¹ FINMA notifies the bank of the bankruptcy and publishes it at the same time as the appeal to creditors.

² The publication should include the following information:

A.

The name of the bank, its registered office and its branches;

B.

The date and time of the opening of the bankruptcy;

C.

For bankruptcy;

D.

The name and address of the liquidator;

E.

Summons to creditors and to persons who have claims to claim on property held by the bank to produce in the hands of the liquidator of the bankruptcy, within the specified time limit, their claims or claims and to furnish to it Their means of proof;

F.

Recall of claims that are deemed to have been produced within the meaning of s. 26;

G.

A reminder of the obligation to advertise and make available within the meaning of s. 17 to 19.

³ The liquidator of the bankruptcy may deliver a copy of the publication to known creditors.

¹ FINMA appoints a liquidator of the bankruptcy by way of a decision if it does not itself carry out the corresponding tasks.

² If it appoints a liquidator of a bankruptcy, it shall ensure that the person selected is able, both temporally and technically, to exercise the mandate in a rigorous, effective and effective manner and to ensure that no conflict of interest Object to the allocation of the mandate.

³ It lays down the content of the mandate, in particular as regards costs, reporting and supervision of the liquidator of the bankruptcy.

The liquidator of the bankruptcy conducts the proceedings. In particular, it must:

A.

Establish the technical and administrative requirements for the proper conduct of the proceedings;

B.

Ensure the conservation and realization of assets;

C.

Ensure the management of the business to the extent necessary for the bankruptcy process;

D.

Representing the bankrupt estate before the courts and other authorities;

E.

Take care, in collaboration with the guarantee agency, of the inventory and payment of deposits guaranteed under Art. 37 H LB.

¹ If the liquidator of the bankruptcy considers it appropriate to call a meeting of creditors, he or she makes the proposal to FINMA. The latter decides on the powers of the meeting of creditors, as well as the quorum of attendance and votes required for decision-making.

² All creditors have the right to participate in or be represented in the meeting of creditors. In case of doubt, the liquidator decides on the admission of a person.

³ The liquidator of the bankruptcy conducts the proceedings and draws up a report on the state of the bank's assets and the progress of the proceedings.

⁴ Creditors may also make decisions by way of a circular. A proposal by the liquidator of the bankruptcy is deemed to be accepted by a creditor if the creditor does not expressly reject it within the specified time limit.

¹ On the proposal of the liquidator of the bankruptcy, FINMA decides on the appointment and composition of a supervisory board and defines its tasks and competences.

² If the deposit-guarantee body paid large amounts of the preferential deposits referred to in s. 37 H LB, he must appoint a person to represent him in the supervisory committee.

³ FINMA appoints the chairperson, determines the procedure for making decisions and establishes compensation for members.

¹ The liquidator of the bankruptcy shall carry out an inventory of the assets forming part of the bankrupt estate.

² Unless otherwise provided in this order, the taking of inventory shall be carried out in accordance with Art. 221-229 of the Federal Act of April 11, 1889 on the Prosecution of Debts and Bankruptcy (LP) ¹ .

³ Filed values that must be distracted from the mass under s. 37 D LB are mentioned in the inventory at their value when the bankruptcy is opened. The inventory indicates the bank's potential claims against the depositor who obstructing a distraction.

⁴ The liquidator of the bankruptcy shall submit to FINMA the measures necessary for the conservation of the assets of the estate.

⁵ It submits the inventory to the banker or to a bank of the bank chosen by the owners. It invites them to declare whether they consider the inventory to be accurate and complete. Their declaration must be recorded in the inventory.

¹ The debtors of the bank as well as persons who hold property of the bank as a pledge or in any capacity have an obligation to announce them to the liquidator of the bankruptcy within the period of production referred to in s. 11, para. 2, let. E, and make them available to them.

² Debts must also be announced when they are compensated.

³ Any right of preference shall be extinguished if the advertisement or making available is unjustifiably omitted.

