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Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.

The Federal Assembly of the Swiss Confederation,

based on Articles 95 and 98 paragraphs 1 and 2 of the Federal Constitution1, and having considered the Federal Council Dispatch dated 3 September 20142,

decrees:

Title 1 General Provisions

Art. 1 Subject matter and purpose

1This Act gov­erns the or­gan­isa­tion and op­er­a­tion of fin­an­cial mar­ket in­fra­struc­tures, and the con­duct of fin­an­cial mar­ket par­ti­cipants in se­cur­it­ies and de­riv­at­ives trad­ing.

2It aims to en­sure the prop­er func­tion­ing and trans­par­ency of se­cur­it­ies and de­riv­at­ives mar­kets, the sta­bil­ity of the fin­an­cial sys­tem, the pro­tec­tion of fin­an­cial mar­ket par­ti­cipants and equal treat­ment of in­vestors.

Art. 2 Definitions

For the pur­poses of this Act, the fol­low­ing terms shall have the fol­low­ing mean­ings:

a.
Fin­an­cial mar­ket in­fra­struc­ture:
1.
a stock ex­change (Art. 26 let. b),
2
a mul­ti­lat­er­al trad­ing fa­cil­ity (Art. 26 let. c),
3.
a cent­ral coun­ter­party (Art. 48),
4.
a cent­ral se­cur­it­ies de­pos­it­ory (Art. 61),
5.
a trade re­pos­it­ory (Art. 74),
6.
a pay­ment sys­tem (Art. 81).
b.
Se­cur­it­ies: stand­ard­ised cer­ti­fic­ated and un­cer­ti­fic­ated se­cur­it­ies, de­riv­at­ives and in­ter­me­di­ated se­cur­it­ies, which are suit­able for mass trad­ing.
c.
De­riv­at­ives or de­riv­at­ives trans­ac­tions: fin­an­cial con­tracts whose value de­pends on one or sev­er­al un­der­ly­ing as­sets and which are not cash trans­ac­tions.
d.
Par­ti­cipant: any per­son mak­ing dir­ect use of fin­an­cial mar­ket in­fra­struc­ture ser­vices.
e.
In­dir­ect par­ti­cipant: any per­son mak­ing use of fin­an­cial mar­ket in­fra­struc­ture ser­vices in­dir­ectly via a par­ti­cipant.
f.
List­ing: the ad­mis­sion of a se­cur­ity to trad­ing on a stock ex­change in ac­cord­ance with a stand­ard­ised pro­ced­ure whereby the stock ex­change's re­quire­ments re­gard­ing is­suers and se­cur­it­ies are be­ing veri­fied.
g.
Clear­ing: pro­cessing steps between the con­clu­sion and the set­tle­ment of a trans­ac­tion, in par­tic­u­lar:
1.
the entry, re­con­cili­ation and con­firm­a­tion of the trans­ac­tion data;
2.
the as­sump­tion of ob­lig­a­tions by a cent­ral coun­ter­party or oth­er risk mit­ig­a­tion meas­ures;
3.
the net­ting of trans­ac­tions;
4.
the re­con­cili­ation and con­firm­a­tion of out­stand­ing pay­ments and se­cur­it­ies trans­fers.
h.
Set­tle­ment: ful­fil­ment of the ob­lig­a­tions entered in­to upon con­clu­sion of the trans­ac­tion, namely by trans­fer­ring funds or se­cur­it­ies.
i.
Pub­lictakeover of­fers: of­fers to pur­chase or ex­change shares, par­ti­cip­a­tion cer­ti­fic­ates, profit-shar­ing cer­ti­fic­ates or oth­er par­ti­cip­a­tion rights (equity se­cur­it­ies) which are made pub­licly to the hold­ers of shares or oth­er equity se­cur­it­ies.
j.
In­sider in­form­a­tion: con­fid­en­tial in­form­a­tion whose dis­clos­ure would sig­ni­fic­antly af­fect the prices of se­cur­it­ies ad­mit­ted to trad­ing on a Swiss trad­ing ven­ue.

Art. 3 Group parent companies and significant group companies

1The fol­low­ing are sub­ject to Art­icles 88 to 92 provided they are not sub­ject to the bank­ruptcy jur­is­dic­tion of the Swiss Fin­an­cial Mar­ket Su­per­vis­ory Au­thor­ity (FINMA) with­in the scope of the su­per­vi­sion of the in­di­vidu­al in­sti­tu­tion:

a.
group par­ent com­pan­ies of a fin­an­cial group which have their re­gistered of­fice in Switzer­land;
b.
those group com­pan­ies which have their re­gistered of­fice in Switzer­land and per­form sig­ni­fic­ant func­tions for activ­it­ies which re­quire au­thor­isa­tion (sig­ni­fic­ant group com­pan­ies).

2The Fed­er­al Coun­cil shall set the cri­ter­ia for as­sess­ing sig­ni­fic­ance.

3FINMA shall identi­fy sig­ni­fic­ant group com­pan­ies and keep a pub­licly ac­cess­ible list of said com­pan­ies.

Title 2 Financial Market Infrastructures

Chapter 1 Common Provisions

Section 1 Authorisation Conditions and Duties for all Financial Market Infrastructures

Art. 4 Duty to obtain authorisation

1Fin­an­cial mar­ket in­fra­struc­tures re­quire au­thor­isa­tion from FINMA.

2A pay­ment sys­tem re­quires au­thor­isa­tion from FINMA only if this is ne­ces­sary for the prop­er func­tion­ing of the fin­an­cial mar­ket or the pro­tec­tion of fin­an­cial mar­ket par­ti­cipants and if the pay­ment sys­tem is not op­er­ated by a bank.

3Fin­an­cial mar­ket in­fra­struc­tures op­er­ated by the Swiss Na­tion­al Bank (SNB) or on its be­half are not sub­ject to FINMA au­thor­isa­tion and su­per­vi­sion with­in the scope of this activ­ity.

4The fin­an­cial mar­ket in­fra­struc­ture may be entered in the com­mer­cial re­gister only after FINMA has is­sued the au­thor­isa­tion.

Art. 5 Authorisation conditions

Any­one who meets the con­di­tions set out in this sec­tion and the sup­ple­ment­ary con­di­tions that ap­ply to in­di­vidu­al fin­an­cial mar­ket in­fra­struc­tures is en­titled to au­thor­isa­tion.

Art. 6 Additional requirements for systemically important financial market infrastructures

Sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­tures (Art. 22) have to meet the re­quire­ments set out in sec­tion 2 in ad­di­tion to the con­di­tions de­tailed in Art­icle 5.

Art. 7 Changes in facts

1The fin­an­cial mar­ket in­fra­struc­ture shall no­ti­fy FINMA of any changes in the facts on which its au­thor­isa­tion or ap­prov­al is based.

2If the changes are of ma­ter­i­al sig­ni­fic­ance, the fin­an­cial mar­ket in­fra­struc­ture must ob­tain pri­or au­thor­isa­tion or ap­prov­al from FINMA in or­der to pur­sue its activ­ity.

3This pro­vi­sion ap­plies by ana­logy to re­cog­nised for­eign fin­an­cial mar­ket in­fra­struc­tures.

Art. 8 Organisation

1The fin­an­cial mar­ket in­fra­struc­ture must be a leg­al en­tity un­der Swiss law and have its re­gistered of­fice and head of­fice in Switzer­land.

2It must es­tab­lish ap­pro­pri­ate cor­por­ate man­age­ment rules and be or­gan­ised in such a way that it can ful­fil its stat­utory du­ties. In par­tic­u­lar, it must des­ig­nate spe­cif­ic bod­ies re­spons­ible for its busi­ness man­age­ment, on the one hand, and for its over­all man­age­ment, su­per­vi­sion and con­trol on the oth­er, and define the scope of these bod­ies' re­spect­ive powers in such a way as to en­sure prop­er and in­de­pend­ent su­per­vi­sion of busi­ness man­age­ment. It shall set out the rel­ev­ant tasks and au­thor­it­ies in its art­icles of in­cor­por­a­tion and or­gan­isa­tion­al reg­u­la­tions.

3It shall identi­fy, meas­ure, con­trol and mon­it­or its risks and or­gan­ise an ef­fect­ive in­tern­al con­trol sys­tem. In par­tic­u­lar, it shall es­tab­lish an in­tern­al audit func­tion that is in­de­pend­ent of the busi­ness man­age­ment body and a com­pli­ance de­part­ment that is sep­ar­ate from op­er­at­ing busi­ness units.

Art. 9 Guarantee of irreproachable business conduct

1The fin­an­cial mar­ket in­fra­struc­ture and the per­sons re­spons­ible for its ad­min­is­tra­tion and man­age­ment must provide the guar­an­tee of ir­re­proach­able busi­ness con­duct.

2Moreover, the per­sons re­spons­ible for the ad­min­is­tra­tion and man­age­ment of the fin­an­cial mar­ket in­fra­struc­ture must en­joy a good repu­ta­tion and have the spe­cial­ist qual­i­fic­a­tions re­quired for their func­tions.

3Qual­i­fied par­ti­cipants in a fin­an­cial mar­ket in­fra­struc­ture must also en­joy a good repu­ta­tion and en­sure that their in­flu­ence is not det­ri­ment­al to prudent and sound busi­ness activ­ity.

4Per­sons who dir­ectly or in­dir­ectly hold at least 10% of the share cap­it­al or votes or who can sig­ni­fic­antly in­flu­ence its busi­ness activ­ity in an­oth­er man­ner are deemed to be qual­i­fied par­ti­cipants in a fin­an­cial mar­ket in­fra­struc­ture.

5Each per­son must no­ti­fy FINMA be­fore dir­ectly or in­dir­ectly ac­quir­ing or dis­pos­ing of a qual­i­fied par­ti­cip­a­tion in ac­cord­ance with para­graph 4 in a fin­an­cial mar­ket in­fra­struc­ture or­gan­ised un­der Swiss law. This no­ti­fic­a­tion duty also ap­plies if a qual­i­fied par­ti­cip­a­tion is in­creased or re­duced in such a way as to reach, ex­ceed or fall be­low the thresholds of 20%, 33% or 50% of the share cap­it­al or votes.

6The fin­an­cial mar­ket in­fra­struc­ture shall no­ti­fy FINMA of the per­sons who meet the con­di­tions of para­graph 5 as soon as it be­comes aware of the same. It must sub­mit a list of its qual­i­fied par­ti­cipants to FINMA at least once a year.

Art. 10 Ancillary services

1A leg­al en­tity may op­er­ate only one fin­an­cial mar­ket in­fra­struc­ture. The fore­go­ing does not ap­ply to the op­er­a­tion of a mul­ti­lat­er­al trad­ing fa­cil­ity by a stock ex­change.

2The pro­vi­sion of an­cil­lary ser­vices sub­ject to au­thor­isa­tion or ap­prov­al by vir­tue of Art­icle 1 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 20071 (fin­an­cial mar­ket le­gis­la­tion) must be au­thor­ised or ap­proved by FINMA and must be in com­pli­ance with the ad­di­tion­al au­thor­isa­tion con­di­tions.

