The Federal Council may, for reasons of proportionality and taking account of recognised international standards, exclude other public sector bodies or financial market participants from the scope of this chapter in whole or in part.
The following are not considered to be derivatives in accordance with this chapter:
structured products such as capital-protected products, capped return products and certificates;
securities lending and borrowing;
derivatives transactions relating to goods that:
1. must be physically delivered,
2. cannot be settled in cash at a party's discretion, and
3. are not traded on a trading venue or an organised trading facility.
The Federal Council may exclude derivatives from the provisions of this chapter if this is in keeping with internationally recognised standards.
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