¹ The securities and other financial instruments used as security rights shall not be surrendered to the extent that the legal conditions for their realization by the beneficiary of the security rights are met.

² These assets, as well as the proof of the right to their realization, must, however, be announced to the liquidator of the bankruptcy, who must mention them in the inventory.

³ The beneficiary of the security rights must agree with the liquidator of the bankruptcy on the calculation of the proceeds of the realization of those assets. A possible surplus is paid to the bankrupt estate.

FINMA may provide that the claims of the bank listed in its books shall not be announced by the debtor.

¹ The liquidator of the bankruptcy determines whether the goods claimed by third parties must be returned to them.

² If it considers a claim to be valid, it offers the creditors the opportunity to request the assignment of the right to challenge it within the meaning of s. 260, para. 1 and 2, LP ¹ And sets a reasonable period of time for this purpose.

³ If it considers that a claim is unfounded or if the creditors have requested the assignment of the right to challenge it, it fixes the claim for a time limit during which the creditor may refer the claim to the judge of the bankruptcy court. The claim is deemed to have waived its claim if it does not act within the prescribed time limit.

⁴ In the case of an assignment of the right, the claim action must be directed against the creditors who have surrendered the right. The liquidator of the bankruptcy informs the claim of the identity of the assignees at the time of setting the deadline for action.

¹ The debts due to the estate are cashed by the liquidator of the bankruptcy, if necessary by the track of the suit.

² The liquidator of the bankruptcy examines the claims of the estate on the securities that are in the possession or co-session of a third party, or on real property that is entered in the land registry on behalf of a third party.

³ It examines whether legal acts can be revoked in accordance with art. 285 to 292 LP ¹ . The duration of a remediation or protective measure within the meaning of s. 26, para. 1, let. E at h, LB preceding the opening of the bankruptcy shall not enter into the calculation of the time limits referred to in Art. 286 to 288 LP.

⁴ If the liquidator of the bankruptcy intends to bring to justice a disputed claim or a claim of mass within the meaning of paras. 2 or 3, he asks FINMA for his authorization and the necessary instructions.

⁵ If the creditor does not take any action, he or she may offer the creditors the opportunity to apply for an assignment under s. 260, para. 1 and 2, LP or to carry out the claims concerned and the other claims in accordance with Art. 31.

⁶ If it offers the creditors the opportunity to apply for the assignment, it sets a reasonable period of time for that purpose.

⁷ Realization under s. 31 is excluded for revocation claims within the meaning of s. 3 as well as those relating to liability within the meaning of Art. 39 LB.

¹ The liquidator of the bankruptcy examines the claims of the estate which, at the time of the opening of the bankruptcy, were already the subject of a civil suit or administrative procedure and made a proposal to FINMA as to their prosecution.

² If FINMA decides not to pursue such a trial or proceeding, the liquidator of the bankruptcy offers the creditors the opportunity to request the assignment of the rights under s. 260, para. 1 and 2, LP ¹ And sets a reasonable period of time for this purpose.

¹ If the assets are not sufficient to carry out the bankruptcy proceedings, the liquidator of the bankruptcy proposes to FINMA to suspend the procedure due to lack of assets.

² In exceptional cases, FINMA continues the procedure, even in the absence of sufficient assets, in particular if it is of particular interest.

³ If FINMA intends to suspend the proceedings, it will inform FINMA by publishing it. It mentioned that the procedure would be continued if a creditor provided, within a certain period of time, the security rights required for proceedings fees that were not covered by the assets. FINMA sets the time limit and determines the type and amount of security rights.

⁴ If the security rights required are not provided within the specified time limit, each secured creditor may request the completion of its pledge within the time limit specified by the FINMA. FINMA mandates a liquidator of the bankruptcy for the realization of the guarantees.

⁵ FINMA orders the realization of the assets of a legal entity when no secured creditor has requested it to be carried out within the specified time limit. If a product remains after payment of the costs of realization and the charges on the realised assets, it shall be paid to the Confederation after coverage of the expenses of FINMA.