3If the pro­vi­sion of an­cil­lary ser­vices not sub­ject to au­thor­isa­tion or ap­prov­al by vir­tue of fin­an­cial mar­ket le­gis­la­tion in­creases the risks of a fin­an­cial mar­ket in­fra­struc­ture, FINMA may re­quire or­gan­isa­tion­al meas­ures or the es­tab­lish­ment of ad­di­tion­al own funds and suf­fi­cient li­quid­ity.


1 SR 956.1

Art. 11 Outsourcing

1If a fin­an­cial mar­ket in­fra­struc­ture wishes to out­source es­sen­tial ser­vices such as risk man­age­ment, pri­or ap­prov­al must be ob­tained from FINMA. FINMA must con­sult the SNB be­fore­hand if the fin­an­cial mar­ket in­fra­struc­ture in ques­tion is con­sidered sys­tem­ic­ally im­port­ant by the SNB.

2The fin­an­cial mar­ket in­fra­struc­ture shall set out the re­cip­roc­al rights and du­ties in a writ­ten agree­ment with the ser­vice pro­vider.

3If a fin­an­cial mar­ket in­fra­struc­ture out­sources ser­vices, it shall re­main re­spons­ible for com­pli­ance with the du­ties arising from this Act.

Art. 12 Minimum capital

1The min­im­um cap­it­al of the fin­an­cial mar­ket in­fra­struc­ture must be fully paid up.

2The Fed­er­al Coun­cil shall set the amount of the min­im­um cap­it­al.

Art. 13 Business continuity

1A fin­an­cial mar­ket in­fra­struc­ture must have an ap­pro­pri­ate strategy to be able to main­tain or re­store op­er­a­tions in good time in the event of dis­rup­tions.

2If a fin­an­cial mar­ket in­fra­struc­ture holds par­ti­cipants' as­sets and po­s­i­tions, it must es­tab­lish ap­pro­pri­ate pro­ced­ures to en­sure that these as­sets and po­s­i­tions can be trans­ferred or settled im­me­di­ately in the event of the with­draw­al or re­turn of au­thor­isa­tion.

Art. 14 IT systems

1A fin­an­cial mar­ket in­fra­struc­ture shall op­er­ate IT sys­tems which:

a.
en­sure ful­fil­ment of the du­ties arising from this Act and are ap­pro­pri­ate for its activ­it­ies;
b.
provide for ef­fect­ive emer­gency ar­range­ments; and
c.
en­sure the con­tinu­ity of its busi­ness activ­ity.

2It shall provide for meas­ures to pro­tect the in­teg­rity and con­fid­en­ti­al­ity of in­form­a­tion re­gard­ing its par­ti­cipants and their trans­ac­tions.

Art. 15 Financial groups

1If a fin­an­cial mar­ket in­fra­struc­ture is part of a fin­an­cial group, FINMA may make its au­thor­isa­tion con­tin­gent upon the ex­ist­ence of ap­pro­pri­ate con­sol­id­ated su­per­vi­sion by a fin­an­cial mar­ket su­per­vis­ory au­thor­ity.

2Two or more com­pan­ies are deemed to be a fin­an­cial group pur­su­ant to this Act if:

a.
at least one of them op­er­ates as a fin­an­cial mar­ket in­fra­struc­ture;
b.
they op­er­ate primar­ily in the fin­an­cial sec­tor; and
c.
they form an eco­nom­ic unit or oth­er cir­cum­stances sug­gest that one or more of the com­pan­ies un­der in­di­vidu­al su­per­vi­sion is de jure or de facto ob­liged to provide as­sist­ance to group com­pan­ies.

3The pro­vi­sions of the Bank­ing Act of 8 Novem­ber 19341 ap­ply by ana­logy.


1 SR 952.0

Art. 16 Protection against confusion and deception

1The name of the fin­an­cial mar­ket in­fra­struc­ture must not lead to con­fu­sion or de­cep­tion.

2The terms «stock ex­change», «mul­ti­lat­er­al trad­ing fa­cil­ity», «MTF», «cent­ral coun­ter­party», «CCP», «se­cur­it­ies set­tle­ment sys­tem», «SSS», «cent­ral se­cur­it­ies de­pos­it­ory», «CSD», «trade re­pos­it­ory» and «TR» may be used in con­nec­tion with the pro­vi­sion of fin­an­cial ser­vices only to des­ig­nate a cor­res­pond­ing fin­an­cial mar­ket in­fra­struc­ture sub­ject to this Act.

Art. 17 International business

A fin­an­cial mar­ket in­fra­struc­ture must no­ti­fy FINMA be­fore:

a.
es­tab­lish­ing, ac­quir­ing or clos­ing a for­eign sub­si­di­ary, branch or rep­res­ent­at­ive of­fice;
b.
ac­quir­ing or sur­ren­der­ing a qual­i­fied par­ti­cip­a­tion in a for­eign com­pany.

Art. 18 Fair and open access

1A fin­an­cial mar­ket in­fra­struc­ture shall en­sure fair and open ac­cess to its ser­vices.

2It may re­strict ac­cess to its ser­vices:

a.
if this in­creases safety or ef­fi­ciency and this ef­fect can­not be achieved with oth­er meas­ures; or
b.
if the fea­tures of the po­ten­tial par­ti­cipant could jeop­ard­ise the busi­ness op­er­a­tions of the fin­an­cial mar­ket in­fra­struc­ture or its par­ti­cipants.

Art. 19 Documentation and retention duties

Fin­an­cial mar­ket in­fra­struc­tures shall keep re­cords of the ser­vices provided, the pro­ced­ures and pro­cesses ap­plied and the activ­it­ies car­ried out, and shall re­tain all re­cords for ten years.

Art. 20 Prevention of conflicts of interest

Fin­an­cial mar­ket in­fra­struc­tures shall take ef­fect­ive or­gan­isa­tion­al meas­ures to identi­fy, pre­vent, settle and mon­it­or con­flicts of in­terest.

Art. 21 Publication of essential information

1A fin­an­cial mar­ket in­fra­struc­ture shall reg­u­larly pub­lish all es­sen­tial in­form­a­tion for par­ti­cipants, is­suers and the gen­er­al pub­lic, spe­cific­ally:

a.
in­form­a­tion about its or­gan­isa­tion;
b.
the par­ti­cip­a­tion con­di­tions;
c.
the rights and du­ties of par­ti­cipants and is­suers.

2It shall take ac­count of re­cog­nised in­ter­na­tion­al stand­ards in do­ing so.

Section 2 Special Requirements for Systemically Important Financial Market Infrastructures

Art. 22 Systemically important financial market infrastructures and business processes

1Cent­ral coun­ter­parties, cent­ral se­cur­it­ies de­pos­it­or­ies and pay­ment sys­tems are sys­tem­ic­ally im­port­ant:

a.
if their non-avail­ab­il­ity, arising in par­tic­u­lar from tech­nic­al or op­er­a­tion­al prob­lems or fin­an­cial dif­fi­culties, can lead to ser­i­ous losses, li­quid­ity short­falls or op­er­a­tion­al prob­lems for fin­an­cial in­ter­me­di­ar­ies or oth­er fin­an­cial mar­ket in­fra­struc­tures, or can cause ser­i­ous dis­rup­tions on fin­an­cial mar­kets; or
b.
if in­di­vidu­al par­ti­cipants' pay­ment or de­liv­ery dif­fi­culties can spill over to oth­er par­ti­cipants or linked fin­an­cial mar­ket in­fra­struc­tures and can cause these ser­i­ous losses, li­quid­ity short­falls or op­er­a­tion­al prob­lems, or can cause ser­i­ous dis­rup­tions on fin­an­cial mar­kets.

2A busi­ness pro­cess of a fin­an­cial mar­ket in­fra­struc­ture in ac­cord­ance with para­graph 1 is sys­tem­ic­ally im­port­ant:

a.
if its non-avail­ab­il­ity can cause ser­i­ous losses, li­quid­ity short­falls or op­er­a­tion­al prob­lems for fin­an­cial in­ter­me­di­ar­ies or oth­er fin­an­cial mar­ket in­fra­struc­tures, or can cause ser­i­ous dis­rup­tions on fin­an­cial mar­kets; and
b.
if par­ti­cipants can­not sub­sti­tute the busi­ness pro­cess at short no­tice.

Art. 23 Special requirements

1Sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­tures must ful­fil spe­cial re­quire­ments in or­der to pro­tect against the risks they pose to the sta­bil­ity of the fin­an­cial sys­tem.

2The spe­cial re­quire­ments must take ac­count of re­cog­nised in­ter­na­tion­al stand­ards. They can re­late to the con­trac­tu­al bases, the means of pay­ment used, risk man­age­ment, busi­ness con­tinu­ity and IT sys­tems.

3The SNB shall reg­u­late the de­tails in an or­din­ance.

4The SNB may, after con­sult­ing FINMA, waive the ob­lig­a­tion to meet the spe­cial re­quire­ments for a sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­ture re­gistered abroad which comes un­der SNB over­sight in ac­cord­ance with Art­icle 19 para­graph 2 of the Swiss Na­tion­al Bank Act of 3 Oc­to­ber 20031 (NBA):

a.
if it is sub­ject to equi­val­ent su­per­vi­sion and over­sight abroad; and
b.
if the com­pet­ent su­per­vis­ory and over­sight au­thor­it­ies co­oper­ate with the SNB in ac­cord­ance with Art­icle 21 para­graph 2 of the NBA2.

1 SR 951.11
2 Now: in ac­cord­ance with Art. 21 let. b NBA.

Art. 24 Recovery and resolution plan

1A sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­ture shall draw up a re­cov­ery plan that sets out the meas­ures it will use to en­sure its sta­bil­ity on a sus­tain­able basis in the event of a crisis and be able to main­tain its sys­tem­ic­ally im­port­ant busi­ness pro­cesses.

2FINMA shall draw up a res­ol­u­tion plan that de­scribes how the re­struc­tur­ing or wind­ing-up of a sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­ture that it has ordered can be car­ried out. It shall con­sult the SNB about the res­ol­u­tion plan.

3A fin­an­cial mar­ket in­fra­struc­ture shall provide FINMA with the re­cov­ery plan and the in­form­a­tion ne­ces­sary for draw­ing up a res­ol­u­tion plan.

4It shall im­ple­ment the res­ol­u­tion plan meas­ures in a pre­par­at­ory man­ner if this is ne­ces­sary for the un­in­ter­rup­ted main­ten­ance of sys­tem­ic­ally im­port­ant busi­ness pro­cesses.

Section 3 Authorisation Procedure

Art. 25

1FINMA shall in­form the SNB of au­thor­isa­tion re­quests sub­mit­ted by cent­ral coun­ter­parties, cent­ral se­cur­it­ies de­pos­it­or­ies and pay­ment sys­tems.

2After con­sult­ing FINMA, the SNB shall des­ig­nate by way of an or­der the sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­tures and their sys­tem­ic­ally im­port­ant busi­ness pro­cesses in ac­cord­ance with Art­icle 22. It shall also define by way of an or­der which spe­cial re­quire­ments in ac­cord­ance with Art­icle 23 the in­di­vidu­al sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­tures have to ful­fil and shall as­sess their com­pli­ance.

