Art. 127

(Art. 142 para. 2 and 143 para. 2 FinMIA)

1. The following securities transactions are permissible even if they fall under Article 142 paragraph 1 letter a and Article 143 paragraph 1 FinMIA:
   1. securities transactions to implement an own decision to carry out a securities transaction, in particular the purchase of securities of the target company by the potential offeror with regard to the publication of a public takeover offer, provided the decision was not taken on the basis of insider information;
   2. securities transactions carried out in the course of the fulfilment of public tasks rather than for investment purposes by:
   1. the Confederation, cantons or communes, 2. the SNB, 3. the BIS, and 4. multilateral development banks in accordance with Article 63 paragraph 2 letter c CAO¹.
2. Paragraph 1 may also be declared applicable to securities transactions carried out by the following parties as long as the transactions are carried out in connection with public tasks and not for investment purposes, and as long as reciprocal rights are granted and an exception does not stand in contradiction to the legislative purpose:
   1. foreign central banks;
   2. the ECB;
   3. official bodies or state departments that are responsible for or involved in administering the national debt;
   4. the EFSF;
   5. the ESM.
3. The FDF shall publish a list of the bodies covered by paragraph 2.