⁶ If the bankruptcy proceedings against a natural person have been suspended due to lack of assets, s. 230, para. 3 and 4, LP ¹ Applies to the prosecution procedure.

¹ If claims against the bank are the common property of several creditors, their community must be treated as a creditor separate from the rights holders.

² If there is solidarity between several creditors, an equal share of the claim must be imputed to each creditor, as long as the bank does not have a right of compensation. Each share is considered to be a debt owed by each of the solidary creditors.

¹ Privileged deposits within the meaning of s. 37 A LB are:

A.

All accounts receivable arising from a bank or securities dealer activity that are, or should be, recorded in the balance sheet heading Liabilities resulting from customer deposits;

B.

The cash obligations recorded in the balance sheet item Bonds, deposited with the bank on behalf of the depositor. ¹

² Do not constitute preferential deposits within the meaning of s. 37 A LB:

A. ²

Bearer claims;

B.

Cash obligations that are not deposited with the bank;

C.

Requests for contractual or extracontractual compensation, such as claims arising from the non-restitution of the values laid down in accordance with Art. 37 D LB.

³ The claims of bank foundations within the meaning of s. 5, para. 2, of the order of 13 November 1985 on deductions allowed for tax purposes for contributions to recognised forms of foresight ³ And foundations of free passage within the meaning of s. 19, para. 2, of the order of 3 October 1994 on free passage ⁴ Are considered to be those of each policyholder or policyholder. The dividend is, however, paid to the bank or free passage foundation.

¹ The liquidator of the bankruptcy examines the claims produced as well as those arising out of the law. In this context, it may conduct its own investigations and request creditors to provide additional evidence.

² The following are considered to be derived from the Act:

A.

Claims recorded in the land registry, including current interest; and

B.

The claims recorded in the bank's books under s. 8.

³ The liquidator of the bankruptcy consults the banker, or an organ of the bank chosen by the owners, about claims that are not recorded in the bank's books.

¹ The liquidator of the bankruptcy decides on the acceptance of a claim, its amount and rank and establishes the state of collocation.

² If a building is part of the estate, the liquidator of the bankruptcy establishes a statement of the related charges, such as real estate, easements, land charges and annotated personal rights. The condition of the charges is an integral part of the state of collocation.

³ The liquidator of the bankruptcy may establish, subject to the authorization of FINMA, a separate statement of collocation for secured claims entered in the register if this is the only possible way of limiting systemic risks.

¹ Claims which were already the subject of civil proceedings or an administrative procedure in Switzerland at the time of the opening of the bankruptcy are initially mentioned for memory in the condition of collocation.

² If the liquidator of the bankruptcy renounces the civil proceedings or the administrative procedure, it provides the creditors with an opportunity to request the transfer of the rights under s. 260, para. 1, LP ¹ .

³ If neither the estate nor the transferee creditors continue the civil proceedings or the administrative procedure, the claim is considered to be recognized, and the creditors no longer have the right to bring an action against the condition of collocation.

⁴ If grantee creditors continue the civil process or the administrative procedure, the amount by which the losing creditor's share is reduced is vested in the said grantors up to the amount of their production and Their procedural costs. A possible surplus is paid to the bankrupt estate.

¹ Creditors may refer to the state of collocation under s. 5 for at least 20 days.

² The liquidator of the bankruptcy shall publish the date on which the state of collocation can be consulted and in what form.

³ It may provide that the consultation will take place with the bankruptcy office in the case of bankruptcy.

⁴ It shall communicate to each creditor whose claim has not been colloqued as it was produced or as recorded in the books of the bank or the land register the reasons for which the creditor's production was wholly or partly Discarded.

¹ Actions to challenge the condition of collocation are governed by s. 250 LP ¹ .

² The time limit for bringing the action starts from the moment when it becomes possible to consult the state of collocation.

¹ The liquidator of the bankruptcy decides on the mode and timing of the realization and proceeds to the realization.

² Property on which a lien exists may be made other than by public auction only with the agreement of the winning creditors.

³ Goods can be made without delay:

A.

