Art. 100a

(Art. 110 FinMIA)

1. The exchange of initial margins and variation margins may be waived if:
   1. the collateral to be exchanged would amount to less than CHF 500,000;
   2. small non-financial counterparties are involved in the transaction.
2. The exchange of initial margins may be waived if such margins would have to be provided for the currency components of currency derivatives where the nominal amount and interest in one currency are exchanged against the nominal amount and interest in another currency at a predefined time and according to a predefined method.
3. If one of the counterparties to a derivatives transaction is a covered bond issuer or a legal entity of a cover pool for covered bonds, that counterparty may, subject to the conditions set out in Article 86 paragraph 3, agree with its counterparty that:
   1. an exchange of initial margins will be dispensed with; or
   2. the covered bond issuer or the legal entity of a cover pool for covered bonds will pay no variation margins, and the counterparty will pay variation margins in cash.