A debit to a securities account must be reversed if:
it was made without instructions;
it was made on the basis of an instruction that:
is void,
was not issued by the account holder or the latter's agent,
was revoked in due time by the account holder, or
was voided on the ground of mistake, erroneous transmission, fraud or duress; Article 26 of the Code of Obligations47 is reserved;
the credit of intermediated securities to the acquirer's securities account does not correspond to the instruction or is not executed within the customary settlement period.
In the event of a reversal under paragraph 1 letter a or b, the account holder must prove that the instruction was defective. There is no right to reversal if the custodian proves that it did not know the defect in the instruction and could not be expected to know such defect despite the application of reasonable measures and procedures.
The reversal shall place the account holder in the same position as if the debit had never been made. Claims for damages under the provisions of the Code of Obligations are reserved.
Claims based on this Article become time-barred three years after the defect is discovered, or at the latest ten years after the date on which debit was made.48
An account holder who is a qualified investor may derogate from this Article by entering into an agreement with the custodian.