3If a sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­ture ful­fils the spe­cial re­quire­ments, FINMA shall grant au­thor­isa­tion if the oth­er au­thor­isa­tion con­di­tions are also met.

4FINMA shall ap­prove a sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­ture's sta­bil­isa­tion plan in ac­cord­ance with Art­icle 24 after con­sult­ing the SNB.

5If the SNB con­cludes that a fin­an­cial mar­ket in­fra­struc­ture is not sys­tem­ic­ally im­port­ant, it shall in­form FINMA. If the gen­er­al au­thor­isa­tion con­di­tions are met, FINMA shall grant au­thor­isa­tion.

6The pro­ced­ure ap­plies by ana­logy to re­quests for re­cog­ni­tion sub­mit­ted by for­eign cent­ral coun­ter­parties.

Chapter 2 Trading Venues, Organised Trading Facilities and Power Exchanges

Section 1 Trading Venues

Art. 26 Definitions

For the pur­poses of this Act:

a.
trad­ing ven­ue means a stock ex­change or a mul­ti­lat­er­al trad­ing fa­cil­ity;
b.
stock ex­change means an in­sti­tu­tion for mul­ti­lat­er­al se­cur­it­ies trad­ing where se­cur­it­ies are lis­ted, whose pur­pose is the sim­ul­tan­eous ex­change of bids between sev­er­al par­ti­cipants and the con­clu­sion of con­tracts based on non-dis­cre­tion­ary rules;
c.
mul­ti­lat­er­al trad­ing fa­cil­ity means an in­sti­tu­tion for mul­ti­lat­er­al se­cur­it­ies trad­ing whose pur­pose is the sim­ul­tan­eous ex­change of bids between sev­er­al par­ti­cipants and the con­clu­sion of con­tracts based on non-dis­cre­tion­ary rules without list­ing se­cur­it­ies.

Art. 27 Self-regulation

1The trad­ing ven­ue shall es­tab­lish un­der FINMA su­per­vi­sion its own reg­u­lat­ory and su­per­vis­ory or­gan­isa­tion which is ap­pro­pri­ate for its activ­ity.

2The reg­u­lat­ory and su­per­vis­ory tasks del­eg­ated to the trad­ing ven­ue must be car­ried out by in­de­pend­ent bod­ies. The dir­ect­ors of these bod­ies must:

a.
provide the guar­an­tee of ir­re­proach­able busi­ness con­duct;
b.
en­joy a good repu­ta­tion; and
c.
have the spe­cial­ist qual­i­fic­a­tions re­quired for their func­tions.

3The se­lec­tion of the dir­ect­ors un­der para­graph 2 re­quires the ap­prov­al of FINMA.

4The trad­ing ven­ue shall sub­mit its reg­u­la­tions and their amend­ments to FINMA for ap­prov­al.

Art. 28 Organisation of trading

1The trad­ing ven­ue shall is­sue reg­u­la­tions for the or­gan­isa­tion of or­derly and trans­par­ent trad­ing.

2It shall re­gister all of its or­ders and trans­ac­tions in chro­no­lo­gic­al or­der, as well as the trans­ac­tions re­por­ted to it. In par­tic­u­lar, it shall in­dic­ate the time, the iden­tity of the par­ti­cipants, the se­cur­it­ies traded and their num­ber or nom­in­al value, as well as their price.

Art. 29 Pre- and post-trade transparency

1The trad­ing ven­ue shall pub­lish the bid and of­fer prices for shares and oth­er se­cur­it­ies in real time, as well as the sizes of the trad­ing po­s­i­tions at these prices (pre-trad­ing trans­par­ency).

2Moreover, it shall im­me­di­ately pub­lish in­form­a­tion on the trans­ac­tions car­ried out on the trad­ing ven­ue and on the trans­ac­tions con­duc­ted out­side of the trad­ing ven­ue re­por­ted to it for all se­cur­it­ies ad­mit­ted to trad­ing (post-trad­ing trans­par­ency). In par­tic­u­lar, the price, volume and time of the trans­ac­tions must be pub­lished.

3Tak­ing ac­count of re­cog­nised in­ter­na­tion­al stand­ards and leg­al de­vel­op­ments abroad, the Fed­er­al Coun­cil shall de­term­ine:

a.
the oth­er se­cur­it­ies sub­ject to pre-trade trans­par­ency;
b.
ex­cep­tions with re­gard to pre- and post-trade trans­par­ency, par­tic­u­larly in re­la­tion to se­cur­it­ies trans­ac­tions in­volving large volumes or that are ex­ecuted by the SNB.

Art. 30 Guarantee of orderly trading

1A trad­ing ven­ue which op­er­ates a tech­nic­al plat­form must have a trad­ing fa­cil­ity which guar­an­tees or­derly trad­ing even in the event of in­tense trad­ing activ­ity.

2 It shall take ef­fect­ive meas­ures to pre­vent dis­rup­tions to its trad­ing fa­cil­ity.

Art. 31 Supervision of trading

1The trad­ing ven­ue shall su­per­vise price form­a­tion and the trans­ac­tions con­duc­ted on the trad­ing ven­ue so that in­sider trad­ing, price and mar­ket ma­nip­u­la­tion and oth­er vi­ol­a­tions of stat­utory and reg­u­lat­ory pro­vi­sions can be de­tec­ted. For this pur­pose, it shall also re­view the trans­ac­tions con­duc­ted out­side of the trad­ing ven­ue that are re­por­ted to it or are brought to its at­ten­tion in any oth­er way.

2In the event of sus­pec­ted vi­ol­a­tions of the law or oth­er ir­reg­u­lar­it­ies, the body re­spons­ible for su­per­vising trad­ing (trad­ing su­per­vis­ory body) shall no­ti­fy FINMA. If the vi­ol­a­tions of the law in­volve crim­in­al of­fences, it shall also in­form the com­pet­ent pro­sec­u­tion au­thor­ity without delay.

3FINMA, the com­pet­ent pro­sec­u­tion au­thor­ity, the Takeover Board and the trad­ing su­per­vis­ory body shall ex­change in­form­a­tion which they re­quire with­in the con­text of their col­lab­or­a­tion and in or­der to carry out their tasks. They shall use the in­form­a­tion re­ceived solely to carry out their re­spect­ive tasks.

Art. 32 Collaboration between trading supervisory bodies

1Swiss su­per­vis­ory bod­ies for vari­ous trad­ing ven­ues shall reg­u­late the free, re­cip­roc­al ex­change of trad­ing data by agree­ment, provided that on the trad­ing ven­ues in ques­tion:

a.
identic­al se­cur­it­ies are ad­mit­ted to trad­ing; or
b.
se­cur­it­ies are ad­mit­ted to trad­ing which in­flu­ence the pri­cing of se­cur­it­ies that are ad­mit­ted to trad­ing on the oth­er trad­ing ven­ue.

2They shall use the data re­ceived solely to carry out their re­spect­ive tasks.

3Swiss trad­ing su­per­vis­ory bod­ies may agree to the re­cip­roc­al ex­change of in­form­a­tion with for­eign trad­ing su­per­vis­ory bod­ies, provided that:

a.
the con­di­tions set out in para­graph 1 are ful­filled; and
b.
the for­eign trad­ing su­per­vis­ory body in ques­tion is sub­ject to a leg­al duty of con­fid­en­ti­al­ity.

Art. 33 Suspension of trading

1When a stock ex­change sus­pends trad­ing in a se­cur­ity lis­ted on it at the ini­ti­at­ive of the is­suer or due to ex­traordin­ary cir­cum­stances, it shall im­me­di­ately pub­lish its de­cision.

2If trad­ing in a se­cur­ity is sus­pen­ded, it shall also be sus­pen­ded on all of the oth­er trad­ing ven­ues where the se­cur­ity in ques­tion is ad­mit­ted to trad­ing.

Art. 34 Admission of participants

1The trad­ing ven­ue shall is­sue reg­u­la­tions on the ad­mis­sion, du­ties and ex­clu­sion of par­ti­cipants, thereby ob­serving in par­tic­u­lar the prin­ciple of equal treat­ment.

2The fol­low­ing may be ad­mit­ted as par­ti­cipants in a stock ex­change or a mul­ti­lat­er­al trad­ing fa­cil­ity:

a.
se­cur­it­ies deal­ers in ac­cord­ance with Art­icle 2 let­ter d of the Stock Mar­ket Act of 24 March 19951;
b.
oth­er parties su­per­vised by FINMA in ac­cord­ance with Art­icle 3 of the Fin­an­cial Mar­ket Su­per­vi­sion Act of 22 June 20072 (FIN­MASA), provided that the trad­ing ven­ue en­sures that they ful­fil equi­val­ent tech­nic­al and op­er­a­tion­al con­di­tions to se­cur­it­ies deal­ers;
c.
for­eign par­ti­cipants au­thor­ised by FINMA in ac­cord­ance with Art­icle 40;
d.
the SNB.

1 SR 954.1
2 SR 956.1

Art. 35 Admission of securities by a stock exchange

1The stock ex­change shall is­sue reg­u­la­tions on the ad­mis­sion of se­cur­it­ies to trad­ing, and par­tic­u­larly for the list­ing of se­cur­it­ies.

2The reg­u­la­tions shall take ac­count of re­cog­nised in­ter­na­tion­al stand­ards and in par­tic­u­lar shall con­tain pro­vi­sions on:

a.
the trad­ab­il­ity of se­cur­it­ies;
b.
the pub­lic­a­tion of in­form­a­tion on which in­vestors rely for as­sess­ing the char­ac­ter­ist­ics of se­cur­it­ies and the qual­ity of the is­suer;
c.
the du­ties of the is­suer, its rep­res­ent­at­ives and third parties for the en­tire dur­a­tion of the list­ing or ad­mis­sion of se­cur­it­ies to trad­ing;
d.
the ob­lig­a­tion, re­gard­ing the ad­mis­sion of equity se­cur­it­ies and bonds, to com­ply with Art­icles 7 and 81 of the Fed­er­al Act of 16 Decem­ber 20052 on the Li­cens­ing and Over­sight of Aud­it­ors (AOA).

3The stock ex­change shall mon­it­or com­pli­ance with the reg­u­la­tions and im­pose the sanc­tions provided for con­trac­tu­ally in the event of vi­ol­a­tions.


1 Art. 8 para. 1 let. b and d nev­er came in­to force.
2 SR 221.302

Art. 36 Admission of securities by a multilateral trading facility

1The mul­ti­lat­er­al trad­ing fa­cil­ity shall is­sue reg­u­la­tions on the ad­mis­sion of se­cur­it­ies to trad­ing. In par­tic­u­lar, it shall set out therein the in­form­a­tion to be pub­lished in or­der for in­vestors to be able to as­sess the char­ac­ter­ist­ics of se­cur­it­ies and the qual­ity of the is­suer.

2It shall mon­it­or com­pli­ance with the reg­u­la­tions and im­pose the sanc­tions provided for con­trac­tu­ally in the event of vi­ol­a­tions.

Art. 37 Appeal body

1The trad­ing ven­ue shall ap­point an in­de­pend­ent ap­peal body to which ap­plic­a­tion may be made:

a.
when a par­ti­cipant is re­fused ad­mis­sion;
b.
when a se­cur­ity is re­fused ad­mis­sion;
c.
when a par­ti­cipant is ex­cluded;
d.
when a se­cur­ity is del­is­ted.

