Transparency and the Exchange of Information for Tax Purposes, in force since 1 Nov. 2019 (AS 2019 3161; BBl 2019 279).
Art. 8a Delivery of bearer shares in companies limited by shares without listed equity securities
In the case of companies limited by shares without listed equity securities whose bearer shares are organised as intermediated securities, the custodian designated by the company in accordance with Article 697j paragraph 5 of the Code of Obligations shall ensure that the securities are only delivered: a. on the custodian ceasing its duties: to the custodian in Switzerland designed as the replacement by the company; b. on the conversion of the bearer shares into registered shares: to the company; c. on the destruction of the bearer shares: to the company.
Art. 8a — Inserted by No I 4 of the FA of 21 June 2019 on the Implementation of the Recommendations of the Global Forum on Transparency and the Exchange of Information for Tax Purposes, in force since 1 Nov. 2019 (AS 2019 3161; BBl 2019 279). SR 220 let. a — Corrected by the Federal Assembly Drafting Committee (Art. 58 para. 1 ParlA; SR 171.10).