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. 31 Power to realise collateral
1 The secured party may realise intermediated securities in which a security interest has been created according to the terms and conditions stipulated in the security agreement by: a. selling the intermediated securities and offsetting the proceeds against the secured debt; or b. appropriating the intermediated securities whose value can be determined objectively and offsetting their value against the secured debt. 2 This power is not affected by the commencement of debt enforcement, reorganisation or protective proceedings in respect of the provider of the security interest. 3 The custodian is not bound or entitled to verify whether the conditions for realisation of the intermediated securities are fulfilled. 4 The foregoing is without prejudice to the liability of the beneficiary of a security interest who realises intermediated securities where the conditions for realisation are not fulfilled.
Para. 1 let. b — Amended 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. 32 Notice and accounts
1 The secured party shall give notice to the provider of the security interest before realisation. A provider of a security interest who is a custodian or a qualified investor may waive the notice requirement. 2 The secured party shall account to the provider of the security interest and remit to the latter any excess proceeds of the realisation.