Commentaries: Art. 18

The disclosure obligation specified in Article 20 paragraph 1 NBA applies to:
1. payment systems which settle payments in excess of CHF 25 billion (gross) per financial year;
2. central securities depositories;
3. central counterparties.
The disclosure obligation already applies prior to the payment system, central securities depository or central counterparty starting operations; however, it applies to payment systems only if it is to be expected that the value of payments stated in paragraph 1 letter a will be attained in the first year after the system starts operations.