2It shall gov­ern the or­gan­isa­tion of the ap­peal body and its pro­ced­ures.

3The or­gan­isa­tion, the pro­ced­ur­al rules and the ap­point­ment of the mem­bers of the ap­peal body re­quire the ap­prov­al of FINMA.

4An ac­tion may be brought be­fore the civil court after the ap­peal pro­ced­ure has been con­duc­ted.

Art. 38 Record-keeping duty of participants

The par­ti­cipants ad­mit­ted to a trad­ing ven­ue shall keep a re­cord of the or­ders and trans­ac­tions they carry out, provid­ing all the de­tails ne­ces­sary for over­see­ing and su­per­vising their activ­ity.

Art. 39 Reporting duty of participants

1The par­ti­cipants ad­mit­ted to a trad­ing ven­ue must re­port all of the in­form­a­tion ne­ces­sary for trans­par­ent se­cur­it­ies trad­ing.

2FINMA shall de­term­ine which in­form­a­tion is to be re­por­ted to whom and in what form.

3The SNB is not sub­ject to the re­port­ing ob­lig­a­tion with­in the frame­work of car­ry­ing out its pub­lic du­ties.

Art. 40 Authorisation of Foreign Participants

1FINMA shall grant au­thor­isa­tion to a for­eign par­ti­cipant wish­ing to par­ti­cip­ate in a Swiss trad­ing ven­ue but which has no re­gistered of­fice in Switzer­land:

a.
if it is sub­ject to ap­pro­pri­ate reg­u­la­tion and su­per­vi­sion;
b.
if it ob­serves a code of con­duct and re­cord-keep­ing and re­port­ing du­ties equi­val­ent to the du­ties set out in Swiss reg­u­la­tions;
c.
if it en­sures that its activ­it­ies are sep­ar­ate from the activ­it­ies of any au­thor­ised Swiss units; and
d.
if the com­pet­ent su­per­vis­ory au­thor­it­ies:
1.
do not have any ob­jec­tions to the par­ti­cipant's activ­ity in Switzer­land,
2.
provide FINMA with ad­min­is­trat­ive as­sist­ance.

2FINMA may re­ject au­thor­isa­tion if the state in which the for­eign par­ti­cipant has its re­gistered of­fice does not grant Swiss par­ti­cipants ac­tu­al ac­cess to its mar­kets or does not of­fer them the same com­pet­it­ive op­por­tun­it­ies as those gran­ted to do­mest­ic trad­ing par­ti­cipants. Any de­vi­at­ing in­ter­na­tion­al com­mit­ments are re­served.

3A for­eign par­ti­cipant that already par­ti­cip­ates in a Swiss trad­ing ven­ue shall in­form FINMA if it wishes to par­ti­cip­ate in an­oth­er Swiss trad­ing ven­ue. In this case, the for­eign su­per­vis­ory au­thor­ity has to con­firm that it has no ob­jec­tion to the ex­pan­sion of the for­eign par­ti­cipant's activ­ity in Switzer­land.

4FINMA au­thor­isa­tion is not re­quired for par­ti­cip­a­tion in mon­et­ary policy trans­ac­tions with the SNB.

Art. 41 Recognition of Foreign Trading Venues

1Trad­ing ven­ues dom­i­ciled abroad must ob­tain re­cog­ni­tion from FINMA be­fore grant­ing Swiss par­ti­cipants su­per­vised by FINMA dir­ect ac­cess to their fa­cil­it­ies.

2FINMA shall grant re­cog­ni­tion:

a.
if the for­eign trad­ing ven­ue is sub­ject to ap­pro­pri­ate reg­u­la­tion and su­per­vi­sion; and
b.
if the com­pet­ent for­eign su­per­vis­ory au­thor­it­ies:
1.
do not have any ob­jec­tions to the cross-bor­der activ­ity of the for­eign trad­ing ven­ue,
2.
guar­an­tee that they will in­form FINMA if they de­tect vi­ol­a­tions of the law or oth­er ir­reg­u­lar­it­ies on the part of Swiss par­ti­cipants, and
3.
provide FINMA with ad­min­is­trat­ive as­sist­ance.

3A for­eign trad­ing ven­ue is deemed re­cog­nised if FINMA finds that:

a.
the state in which the trad­ing ven­ue has its re­gistered of­fice reg­u­lates and su­per­vises its trad­ing ven­ues ad­equately; and
b.
the con­di­tions in para­graph 2 let­ter b are met.

4FINMA may re­fuse re­cog­ni­tion if the state in which the for­eign trad­ing ven­ue has its re­gistered of­fice does not grant Swiss trad­ing ven­ues ac­tu­al ac­cess to its mar­kets or does not of­fer them the same com­pet­it­ive op­por­tun­it­ies as those gran­ted to do­mest­ic trad­ing ven­ues. Any de­vi­at­ing in­ter­na­tion­al com­mit­ments are re­served.

Section 2 Organised Trading Facilities

Art. 42 Definition

An or­gan­ised trad­ing fa­cil­ity is an es­tab­lish­ment for:

a.
mul­ti­lat­er­al trad­ing in se­cur­it­ies or oth­er fin­an­cial in­stru­ments whose pur­pose is the ex­change of bids and the con­clu­sion of con­tracts based on dis­cre­tion­ary rules;
b.
mul­ti­lat­er­al trad­ing in fin­an­cial in­stru­ments oth­er than se­cur­it­ies whose pur­pose is the ex­change of bids and the con­clu­sion of con­tracts based on non-dis­cre­tion­ary rules;
c.
bi­lat­er­al trad­ing in se­cur­it­ies or oth­er fin­an­cial in­stru­ments whose pur­pose is the ex­change of bids.

Art. 43 Duty to obtain authorisation or recognition

1Any­one who op­er­ates an or­gan­ised trad­ing fa­cil­ity re­quires bank, se­cur­it­ies deal­er or trad­ing ven­ue au­thor­isa­tion, or re­cog­ni­tion as a trad­ing ven­ue.

2No au­thor­isa­tion is re­quired for the op­er­a­tion of an or­gan­ised trad­ing fa­cil­ity with­in a fin­an­cial group if this is con­duc­ted via a leg­al en­tity that:

a.
is con­trolled dir­ectly by a fin­an­cial mar­ket in­fra­struc­ture; and
b.
is sub­ject to con­sol­id­ated FINMA su­per­vi­sion.

Art. 44 Organisation and prevention of conflicts of interest

Any­one who op­er­ates an or­gan­ised trad­ing fa­cil­ity must:

a.
do this sep­ar­ately from the oth­er busi­ness activ­it­ies;
b.
take ef­fect­ive or­gan­isa­tion­al meas­ures to identi­fy, pre­vent, settle and mon­it­or con­flicts of in­terest;
c.
en­sure that cli­ent in­terests are com­pre­hens­ively pro­tec­ted when con­duct­ing pro­pri­et­ary trans­ac­tions on the or­gan­ised trad­ing fa­cil­ity op­er­ated by him.

Art. 45 Guarantee of orderly trading

1Any­one who op­er­ates an or­gan­ised trad­ing fa­cil­ity must en­sure that this guar­an­tees or­derly trad­ing even in the event of in­tense trad­ing activ­ity.

2This per­son shall take ef­fect­ive meas­ures to pre­vent dis­rup­tions to the trad­ing fa­cil­ity.

Art. 46 Trading transparency

1Any­one who op­er­ates an or­gan­ised trad­ing fa­cil­ity shall pub­lish in­form­a­tion on the trans­ac­tions car­ried out on the trad­ing fa­cil­ity, in par­tic­u­lar the price, volume and time of the trans­ac­tions.

2Tak­ing re­cog­nised in­ter­na­tion­al stand­ards and for­eign leg­al de­vel­op­ments in­to ac­count, the Fed­er­al Coun­cil shall reg­u­late ex­emp­tions to this pub­lic­a­tion duty, par­tic­u­larly in re­la­tion to se­cur­it­ies trans­ac­tions in­volving large volumes or that are ex­ecuted by the SNB.

3It may make pro­vi­sion, in line with re­cog­nised in­ter­na­tion­al stand­ards, for ex­tend­ing the pub­lic­a­tion duty to pre-trad­ing trans­par­ency.

Section 3 Power Exchanges

Art. 47

1The Fed­er­al Coun­cil may ad­opt pro­vi­sions which de­vi­ate from this Act for ex­changes where elec­tri­city de­riv­at­ives are traded and for trad­ing on such ex­changes in or­der to take ac­count of the spe­cif­ic fea­tures of the elec­tri­city mar­ket, par­tic­u­larly so as to safe­guard the pub­lic in­terest in a se­cure power sup­ply.

2It may em­power FINMA to is­sue pro­vi­sions, in agree­ment with the Fed­er­al Elec­tri­city Com­mis­sion, in areas with a re­stric­ted scope, namely those that are primar­ily tech­nic­al.

Chapter 3 Central Counterparties

Section 1 General Provisions

Art. 48 Definition

A cent­ral coun­ter­party is an en­tity based on uni­form rules and pro­ced­ures that in­ter­poses it­self between the coun­ter­parties to a se­cur­it­ies trans­ac­tion or oth­er con­tract in­volving fin­an­cial in­stru­ments, thereby be­com­ing the buy­er to every seller and the seller to every buy­er.

Art. 49 Collateral

1The cent­ral coun­ter­party shall re­quire its par­ti­cipants to provide ap­pro­pri­ate col­lat­er­al, par­tic­u­larly in the form of ini­tial mar­gins, vari­ation mar­gins and de­fault fund con­tri­bu­tions.

2This col­lat­er­al shall be cal­cu­lated at least in such a way that:

a.
a par­ti­cipant's vari­ation mar­gins cov­er the cur­rent cred­it ex­pos­ures based on real­ised mar­ket price move­ments;
b.
a par­ti­cipant's ini­tial mar­gins will, with a high de­gree of con­fid­ence, cov­er the po­ten­tial cred­it ex­pos­ures arising for a cent­ral coun­ter­party upon the par­ti­cipant's de­fault based on ex­pec­ted mar­ket price move­ments;
c.
the ini­tial mar­gins, vari­ation mar­gins and de­fault fund con­tri­bu­tions will be suf­fi­cient to cov­er the loss res­ult­ing un­der ex­treme but plaus­ible mar­ket con­di­tions from the de­fault of the par­ti­cipant to which the cent­ral coun­ter­party has its greatest ex­pos­ure.

3The cent­ral coun­ter­party shall ac­cept only li­quid col­lat­er­al with low cred­it and mar­ket risks. It shall value the col­lat­er­al prudently.

Art. 50 Fulfilment of payment obligations

1The cent­ral coun­ter­party and its par­ti­cipants shall ful­fil their mu­tu­al pay­ment ob­lig­a­tions by trans­fer­ring sight de­pos­its held with a cent­ral bank.

2If this is im­possible or im­prac­tic­al, they shall use a means of pay­ment which car­ries low cred­it and li­quid­ity risks. The cent­ral coun­ter­party shall min­im­ise these risks and mon­it­or them on an on­go­ing basis.

