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. 9 Authorisation for sub-custody
1 A custodian may hold intermediated securities, certificated securities, uncertificated securities and ledger-based securities with a sub-custodian in Switzerland or abroad. The account holder's consent is not required. 2 The account holder's express consent is nonetheless required where the foreign sub-custodian is not subject to adequate regulatory supervision.
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).
Art. 10 Effects
1 A custodian credits to the securities account of its account holder the intermediated securities credited to its own securities account with a sub-custodian. 2 If the custody of securities with a sub-custodian is not governed by this Act, the credit confers upon the account holder rights that are at least equal to the rights acquired by the custodian with the sub-custodian.
Art. 11 Available intermediated securities
1 Each custodian shall hold with itself or with a sub-custodian intermediated securities (available securities) in a quantity and of a kind at least equal to the total of intermediated securities credited to the securities accounts of its account holders (credited securities). 2 If the total number of available securities is less than the total number of credited securities, the custodian shall without delay acquire intermediated securities to the extent of the shortfall. 3 The following are deemed to be available securities: a. intermediated securities credited to a securities account held by the custodian with a sub-custodian; b. certificated securities, ledger-based securities or global certificates that the custodian holds directly, or uncertificated securities entered in its main register; and c. readily available rights to delivery of intermediated securities from other custodians during the regulatory or customary settlement period for the corresponding market, provided that thi
Para. 3 let. b — 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. 11a Segregation
1 The custodian shall record its own and its account holders' securities separately. 2 If the custodian holds its own and its account holders' securities with a sub-custodian in Switzerland, it shall hold its own and its account holders' securities in separate securities accounts. Sub-custodians must offer custodians the possibility of holding their own and their account holders' securities in separate securities accounts. 3 If the securities are held abroad, the Swiss custodian and the first foreign sub-custodian shall agree that the latter will hold its own and the account holders' securities in separate accounts. 4 If an agreement in accordance with paragraph 3 is not possible under the law of the country concerned or for operational reasons, the Swiss custodian shall take other measures that provide the account holder with a comparable level of protection. 5 The Swiss custodian does not have to take measures in accordance with paragraph 4 if: a. owing to the characteristics of the
Art. 11a — 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. 11b Data transmission to sub-custodians and other entities
1 The Swiss custodian may directly transmit to the Swiss or foreign sub-custodian and other entities and enterprises any data which they or a sub-custodian, entity or enterprise further along the custody chain may require for the fulfilment of their statutory duties in connection with the custody. 2 The custodian shall inform the account holders beforehand in written hard copy or electronically and in a standardised manner about the possibility of data transmission in accordance with paragraph 1 and about the fact that, depending on the applicable foreign law, client data may be passed on to the authorities of the relevant country.
Art. 11b — 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. 12 Segregation of own securities and account holder securities
1 If a custodian holds its own intermediated securities and those of its account holders with a sub-custodian, the intermediated securities of the account holders and their claims for delivery of intermediated securities shall not be affected by: a. a set-off agreement between the custodian and the sub-custodian to which the account holder is not a party; b. any right of pledge, retention or foreclosure of the sub-custodian or of another person which goes beyond the custodian's right of retention and foreclosure in accordance with Article 21 and to which the account holder has not consented. 2 The custodian may dispose of an account holder's intermediated securities only after having them transferred to its own account by exercising its right of use. 3 Any agreement to the contrary shall be invalid.
Para. 1 — Amended 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). Para. 1 let. b — Amended 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).