Commentaries: Art. 973d

A ledger-based security is a right which, in accordance with an agreement between the parties:
1. is registered in a securities ledger in accordance with paragraph 2; and
2. may be exercised and transferred to others only via this securities ledger.
The securities ledger must meet the following requirements:
1. It uses technological processes to give the creditors, but not the obligor, power of disposal over their rights.
2. Its integrity is secured through adequate technical and organisational measures, such as joint management by several independent participants, to protect it from unauthorised modification.
3. The content of the rights, the functioning of the ledger and the registration agreement are recorded in the ledger or in linked accompanying data.
4. Creditors can view relevant information and ledger entries, and check the integrity of the ledger contents relating to themselves without intervention by a third party.
The obligor must ensure that the securities ledger is organised in accordance with its intended purpose. In particular, it must be ensured that the ledger operates in accordance with the registration agreement at all times.