Art. 51 Capital adequacy and risk diversification

1In­di­vidu­ally and on a con­sol­id­ated basis, the cent­ral coun­ter­party must have ad­equate cap­it­al and di­ver­si­fy its risk ap­pro­pri­ately.

2The Fed­er­al Coun­cil shall set the amount of the cap­it­al based on the busi­ness activ­ity and the risks, and shall de­term­ine the risk di­ver­si­fic­a­tion re­quire­ments.

Art. 52 Liquidity

1The cent­ral coun­ter­party must have suf­fi­cient li­quid­ity:

a.
to ful­fil its pay­ment ob­lig­a­tions in all cur­ren­cies un­der ex­treme but plaus­ible mar­ket con­di­tions, even in the event of the de­fault of the par­ti­cipant to which it has its greatest ex­pos­ure; and
b.
to be able to duly ex­ecute its ser­vices and activ­it­ies.

2It shall in­vest its fin­an­cial re­sources solely in cash or in li­quid fin­an­cial in­stru­ments with a low mar­ket and cred­it risk.

Art. 53 Procedure in the event of the default of a participant

1The cent­ral coun­ter­party shall take meas­ures to lim­it the cred­it and li­quid­ity risks in the event of a par­ti­cipant's de­fault.

2To cov­er any losses in the event of a par­ti­cipant's de­fault, it shall use col­lat­er­al and cap­it­al in the fol­low­ing or­der:

a.
mar­gins of the de­fault­ing par­ti­cipant;
b.
de­fault fund con­tri­bu­tions of the de­fault­ing par­ti­cipant;
c.
ded­ic­ated cap­it­al of the cent­ral coun­ter­party;
d.
de­fault fund con­tri­bu­tions of non-de­fault­ing par­ti­cipants.

3It shall is­sue rules gov­ern­ing how more ex­tens­ive losses are to be covered. It may not:

a.
use the ini­tial mar­gins of non-de­fault­ing par­ti­cipants to cov­er losses caused by the de­fault of an­oth­er par­ti­cipant;
b.
use the col­lat­er­al of in­dir­ect par­ti­cipants to cov­er losses caused by the de­fault of a par­ti­cipant or oth­er in­dir­ect par­ti­cipant; or
c.
use an in­dir­ect par­ti­cipant's funds in ex­cess of the mar­gin re­quire­ment de­pos­ited with it in ac­cord­ance with Art­icle 59 para­graph 3 to cov­er losses caused by the de­fault of a par­ti­cipant or oth­er in­dir­ect par­ti­cipant.

Art. 54 Segregation

1The cent­ral coun­ter­party must:

a.
sep­ar­ate its own as­sets, re­ceiv­ables and li­ab­il­it­ies from the col­lat­er­al, re­ceiv­ables and li­ab­il­it­ies of its par­ti­cipants; and
b.
sep­ar­ate a par­ti­cipant's col­lat­er­al, re­ceiv­ables and li­ab­il­it­ies from those of oth­er par­ti­cipants.

2It shall of­fer its par­ti­cipants the pos­sib­il­ity of:

a.
sep­ar­at­ing their own col­lat­er­al, re­ceiv­ables and li­ab­il­it­ies from those of in­dir­ect par­ti­cipants;
b.
keep­ing and re­cord­ing the col­lat­er­al, re­ceiv­ables and li­ab­il­it­ies of in­dir­ect par­ti­cipants to­geth­er (om­ni­bus cus­tom­er ac­counts) or sep­ar­ately (in­di­vidu­al cus­tom­er ac­counts).

Art. 55 Portability

1The cent­ral coun­ter­party shall en­sure that, in the event of a par­ti­cipant's de­fault, the col­lat­er­al and po­s­i­tions held by the par­ti­cipant on be­half of an in­dir­ect par­ti­cipant can be trans­ferred to an­oth­er par­ti­cipant in­dic­ated by the in­dir­ect par­ti­cipant.

2A par­ti­cipant shall be con­sidered to be in de­fault if:

a.
it does not meet the ad­mis­sion re­quire­ments con­cern­ing the par­ti­cipant's fin­an­cial ca­pa­city by the dead­line set by the cent­ral coun­ter­party; or
b.
com­puls­ory wind­ing-up pro­ceed­ings were ini­ti­ated against it for the pur­poses of gen­er­al ex­e­cu­tion.

Section 2 Interoperability Agreements

Art. 56 Non-discriminatory access

1Cent­ral coun­ter­parties may con­clude an agree­ment on the in­ter­op­er­able clear­ing of fin­an­cial trans­ac­tions (in­ter­op­er­ab­il­ity agree­ment).

2A cent­ral coun­ter­party is ob­liged to ac­cept the re­quest of an­oth­er cent­ral coun­ter­party con­cern­ing the con­clu­sion of an in­ter­op­er­ab­il­ity agree­ment, un­less the con­clu­sion of such an agree­ment would jeop­ard­ise the se­cur­ity and ef­fi­ciency of clear­ing.

Art. 57 Approval

1The con­clu­sion of an in­ter­op­er­ab­il­ity agree­ment is sub­ject to ap­prov­al by FINMA.

2The in­ter­op­er­ab­il­ity agree­ment shall be ap­proved if:

a.
the re­spect­ive rights and du­ties of the cent­ral coun­ter­parties are gov­erned;
b.
the cent­ral coun­ter­parties have ap­pro­pri­ate pro­ced­ures and in­stru­ments for man­aging the risks arising from the in­ter­op­er­ab­il­ity agree­ment;
c.
the cent­ral coun­ter­party will cov­er the cred­it and li­quid­ity risks arising from the in­ter­op­er­ab­il­ity agree­ment by im­me­di­ately de­mand­ing ap­pro­pri­ate col­lat­er­al from the oth­er cent­ral coun­ter­party;
d.
the cent­ral coun­ter­parties are au­thor­ised or re­cog­nised by FINMA;
e.
the au­thor­it­ies re­spons­ible for su­per­vising and over­see­ing the for­eign cent­ral coun­ter­party col­lab­or­ate with the com­pet­ent Swiss au­thor­it­ies.

3If a cent­ral coun­ter­party in­volved in the in­ter­op­er­ab­il­ity agree­ment is sys­tem­ic­ally im­port­ant, FINMA shall ob­tain the SNB's agree­ment be­fore grant­ing its ap­prov­al.

4If a cent­ral coun­ter­party in­volved in an in­ter­op­er­ab­il­ity agree­ment ex­tends its activ­ity to a new trad­ing ven­ue without this en­tail­ing new risks, the in­ter­op­er­ab­il­ity agree­ment does not re­quire re-ap­prov­al.

Section 3 Participants

Art. 58 Publication of prices

A cent­ral coun­ter­party's par­ti­cipants which render a cent­ral coun­ter­party ac­cess­ible to in­dir­ect par­ti­cipants shall pub­lish the prices of the ser­vices they provide in con­nec­tion with clear­ing.

Art. 59 Segregation

1A cent­ral coun­ter­party's par­ti­cipant shall sep­ar­ate the col­lat­er­al, re­ceiv­ables and li­ab­il­it­ies of in­dir­ect par­ti­cipants from its own as­sets and po­s­i­tions with the cent­ral coun­ter­party and in its own ac­counts.

2It shall of­fer in­dir­ect par­ti­cipants the pos­sib­il­ity of keep­ing and re­cord­ing the col­lat­er­al, re­ceiv­ables and li­ab­il­it­ies to­geth­er with those of oth­er in­dir­ect par­ti­cipants (om­ni­bus cus­tom­er ac­counts) or sep­ar­ately (in­di­vidu­al cus­tom­er ac­counts).

3If an in­dir­ect par­ti­cipant opts for in­di­vidu­al cli­ent se­greg­a­tion, the par­ti­cipant must de­pos­it all funds in ex­cess of the in­dir­ect par­ti­cipant's mar­gin re­quire­ment with the cent­ral coun­ter­party and dis­tin­guish them from the mar­gin of oth­er in­dir­ect par­ti­cipants.

4A cent­ral coun­ter­party's par­ti­cipant shall pub­lish the costs and spe­cif­ics con­cern­ing the level of pro­tec­tion gran­ted by the type of ac­count man­age­ment un­der para­graph 2.

Section 4 Recognition of Foreign Central Counterparties

Art. 60

1A cent­ral coun­ter­party re­gistered abroad must ob­tain FINMA re­cog­ni­tion be­fore it:

a.
grants su­per­vised Swiss par­ti­cipants dir­ect ac­cess to its fa­cil­it­ies;
b.
provides ser­vices for a Swiss fin­an­cial mar­ket in­fra­struc­ture;
c.
enters in­to an in­ter­op­er­ab­il­ity agree­ment with a Swiss cent­ral coun­ter­party.

2FINMA shall grant re­cog­ni­tion:

a.
if the for­eign cent­ral coun­ter­party is sub­ject to ap­pro­pri­ate reg­u­la­tion and su­per­vi­sion; and
b.
if the com­pet­ent for­eign su­per­vis­ory au­thor­it­ies:
1.
do not have any ob­jec­tions to the cross-bor­der activ­ity of the for­eign cent­ral coun­ter­party,
2.
guar­an­tee that they will in­form FINMA if they de­tect vi­ol­a­tions of the law or oth­er ir­reg­u­lar­it­ies on the part of Swiss par­ti­cipants, and
3.
provide FINMA with ad­min­is­trat­ive as­sist­ance.

3FINMA may re­fuse re­cog­ni­tion if the state in which the for­eign cent­ral coun­ter­party has its re­gistered of­fice does not grant Swiss cent­ral coun­ter­parties ac­tu­al ac­cess to its mar­kets or does not of­fer them the same com­pet­it­ive op­por­tun­it­ies as those gran­ted to do­mest­ic cent­ral coun­ter­parties. Any de­vi­at­ing in­ter­na­tion­al com­mit­ments are re­served.

4It may ex­empt a for­eign cent­ral coun­ter­party from the ob­lig­a­tion to ob­tain re­cog­ni­tion provided this does not ad­versely af­fect the pro­tect­ive pur­pose of this Act.

Chapter 4 Central Securities Depositories

Section 1 General Provisions

Art. 61 Definitions

1A cent­ral se­cur­it­ies de­pos­it­ory is the op­er­at­or of a cent­ral cus­todi­an or a se­cur­it­ies set­tle­ment sys­tem.

2A cent­ral cus­todi­an is an en­tity for the cent­ral cus­tody of se­cur­it­ies and oth­er fin­an­cial in­stru­ments based on uni­form rules and pro­ced­ures.

3A se­cur­it­ies set­tle­ment sys­tem is an en­tity for the clear­ing and set­tle­ment of trans­ac­tions in se­cur­it­ies and oth­er fin­an­cial in­stru­ments based on uni­form rules and pro­ced­ures.

Art. 62 Principles for the custody, recording and transfer of securities

1The cent­ral se­cur­it­ies de­pos­it­ory shall en­sure the prop­er and law­ful cus­tody, re­cord­ing and trans­fer of se­cur­it­ies.