They are exposed to rapid depreciation;

B.

They cause unreasonably high administrative costs;

C.

They are negotiated in a representative market; or

D.

If they have no significant value.

¹ Public auctions are conducted in accordance with Art. 257 to 259 LP ¹ , unless otherwise provided for in this order.

² The liquidator of the bankruptcy organizes the auction. It may set in auction conditions a minimum auction price for the first auction.

³ It states in the publication that it is possible to consult the conditions of the auction. It may provide that the consultation will take place at the Office of Bankruptcy or the prosecution of the place where the object is located.

¹ The liquidator of the bankruptcy defines in the certificate of assignment the rights of the bankrupt estate within the meaning of s. 260 LP ¹ The period during which the assignee must open the action to claim the claim. If it does not use it during that period, the assignment is then lapsed.

² The transferee creditors shall inform the liquidator of the bankruptcy without delay and, after the closure of the bankruptcy proceedings, FINMA of the result of the action taken.

³ If no creditor requests the assignment of rights or if no creditor makes use of it during the period set for initiating an action, the liquidator of the bankruptcy and, after the closure of the bankruptcy proceedings, FINMA decides on a possible Realization of these rights.

¹ The liquidator of the bankruptcy shall periodically draw up a plan of achievements which provides information on the assets to be carried out and on how to proceed.

² Achievements that can be made without delay within the meaning of s. 31, para. 3, should not be mentioned in the plan of achievement.

³ An assignment of rights within the meaning of s. 33 is not considered a realization.

⁴ The liquidator of the bankruptcy communicates the plan of achievement to the creditors by providing them with a time limit during which they can ask the FINMA to make a decision subject to appeal for each intended achievement.

The following are covered first by the bankrupt estate and in the following order:

A.

Undertakings within the meaning of s. 37 LB and art. 43 of this order;

B.

The commitments entered into by the bankrupt estate during the course of the proceedings;

C.

All costs for the opening and winding up of the bankruptcy proceedings;

D.

Commitments against third parties under s. 17, para. 3, of the Federal Act of 3 October 2008 on intermediated securities ¹ .

¹ The liquidator of the bankruptcy may provide for interim distributions. For this purpose, it shall draw up a provisional distribution table and submit it for the approval of FINMA.

² When all assets have been completed and all proceedings relating to the asset and liability setting of the estate have been completed, the liquidator of the bankruptcy shall draw up the final liquidation table and the final account and submit them To the approval of FINMA. It is not necessary to await the outcome of individual proceedings by grantee creditors within the meaning of s. 260 LP ¹ .

³ After approval of the distribution board, the liquidator of the bankruptcy proceeds to the payment of the creditors.

⁴ No payment is made for claims:

A.

The amount of which cannot be definitively fixed;

B.

Whose right holders are not definitively known;

C.

Which are partly covered by unrealised foreign guarantees or which are covered by Art. 18; or

D.

In respect of which rights holders are likely to be partially disinterested in a foreign forced execution procedure in relation to bankruptcy.

⁵ If a separate state of collocation is established within the meaning of s. 27 al. 3, the liquidator of the bankruptcy may, with the agreement of FINMA, proceed to the distribution as soon as it enters into force, irrespective of the entry into force of the state of collocation relating to the remaining claims.

¹ Creditors may request from the liquidator of the bankruptcy and, after the closure of the bankruptcy proceedings, with FINMA, against payment of a lump-sum contribution, an act of default of property for the unpaid amount of their claim, Pursuant to s. 265 LP ¹ .

² The liquidator of the bankruptcy reports this possibility to the creditors upon payment of their share.

¹ Subject to the requirements for dormant assets, FINMA shall adopt the necessary provisions on the recording of dividends not yet paid, as well as the values deposited distracted from the mass and not returned.

² Returnable goods that become available or have not been withdrawn within ten years are made and distributed in accordance with s. 39, subject to a contrary regulation in a special law.

