Art. 89

1. Insofar as this is possible and to the extent that they are concerned, FINMA shall inform central counterparties, central securities depositories, payment systems and those DLT trading facilities that provide comparable central custody, clearing or settlement services, in Switzerland and abroad, of the insolvency measures it intends to take against a participant and which limit the participant's power of disposal. It shall also inform them of the precise time of entry into effect of the measures.¹
2. The orders given to a central counterparty, central securities depository, payment system or a DLT trading facility that provides comparable central custody, clearing or settlement services by a participant against which such an insolvency measure has been taken shall be legally enforceable and binding on third parties if:²

a. they were introduced before the measure was ordered and were unalterable in accordance with the rules of the financial market infrastructure; or

b. they were executed on the business day defined by the rules of the financial market infrastructure during which the measure was ordered and the financial market infrastructure proves that it was not and should not have been aware of the measure being ordered. 3. Paragraph 2 applies if:

a. the financial market infrastructure is authorised in Switzerland;

b. the foreign financial market infrastructure is recognised or supervised in Switzerland and grants Swiss participants direct access to its facilities; or

c. the participation agreement is subject to Swiss law. 4. Paragraph 2 applies by analogy to: a. financial market infrastructures in accordance with Article 4 paragraph 3; b. payment systems that are operated by banks.