2It shall pro­hib­it its par­ti­cipants from over­draw­ing their se­cur­it­ies ac­counts for se­cur­it­ies held in cent­ral cus­tody with it.

3It shall check on a daily basis wheth­er the num­ber of an is­suer's se­cur­it­ies is­sued with it is equal to the num­ber of se­cur­it­ies re­cor­ded in the par­ti­cipants' se­cur­it­ies ac­counts.

4It shall spe­cify the time:

a.
after which a se­cur­it­ies trans­fer or­der is ir­re­voc­able and may no longer be changed;
b.
when a se­cur­it­ies trans­fer is settled.

5It shall trans­fer se­cur­it­ies in real time if pos­sible, but at the latest at the end of the value day.

Art. 63 Settlement deadlines

1The cent­ral se­cur­it­ies de­pos­it­ory shall set the dead­lines for par­ti­cipants to settle their se­cur­it­ies trans­ac­tions in its sys­tem. In do­ing so, it shall take ac­count in par­tic­u­lar of in­ter­na­tion­al prac­tices and its par­ti­cipants' needs.

2It shall en­able its par­ti­cipants to settle trans­ac­tions with­in the dead­lines it sets.

3It shall mon­it­or wheth­er trans­ac­tions are settled with­in the al­loc­ated dead­lines. It shall im­pose the con­trac­tu­ally agreed sanc­tions in the event of late set­tle­ment.

Art. 64 Collateral

1The cent­ral se­cur­it­ies de­pos­it­ory shall use ap­pro­pri­ate meas­ures to cov­er risks arising from the grant­ing of cred­it.

2It shall ac­cept only li­quid col­lat­er­al with low cred­it and mar­ket risks. It shall value the col­lat­er­al prudently.

Art. 65 Fulfilment of payment obligations

1The cent­ral se­cur­it­ies de­pos­it­ory shall en­able the set­tle­ment of pay­ments in con­nec­tion with se­cur­it­ies held in cus­tody or re­cor­ded with it by trans­fer­ring sight de­pos­its held with a cent­ral bank.

2If this is im­possible or im­prac­tic­al, it shall use a means of pay­ment which car­ries no or only low cred­it and li­quid­ity risks. It shall min­im­ise these risks and mon­it­or them on an on­go­ing basis.

Art. 66 Capital adequacy and risk diversification

1In­di­vidu­ally and on a con­sol­id­ated basis, the cent­ral se­cur­it­ies de­pos­it­ory must have ad­equate cap­it­al and di­ver­si­fy its risk ap­pro­pri­ately.

2The Fed­er­al Coun­cil shall set the amount of the cap­it­al based on the busi­ness activ­ity and the risks, and shall de­term­ine the risk di­ver­si­fic­a­tion re­quire­ments.

Art. 67 Liquidity

1The cent­ral se­cur­it­ies de­pos­it­ory must have suf­fi­cient li­quid­ity:

a.
to ful­fil its pay­ment ob­lig­a­tions in all cur­ren­cies un­der ex­treme but plaus­ible mar­ket con­di­tions, even in the event of the de­fault of the par­ti­cipant to which it has its greatest ex­pos­ure; and
b.
to be able to duly ex­ecute its ser­vices and activ­it­ies.

2It shall in­vest its fin­an­cial re­sources solely in cash or in li­quid fin­an­cial in­stru­ments with a low mar­ket and cred­it risk.

Art. 68 Procedure in the event of the default of a participant

The cent­ral se­cur­it­ies de­pos­it­ory shall provide for meas­ures to lim­it the cred­it and li­quid­ity risks that arise in the event of a par­ti­cipant's de­fault.

Art. 69 Segregation

1The cent­ral se­cur­it­ies de­pos­it­ory must:

a.
sep­ar­ate its own as­sets from the se­cur­it­ies of its par­ti­cipants; and
b.
sep­ar­ate a giv­en par­ti­cipant's se­cur­it­ies from those of oth­er par­ti­cipants.

2It shall of­fer its par­ti­cipants the pos­sib­il­ity of:

a.
sep­ar­at­ing their own se­cur­it­ies from those of in­dir­ect par­ti­cipants;
b.
keep­ing and re­cord­ing the se­cur­it­ies of in­dir­ect par­ti­cipants to­geth­er (om­ni­bus cus­tom­er ac­counts) or sep­ar­ately (in­di­vidu­al cus­tom­er ac­counts).

Section 2 Links between Central Securities Depositories

Art. 70 Definition

Links between cent­ral se­cur­it­ies de­pos­it­or­ies are un­der­stood as mean­ing agree­ments:

a.
between cent­ral se­cur­it­ies de­pos­it­or­ies re­gard­ing the mu­tu­al ex­e­cu­tion of pay­ment and trans­fer or­ders (in­ter­op­er­ab­il­ity links);
b.
re­gard­ing the dir­ect or in­dir­ect par­ti­cip­a­tion of a cent­ral se­cur­it­ies de­pos­it­ory in an­oth­er cent­ral se­cur­it­ies de­pos­it­ory (ac­cess links).

Art. 71 Approval

1The es­tab­lish­ment of the fol­low­ing links between cent­ral se­cur­it­ies de­pos­it­or­ies re­quires the ap­prov­al of FINMA:

a.
in­ter­op­er­ab­il­ity agree­ments;
b.
ac­cess agree­ments in which a cent­ral se­cur­it­ies de­pos­it­ory provides ser­vices for the oth­er party that it does not provide for oth­er par­ti­cipants.

2Ap­prov­al is gran­ted if the cent­ral se­cur­it­ies de­pos­it­or­ies:

a.
ap­ply rules, pro­ced­ures and con­trols which al­low them to identi­fy, lim­it and mon­it­or the risks arising from their agree­ment for their own pro­tec­tion and that of their par­ti­cipants;
b.
check their re­cords are cor­rect by com­par­ing them; and
c.
set out in a writ­ten agree­ment their rights and du­ties, as well as the rights and du­ties of their par­ti­cipants if ap­pro­pri­ate.

3If a cent­ral se­cur­it­ies de­pos­it­ory in­volved in a link between cent­ral se­cur­it­ies de­pos­it­or­ies is sys­tem­ic­ally im­port­ant, FINMA must ob­tain the SNB's agree­ment be­fore grant­ing ap­prov­al.

Art. 72 Reporting

The es­tab­lish­ment of ac­cess links in which a cent­ral se­cur­it­ies de­pos­it­ory provides the same ser­vices for the oth­er party as it provides for oth­er par­ti­cipants must be re­por­ted to FINMA.

Section 3 Segregation by Participants

Art. 73

1A cent­ral se­cur­it­ies de­pos­it­ory's par­ti­cipant shall sep­ar­ate the se­cur­it­ies, re­ceiv­ables and li­ab­il­it­ies of in­dir­ect par­ti­cipants from its own as­sets, re­ceiv­ables and li­ab­il­it­ies with the cent­ral se­cur­it­ies de­pos­it­ory and in its own ac­counts.

2It shall of­fer in­dir­ect par­ti­cipants the pos­sib­il­ity of keep­ing and re­cord­ing se­cur­it­ies, re­ceiv­ables and li­ab­il­it­ies to­geth­er with those of oth­er in­dir­ect par­ti­cipants (om­ni­bus cus­tom­er ac­counts) or sep­ar­ately (in­di­vidu­al cus­tom­er ac­counts).

3If an in­dir­ect par­ti­cipant opts for in­di­vidu­al cli­ent se­greg­a­tion, the par­ti­cipant must de­pos­it all funds in ex­cess of the in­di­vidu­al par­ti­cipant's mar­gin re­quire­ment with the cent­ral se­cur­it­ies de­pos­it­ory and dis­tin­guish them from the mar­gin pay­ments of oth­er in­dir­ect par­ti­cipants.

4A cent­ral se­cur­it­ies de­pos­it­ory's par­ti­cipant shall pub­lish the costs and spe­cif­ics con­cern­ing the level of pro­tec­tion gran­ted by the type of ac­count man­age­ment un­der para­graph 2.

Chapter 5 Trade Repositories

Section 1 General Provisions

Art. 74 Definition

A trade re­pos­it­ory is an en­tity which col­lects, man­ages and re­tains in a cent­ral­ised man­ner the data on de­riv­at­ives trans­ac­tions re­por­ted to it in ac­cord­ance with Art­icle 104.

Art. 75 Data retention

The trade re­pos­it­ory shall re­cord the re­por­ted data and re­tain it for at least ten years after the con­tract was due.

Art. 76 Publication of data

1The trade re­pos­it­ory shall reg­u­larly pub­lish the open po­s­i­tions, trans­ac­tion volumes and val­ues by de­riv­at­ives cat­egory in ag­greg­ated and an­onymised form on the basis of the re­por­ted data.

2It may pub­lish fur­ther data provided it is ag­greg­ated and an­onymised.

Art. 77 Data access for Swiss authorities

1The trade re­pos­it­ory shall grant the fol­low­ing au­thor­it­ies free ac­cess to the data they re­quire to per­form their tasks:

a.
FINMA;
b.
the SNB;
c.
oth­er Swiss fin­an­cial mar­ket su­per­vis­ory au­thor­it­ies;
d.
the Fed­er­al Elec­tri­city Com­mis­sion.

2The Fed­er­al Coun­cil shall reg­u­late ac­cess to data con­cern­ing cent­ral bank trans­ac­tions, tak­ing ac­count of re­cog­nised in­ter­na­tion­al stand­ards.

Art. 78 Data access for foreign authorities

1The trade re­pos­it­ory shall grant a for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­ity free ac­cess to the data it re­quires to per­form its tasks if an agree­ment re­gard­ing co­oper­a­tion between the com­pet­ent Swiss and for­eign su­per­vis­ory au­thor­it­ies con­firms ful­fil­ment of the fol­low­ing con­di­tions:

a.
The for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­ity is sub­ject to a stat­utory con­fid­en­ti­al­ity duty.
b.
For­ward­ing of the data by the for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­ity to oth­er for­eign au­thor­it­ies is per­mit­ted only if, on trans­fer to a crim­in­al au­thor­ity, mu­tu­al as­sist­ance in ac­cord­ance with the Mu­tu­al As­sist­ance Act of 20 March 19811 is pos­sible.
c.
The Swiss au­thor­it­ies men­tioned in Art­icle 77 para­graph 1 have im­me­di­ate ac­cess to trade re­pos­it­or­ies in the state of the for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­ity.

2The Fed­er­al Coun­cil shall reg­u­late ac­cess to data con­cern­ing cent­ral bank trans­ac­tions, tak­ing ac­count of re­cog­nised in­ter­na­tion­al stand­ards.


1 SR 351.1

Art. 79 Data transmission to private individuals

1The trade re­pos­it­ory may trans­mit data to private in­di­vidu­als in ag­greg­ated and an­onymised form.

2The trans­mis­sion of data to private in­di­vidu­als re­gard­ing their own trans­ac­tions is per­mit­ted without re­stric­tion.

Section 2 Recognition of Foreign Trade Repositories

Art. 80

1A trade re­pos­it­ory re­gistered abroad must ob­tain re­cog­ni­tion from FINMA be­fore ac­cept­ing re­ports in ac­cord­ance with Art­icle 104.