¹ If property or other claims that have not been included in the bankrupt estate are discovered within ten years of the end of the bankruptcy proceedings, FINMA instructs a liquidator of the bankruptcy to resume the bankruptcy proceedings Without further formality.

² The property or claims discovered later are distributed to the creditors who have suffered a loss and whose data are known to the liquidator of the bankruptcy. The latter may invite creditors to inform them of their current data, indicating that in default they will be deprived of their rights. It sets a reasonable time limit for this purpose.

³ FINMA may renounce the resumption of the bankruptcy procedure if it is clear that the costs incurred by this recovery will not be covered or will be only slightly exceeded by the expected product of the realization of the assets discovered Later. She then transferred the assets discovered later to Confederation.

¹ The prospect of the reorganisation of the bank or the maintenance of certain banking services is justified when one can reasonably think, at the time when the decision is taken:

A.

That the remediation is likely to put creditors in a better position than bankruptcy; and

B.

The remediation procedure is feasible both on time and on a technical level.

² There is no right to initiate a remediation procedure.

¹ FINMA opens the process of remediation by way of decision.

² It shall immediately publish the opening of the procedure.

³ It shall specify in the opening decision whether existing protective measures under Art. 26 LB must be continued or amended or if new orders are to be ordered.

⁴ It may also approve the Remedial Action Plan already at the opening of the remediation procedure.

¹ FINMA appoints a decision-making authority by a decision-making authority if it does not itself carry out the corresponding duties.

² If it appoints a steward, it shall ensure that the person selected is able, both temporally and technically, to exercise the mandate in a rigorous, effective and effective manner and to ensure that no conflict of interest Object to the allocation of the mandate.

³ It defines the responsibilities of the delegate to the remediation and determines whether the delegate can act in place of the bodies of the bank. During the remediation procedure, the delegate may, in particular, honour the bank's obligations for remediation.

⁴ FINMA sets out the content of the mandate, including the costs, reporting and control of the delegate to remediation.

In the event of a failure of the remediation and subsequent bankruptcy proceedings, the commitments entered into by the bank during the remediation procedure with the approval of the delegate are honoured before all other claims.

¹ The Remedial Action Plan sets out the main elements of the remediation, the future structure of the capital and the post-remediation business model of the bank, and shows how it meets the conditions of approval set out in the Art. 31, para. 1, LB.

² The remediation plan must also address the following:

A.

Probable compliance with the conditions of authorization;

B.

Inventory of the bank's assets and liabilities;

C.

The future organisation and management of the bank and, if it is part of a banking group or conglomerate of banks, the future organisation of the group or conglomerate;

D.

Whether and to what extent the remediation plan infringes the rights of the bank's creditors and the owners;

E.

Whether the right of revocation and the bank's claims of liability under s. 32 LB are excluded;

F.

The existing bodies of the bank who remain responsible for the conduct of the bank and the reasons why it is in the interest of the bank, the creditors and the owners;

G.

The set of conditions of departure for the outgoing bodies of the bank;

H.

Transactions that require registration in the trade register or in the land registry; and

I.

The provisions of sections 3 and 4 of this Chapter that will apply to the remediation in question.

³ FINMA may require that the Remedial Action Plan address additional elements.

¹ FINMA approves the remediation plan by way of a decision if the conditions set out in the LB and this order are met.

² It publishes the approval and outlines of the remediation plan and outlines how the affected creditors and owners can consult the plan.

³ The approval of the Remedial Action Plan shall be accompanied by the immediate entry into force of the provisions contained therein:

A.

The transfer of real property;

B.

On the assignment of real rights and obligations attached to real property; or

C.

On changes in social capital.

⁴ The necessary entries in the land register, in the trade register or in other registers should be made as soon as possible.

¹ If the Remedial Action Plan infringes the rights of creditors, FINMA shall, at the latest in the approval of the Remedial Action Plan, fix a time limit during which they may refuse the plan. The deadline shall be at least 10 working days. The transfer of liabilities and contractual relationships and the change in accounts receivable does not constitute an infringement of the rights of creditors.

