Commentaries: Art. 131

The duties that apply with respect to timely confirmation, portfolio reconciliation, dispute resolution and portfolio compression in accordance with Article 108 letters a to d FinMIA shall apply by the following deadlines following the entry into force of this Ordinance:
1. after 12 months: for derivatives transactions outstanding at this point between counterparties that are not small, and for derivatives transactions outstanding at this point with a small financial counterparty;
2. after 18 months: for all other derivatives transactions outstanding at this point.
The duty to value outstanding derivatives transactions in accordance with Article 109 FinMIA shall apply to outstanding derivatives transactions 12 months after the entry into force of this Ordinance.
The duty to exchange collateral in accordance with Article 110 of the FinMIA applies only to derivatives transactions concluded after the duties under paragraphs 4 and 5^bishave entered into force.¹
The duty to exchange variation margins shall apply:
1. from 1 September 2016: for counterparties whose aggregated month-end average gross position of non-centrally-cleared OTC derivatives at group or financial or insurance group level for the months of March, April and May 2016 is greater than CHF 3,000 billion;
2. from 1 September 2017: for all other counterparties.
The duty to exchange initial margins shall apply for counterparties whose aggregated month-end average gross position of non-centrally-cleared OTC derivatives at group or financial or insurance group level:
1. is greater than CHF 3,000 billion for each of the months of March, April and May 2016: from 1 September 2016;
2. is greater than CHF 2,250 billion for each of the months of March, April and May 2017: from 1 September 2017;
3. is greater than CHF 1,500 billion for each of the months of March, April and May 2018: from 1 September 2018;
4. is greater than CHF 750 billion for each of the months of March, April and May 2019: from 1 September 2019;
5. ² is greater than CHF 50 billion for each of the months of March, April and May 2020: from 1 September 2020;
6. ³ is greater than CHF 8 billion for each of the months of March, April and May 2020: from 1 September 2021.⁴
^5bisThe duty to exchange collateral applies from 1 January 2024 for non-centrally cleared OTC derivatives transactions that are options on individual equities, index options or similar equity derivatives such as derivatives on baskets of equities.⁵
FINMA may extend the timeframes set out in this Article in order to take account of recognised international standards and foreign legal developments.

Amended by No I of the O of 5 July 2017, in force since 1 Aug. 2017 (AS 2017 3715). ↩
Inserted by Annex 1 No II 14 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). ↩
Amended by Annex 1 No II 14 of the Financial Institutions Ordinance of 6 Nov. 2019, in force since 1 Jan. 2020 (AS 2019 4633). ↩
Amended by No I of the O of 5 July 2017, in force since 1 Aug. 2017 (AS 2017 3715). ↩
Inserted by No I of the O of 5 July 2017 (AS 2017 3715). Amended by No I 10 of the O of 18 June 2021 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 400). ↩

Art. 131

Footnotes