2FINMA shall grant re­cog­ni­tion:

a.
if the for­eign trade re­pos­it­ory is sub­ject to ap­pro­pri­ate reg­u­la­tion and su­per­vi­sion; and
b.
if the com­pet­ent for­eign su­per­vis­ory au­thor­it­ies:
1.
do not have any ob­jec­tions to the cross-bor­der activ­ity of the for­eign trade re­pos­it­ory,
2.
guar­an­tee that they will in­form FINMA if they de­tect vi­ol­a­tions of the law or oth­er ir­reg­u­lar­it­ies on the part of Swiss par­ti­cipants,
3.
con­firm to the com­pet­ent Swiss fin­an­cial mar­ket su­per­vis­ory au­thor­ity that the con­di­tions set out in Art­icle 78 para­graph 1 let­ters b and c are ful­filled.

3A trade re­pos­it­ory is deemed re­cog­nised if FINMA finds that:

a.
the state in which the for­eign trade re­pos­it­ory has its re­gistered of­fice reg­u­lates and su­per­vises its trade re­pos­it­or­ies ad­equately; and
b.
the con­di­tions in ac­cord­ance with para­graph 2 let­ter b are met.

4FINMA may re­fuse re­cog­ni­tion if the state in which the for­eign trade re­pos­it­ory has its re­gistered of­fice does not grant Swiss trade re­pos­it­or­ies ac­tu­al ac­cess to its mar­kets or does not of­fer them the same com­pet­it­ive op­por­tun­it­ies as those gran­ted to the trade re­pos­it­or­ies of the state in ques­tion. Any de­vi­at­ing in­ter­na­tion­al com­mit­ments are re­served.

Chapter 6 Payment Systems

Art. 81 Definition

A pay­ment sys­tem is an en­tity that clears and settles pay­ment ob­lig­a­tions based on uni­form rules and pro­ced­ures.

Art. 82 Duties

The Fed­er­al Coun­cil may define spe­cif­ic du­ties for pay­ment sys­tems, namely in terms of cap­it­al ad­equacy, risk di­ver­si­fic­a­tion and li­quid­ity, if this is ne­ces­sary for im­ple­ment­ing re­cog­nised in­ter­na­tion­al stand­ards. The com­pet­ence of the SNB to spe­cify spe­cial re­quire­ments for sys­tem­ic­ally im­port­ant pay­ment sys­tems by vir­tue of Art­icle 23 is re­served.

Chapter 7 Supervision and Oversight

Art. 83 Responsibilities

1FINMA is the su­per­vis­ory au­thor­ity. Sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­tures are also sub­ject to over­sight by the SNB.

2FINMA shall su­per­vise com­pli­ance with the au­thor­isa­tion con­di­tions and du­ties in­so­far as this task is not covered by the SNB by vir­tue of the over­sight of the spe­cial re­quire­ments in ac­cord­ance with Art­icle 23.

3FINMA and the SNB shall jointly carry out their su­per­vis­ory and over­sight activ­it­ies re­gard­ing sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­tures, reg­u­larly ex­change in­form­a­tion and avoid over­laps in the ex­e­cu­tion of their tasks. When co­oper­at­ing with for­eign su­per­vis­ory and over­sight au­thor­it­ies, they shall co­ordin­ate the dis­charge of their du­ties and their com­mu­nic­a­tion.

Art. 84 Auditing

1Fin­an­cial mar­ket in­fra­struc­tures and fin­an­cial groups must in­struct an audit firm li­censed by the Fed­er­al Audit Over­sight Au­thor­ity in ac­cord­ance with Art­icle 9a para­graph 1 AOA1 to con­duct an audit in ac­cord­ance with Art­icle 24 of the FIN­MASA2.

2They must have their an­nu­al ac­counts, and if ap­plic­able their con­sol­id­ated ac­counts, audited by an audit firm sub­ject to state over­sight in ac­cord­ance with the or­din­ary audit­ing prin­ciples set out in the Code of Ob­lig­a­tions (CO)3.

3FINMA may audit fin­an­cial mar­ket in­fra­struc­tures dir­ectly.


1 SR 221.302
2 SR 956.1
3 SR 220

Art. 85 Suspension of voting rights

FINMA may sus­pend the vot­ing rights at­tached to shares or units held by qual­i­fied par­ti­cipants in or­der to en­force Art­icle 9 para­graphs 3 and 5.

Art. 86 Voluntary authorisation return

1A fin­an­cial mar­ket in­fra­struc­ture which wishes to re­turn its au­thor­isa­tion must present a li­quid­a­tion plan to FINMA for ap­prov­al.

2The li­quid­a­tion plan must con­tain de­tails on:

a.
the set­tle­ment of fin­an­cial ob­lig­a­tions;
b.
the funds made avail­able for this pur­pose;
c.
the per­son re­spons­ible.

3A fin­an­cial mar­ket in­fra­struc­ture is re­leased from su­per­vi­sion by FINMA when it has ful­filled the du­ties set out in the li­quid­a­tion plan.

Art. 87 Authorisation withdrawal

1As a com­ple­ment to Art­icle 37 FIN­MASA1, FINMA may with­draw au­thor­isa­tion or re­cog­ni­tion from a fin­an­cial mar­ket in­fra­struc­ture if it:

a.
does not use the au­thor­isa­tion with­in twelve months;
b.
has not provided ser­vices per­mit­ted solely with the au­thor­isa­tion dur­ing the pre­ced­ing six months;
c.
does not com­ply with the li­quid­a­tion plan.

2The with­draw­al of au­thor­isa­tion shall cause the dis­sol­u­tion of the leg­al en­tity. FINMA shall des­ig­nate the li­quid­at­or and over­see its activ­ity. The in­solv­ency law pro­vi­sions in ac­cord­ance with Chapter 8 re­main re­served.


1 SR 956.1

Chapter 8 Insolvency Law Provisions

Art. 88 Insolvency measures

1Art­icles 24 to 37 and 37d to 37g, with the ex­cep­tion of Art­icle 37g para­graph 4bis of the Bank­ing Act of 8 Novem­ber 19341 ap­ply by ana­logy for fin­an­cial mar­ket in­fra­struc­tures un­less this Act con­tains pro­vi­sions to the con­trary.2

2In the case of sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­tures, FINMA shall con­sult the SNB be­fore tak­ing in­solv­ency meas­ures.


1 SR 952.0
2 Amended by An­nex No 3 of the FA of 16 March 2018, in force since 1 Jan. 2019 (AS 2018 3263; BBl 2017 4125).

Art. 89 System protection

1In­so­far as this is pos­sible and to the ex­tent that they are con­cerned, FINMA shall in­form cent­ral coun­ter­parties, cent­ral se­cur­it­ies de­pos­it­or­ies and pay­ment sys­tems in Switzer­land and abroad of the in­solv­ency meas­ures it in­tends to take against a par­ti­cipant and which lim­it the par­ti­cipant's power of dis­pos­al. It shall also in­form them of the pre­cise time of entry in­to ef­fect of the meas­ures.

2The or­ders giv­en to a cent­ral coun­ter­party, cent­ral se­cur­it­ies de­pos­it­ory or pay­ment sys­tem by a par­ti­cipant against which such an in­solv­ency meas­ure has been taken shall be leg­ally en­force­able and bind­ing on third parties if:

a. they were in­tro­duced be­fore the meas­ure was ordered and were un­al­ter­able in ac­cord­ance with the rules of the fin­an­cial mar­ket in­fra­struc­ture; or

b. they were ex­ecuted on the busi­ness day defined by the rules of the fin­an­cial mar­ket in­fra­struc­ture dur­ing which the meas­ure was ordered and the fin­an­cial mar­ket in­fra­struc­ture proves that it was not and should not have been aware of the meas­ure be­ing ordered.

3Para­graph 2 ap­plies if:

a. the fin­an­cial mar­ket in­fra­struc­ture is au­thor­ised in Switzer­land;

b. the for­eign fin­an­cial mar­ket in­fra­struc­ture is re­cog­nised or su­per­vised in Switzer­land and grants Swiss par­ti­cipants dir­ect ac­cess to its fa­cil­it­ies; or

c. the par­ti­cip­a­tion agree­ment is sub­ject to Swiss law.

4Para­graph 2 ap­plies by ana­logy to:

a.
fin­an­cial mar­ket in­fra­struc­tures in ac­cord­ance with Art­icle 4 para­graph 3;
b.
pay­ment sys­tems that are op­er­ated by banks.

Art. 90 Primacy of agreements in the event of participant insolvency

1In­solv­ency meas­ures that are ordered against a cent­ral coun­ter­party's par­ti­cipant have no ef­fect on pre­vi­ously con­cluded agree­ments between the cent­ral coun­ter­party and the par­ti­cipant re­gard­ing:

a. the off­set­ting of re­ceiv­ables, in­clud­ing the agreed meth­od and valu­ation;

b. the dir­ect real­isa­tion of col­lat­er­al in the form of se­cur­it­ies or oth­er fin­an­cial in­stru­ments whose value can be de­term­ined ob­ject­ively;

c. the trans­fer of re­ceiv­ables and li­ab­il­it­ies, and col­lat­er­al in the form of se­cur­it­ies, or oth­er fin­an­cial in­stru­ments whose value can be de­term­ined ob­ject­ively.

2Fol­low­ing the net­ting or real­isa­tion car­ried out by the cent­ral coun­ter­party in ac­cord­ance with para­graph 1 let­ters a and b, the par­ti­cipant's re­main­ing en­ti­tle­ments shall be se­greg­ated in fa­vour of its cli­ents and in­dir­ect par­ti­cipants.

3Meas­ures to the con­trary ordered with­in the scope of the post­pone­ment of the ter­min­a­tion of con­tracts by FINMA are re­served.

Art. 91 Primacy of agreements in the event of insolvency of an indirect participant

1In­solv­ency meas­ures that are ordered against a cent­ral coun­ter­party's in­dir­ect par­ti­cipant have no ef­fect on pre­vi­ously con­cluded agree­ments pur­su­ant to Art­icle 90 para­graph 1 let­ters a to c between the par­ti­cipant and the in­dir­ect par­ti­cipant.

2Fol­low­ing the net­ting or real­isa­tion car­ried out by the par­ti­cipant with­in the mean­ing of Art­icle 90 para­graph 1 let­ters a and b, the in­dir­ect par­ti­cipant's re­main­ing en­ti­tle­ments shall be se­greg­ated in fa­vour of its cli­ents and in­dir­ect par­ti­cipants.

3Para­graphs 1 and 2 shall also ap­ply to in­solv­ency meas­ures against the in­dir­ect par­ti­cipant of an­oth­er in­dir­ect par­ti­cipant.

4Meas­ures to the con­trary ordered with­in the scope of the post­pone­ment of the ter­min­a­tion of con­tracts by FINMA are re­served.

Art. 92 Postponement of the termination of contracts

If FINMA post­pones the ter­min­a­tion of con­tracts and the ex­er­cise of rights to ter­min­ate them, it shall take ac­count of the im­plic­a­tions for the fin­an­cial mar­kets and the se­cure and or­derly op­er­a­tion of the af­fected fin­an­cial mar­ket in­fra­struc­ture, its par­ti­cipants and oth­er fin­an­cial mar­ket in­fra­struc­tures as­so­ci­ated with it.