² Creditors who wish to reject this plan must do so in writing. They shall indicate their name and address, the amount of the receivable at the time of commencement of the remediation procedure and the reason for the claim. The declaration of refusal must be addressed to the sewerage delegate.

¹ If the remediation plan includes funding measures under this section, ensure that:

A.

The interests of the creditors take precedence over those of the owners and the hierarchy of creditors is taken into account;

B.

Requirements of the law of obligations ¹ Apply by analogy.

² To the extent that the grant of a right of subscription may affect the remediation, it may be withdrawn from the existing owners.

If the Remedial Action Plan provides for the conversion of third-party funds into equity, it is necessary to:

A.

Convert as many third-party funds as necessary so that the bank can undoubtedly meet its obligations with regard to minimum capital requirements, with a view to continuing its activities once the Successful;

B.

Fully reduce social capital prior to the conversion of third-party funds into equity;

C.

The conversion of third-party funds into equity only when the debt instruments issued by the bank have already been carried out in the form of additional or additional basic own funds, in particular the conversion loans Under certain conditions;

D.

Respect the following order of collocation for the conversion of third-party funds into equity, the following ranking claims can only be converted when those of the previous ranking are insufficient to meet the capital requirements Minimum according to the let. A:

1.

Subordinated debt, without charge of own funds,

2.

Other claims, to the extent that they are not affected by the conversion, except for deposits, and

3.

Deposits, insofar as they are not privileged.

All third-party funds can be converted into equity, except:

A.

First class and second class claims under s. 219, para. 4, LP ¹ And art. 37 A , para. 1 to 5, LB, within the limits of the privileges granted;

B.

The claims covered within the limits of their coverage and those countervailable within the limits of the fulfilment of the conditions necessary for their compensation, provided that the creditor can immediately make the existence, the The amount and the fact that the claim is the subject of an agreement to that effect or emerges from the books of the bank.

In parallel or in place of the conversion of third-party funds into equity, FINMA may order a partial or total debt reduction. Art. 48, let. A to c, and 49 apply the same way.

¹ If the Remedial Action Plan provides for the maintenance of one or more banking services and the partial transfer of the Bank's property or contractual relationship to another subject of law, including a pass-through bank, it shall in particular:

A.

Designate the subject (s) of law to which these banking services and property will be transferred;

B.

Describe the assets to be partially transferred, including assets, liabilities and contractual relationships, as well as their counterparties;

C.

Describe the banking services to be maintained and transferred;

D.

Present the capitalisation measures taken and, in the event of the transfer of banking services to a relay bank, explain the distribution of the assets and liabilities thus obtained between the bank and the relay bank;

E.

Include a commitment by the bank to take the necessary measures and measures to ensure that all property and objects to be transferred, including those abroad or subject to foreign law, can be transferred to the other subject of law;

F.

Specify whether compensation is required, how to calculate it, and whether a maximum compensatory amount is to be set;

G.

Indicate whether and how the systems and applications will be used jointly by the bank and the other subject of law and, in the case of maintaining banking services through a relay bank, how the latter will ensure access Infrastructures relating to payment operations and infrastructures in the financial market and the use of these infrastructures;

H.

Outline how to ensure the preservation of the legal and economic relationships of assets, liabilities and contractual relationships, knowing that only can be transferred:

1.

All claims and countervailable liabilities of the bank to one or more opposing parties, including those subject to a compensation agreement,

2.

Secured claims and liabilities, in relation to their security rights,

3.

Structured finance or comparable agreements in the capital market to which the bank is a party, including all rights and obligations arising therefrom.

² As soon as the approved remediation plan is executable or, in the case of a systemically important bank, as soon as the Remedial Action Plan is approved, all contractual property or reports to be transferred, including rights and obligations , are transferred to the new subject matter with effect at the time the remediation plan is approved.

¹ The bridging bank is used for the temporary maintenance of the banking services transferred to it.

² FINMA grants the Relay Bank a two-year limited authorisation. It may derogate from the conditions of authorisation when it is granted. It is possible to extend the authorization.