Title 3 Market Conduct

Chapter 1 Derivatives Trading

Section 1 General Provisions

Art. 93 Scope

1Sub­ject to the pro­vi­sions set out be­low, this chapter ap­plies to fin­an­cial and non-fin­an­cial coun­ter­parties which have their re­gistered of­fice in Switzer­land.

2The term fin­an­cial coun­ter­parties means:

a.
banks in ac­cord­ance with Art­icle 1 para­graph 1 of the Bank­ing Act of 8 Novem­ber 19341;
b.
se­cur­it­ies deal­ers in ac­cord­ance with Art­icle 2 let­ter d of the Stock Ex­change Act of 24 March 19952;
c.
in­sur­ance and re­in­sur­ance com­pan­ies in ac­cord­ance with Art­icle 2 para­graph 1 let­ter a of the Fed­er­al Act of 17 Decem­ber 20043 on the Su­per­vi­sion of In­sur­ance Com­pan­ies;
d.
par­ent com­pan­ies of a fin­an­cial or in­sur­ance group or fin­an­cial or in­sur­ance con­glom­er­ate;
e.
fund man­age­ment com­pan­ies and as­set man­agers of col­lect­ive in­vest­ment schemes in ac­cord­ance with Art­icle 13 para­graph 2 let­ters a and f of the Col­lect­ive In­vest­ment Schemes Act of 23 June 20064;
f.
col­lect­ive in­vest­ment schemes in ac­cord­ance with the Col­lect­ive In­vest­ment Schemes Act;
g.
oc­cu­pa­tion­al pen­sion schemes and in­vest­ment found­a­tions in ac­cord­ance with Art­icles 48 to 53k of the Fed­er­al Act of 25 June 19825 on Oc­cu­pa­tion­al Old Age, Sur­viv­ors' and In­valid­ity Pen­sion Pro­vi­sion.

3Non-fin­an­cial coun­ter­parties are com­pan­ies that are not fin­an­cial coun­ter­parties.

4The fol­low­ing es­tab­lish­ments shall be sub­ject only to the re­port­ing duty in ac­cord­ance with Art­icle 104:

a.
mul­ti­lat­er­al de­vel­op­ment banks;
b.
or­gan­isa­tions, in­clud­ing so­cial se­cur­ity in­sti­tu­tions, be­long­ing to the Con­fed­er­a­tion, can­tons or com­munes or for which the Con­fed­er­a­tion, can­ton or com­mune in ques­tion is li­able and provided that they are not fin­an­cial coun­ter­parties.

5The Fed­er­al Coun­cil may sub­ject Swiss branches of for­eign fin­an­cial mar­ket par­ti­cipants to the pro­vi­sions of this chapter if they are not sub­ject to any equi­val­ent reg­u­la­tions.


Art. 94 Exemptions

1This chapter does not ap­ply to:

a.
the Con­fed­er­a­tion, can­tons and com­munes;
b.
the SNB;
c.
the Bank for In­ter­na­tion­al Set­tle­ments.

2The 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.

3The fol­low­ing are not con­sidered to be de­riv­at­ives in ac­cord­ance with this chapter:

a.
struc­tured products such as cap­it­al-pro­tec­ted products, capped re­turn products and cer­ti­fic­ates;
b.
se­cur­it­ies lend­ing and bor­row­ing;
c.
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.

4The Fed­er­al Coun­cil may ex­clude de­riv­at­ives from the pro­vi­sions of this chapter if this is in keep­ing with in­ter­na­tion­ally re­cog­nised stand­ards.

Art. 95 Fulfilment of duties under foreign law

The du­ties set out in this chapter shall be deemed ful­filled if:

a.
they are ful­filled un­der for­eign law re­cog­nised as be­ing equi­val­ent by FINMA;
b.
a for­eign fin­an­cial mar­ket in­fra­struc­ture re­cog­nised by FINMA was used to ex­ecute the trans­ac­tion.

Art. 96 Intra-group flow of information

Coun­ter­parties may ex­change with their group com­pan­ies and branches abroad all data ne­ces­sary for im­me­di­ate ful­fil­ment of the du­ties arising from this chapter.

Section 2 Clearing via a Central Counterparty

Art. 97 Clearing duty

1Coun­ter­parties must clear trans­ac­tions in de­riv­at­ives in ac­cord­ance with Art­icle 101 that were not con­duc­ted via a trad­ing ven­ue (OTC de­riv­at­ives trans­ac­tions) through a cent­ral coun­ter­party au­thor­ised or re­cog­nised by FINMA.

2This duty does not ap­ply to trans­ac­tions with small coun­ter­parties or for trans­ac­tions between such coun­ter­parties.

3A coun­ter­party may as­sume that its coun­ter­party's de­clar­a­tion con­cern­ing its char­ac­ter­ist­ics is cor­rect in­so­far as there are no in­dic­a­tions to the con­trary.

4In or­der to com­ple­ment the duty de­tailed in Art­icle 112, the Fed­er­al Coun­cil may or­der that all de­riv­at­ives trans­ac­tions con­duc­ted via a trad­ing ven­ue or or­gan­ised trad­ing fa­cil­ity must be cleared by a cent­ral coun­ter­party au­thor­ised or re­cog­nised by FINMA.

5FINMA may al­low clear­ing by an un­re­cog­nised cent­ral coun­ter­party in in­di­vidu­al cases, provided this does not ad­versely af­fect the pro­tect­ive pur­pose of this Act.

Art. 98 Small non-financial counterparties

1A non-fin­an­cial coun­ter­party is deemed to be small if all of the rolling av­er­ages for its gross po­s­i­tions in rel­ev­ant out­stand­ing OTC de­riv­at­ives trans­ac­tions cal­cu­lated over 30 work­ing days are be­low the thresholds.

2If one of the av­er­age gross po­s­i­tions of an ex­ist­ing small non-fin­an­cial coun­ter­party cal­cu­lated in ac­cord­ance with para­graph 1 ex­ceeds the rel­ev­ant threshold, said coun­ter­party will no longer be deemed small four months after the threshold is ex­ceeded.

3De­riv­at­ives trans­ac­tions in­ten­ded to re­duce risks are not factored in­to the cal­cu­la­tion of the av­er­age gross po­s­i­tion if they are dir­ectly as­so­ci­ated with the busi­ness activ­ity, li­quid­ity man­age­ment or as­set man­age­ment of the coun­ter­party or group.

Art. 99 Small financial counterparties

1A fin­an­cial coun­ter­party is deemed to be small if the rolling av­er­age for its gross po­s­i­tion in all out­stand­ing OTC de­riv­at­ives trans­ac­tions cal­cu­lated over 30 work­ing days is be­low the threshold.

2If an ex­ist­ing small fin­an­cial coun­ter­party's av­er­age gross po­s­i­tion in ac­cord­ance with para­graph 1 ex­ceeds the threshold, said coun­ter­party will no longer be deemed small four months after the threshold is ex­ceeded.

Art. 100 Thresholds

1Thresholds ap­ply by de­riv­at­ives cat­egory to non-fin­an­cial coun­ter­parties' av­er­age gross po­s­i­tions in out­stand­ing OTC de­riv­at­ives trans­ac­tions.

2A single threshold shall ap­ply to the av­er­age gross po­s­i­tions in all out­stand­ing OTC de­riv­at­ives trans­ac­tions of fin­an­cial coun­ter­parties.

3If the coun­ter­party is part of a fully con­sol­id­ated group, all of the in­tra-group OTC de­riv­at­ives trans­ac­tions con­cluded by the coun­ter­party or by oth­er coun­ter­parties shall also be factored in­to the cal­cu­la­tion of the av­er­age gross po­s­i­tions.

4The Fed­er­al Coun­cil shall de­term­ine:

a.
for non-fin­an­cial coun­ter­parties, the level of the thresholds for each de­riv­at­ives cat­egory and how they are cal­cu­lated;
b.
which de­riv­at­ives trans­ac­tions of non-fin­an­cial coun­ter­parties are not to be taken in­to ac­count when cal­cu­lat­ing the thresholds;
c.
the threshold for fin­an­cial coun­ter­parties.

Art. 101 Derivatives concerned

1FINMA de­term­ines the de­riv­at­ives which must be cleared via a cent­ral coun­ter­party. In so do­ing, it con­siders:

a.
their de­gree of leg­al and op­er­a­tion­al stand­ard­isa­tion;
b.
their li­quid­ity;
c.
their trad­ing volumes;
d.
the avail­ab­il­ity of pri­cing in­form­a­tion in the giv­en cat­egory;
e.
the coun­ter­party risks as­so­ci­ated with them.

2It shall take ac­count of re­cog­nised in­ter­na­tion­al stand­ards and for­eign leg­al de­vel­op­ments. It may phase in the in­tro­duc­tion of the clear­ing duty by de­riv­at­ives cat­egory.

3No clear­ing duty may be im­posed for:

a.
de­riv­at­ives that are not cleared by any au­thor­ised or re­cog­nised cent­ral coun­ter­party;
b.
cur­rency swaps and for­ward trans­ac­tions, provided they are settled on a pay­ment versus pay­ment basis.

Art. 102 Cross-border transactions

The duty to clear through a cent­ral coun­ter­party also ap­plies if the for­eign coun­ter­party of the Swiss coun­ter­party sub­ject to this duty would be sub­ject to the clear­ing duty if it had its re­gistered of­fice in Switzer­land.

Art. 103 Intra-group transactions

De­riv­at­ives trans­ac­tions do not have to be cleared via a cent­ral coun­ter­party:

a.
if the two coun­ter­parties are in­cluded in the same full con­sol­id­a­tion basis;
b.
if the two coun­ter­parties are sub­ject to ap­pro­pri­ate cent­ral­ised risk eval­u­ation, meas­ure­ment and con­trol pro­ced­ures; and
c.
if the trans­ac­tions do not aim to cir­cum­vent the clear­ing duty.

Section 3 Reporting to a Trade Repository

Art. 104 Reporting duty

1De­riv­at­ives trans­ac­tions must be re­por­ted to a trade re­pos­it­ory au­thor­ised or re­cog­nised by FINMA.

2The fol­low­ing shall be ob­liged to re­port:

a.
in the case of trans­ac­tions between a fin­an­cial and a non-fin­an­cial coun­ter­party: the fin­an­cial coun­ter­party;
b.
in the case of trans­ac­tions between two fin­an­cial coun­ter­parties:
1.
the fin­an­cial coun­ter­party which is not small in ac­cord­ance with Art­icle 99,
2.
the selling coun­ter­party in the case of a trans­ac­tion between two fin­an­cial coun­ter­parties or between two small fin­an­cial coun­ter­parties;
c.
the coun­ter­party which has its re­gistered of­fice in Switzer­land if the for­eign coun­ter­party does not re­port.

3In the event of a trans­ac­tion between non-fin­an­cial coun­ter­parties, para­graph 2 let­ters b and c ap­plies by ana­logy. A trans­ac­tion between small non-fin­an­cial coun­ter­parties does not have to be re­por­ted.

4If the trans­ac­tion is cleared cent­rally, the re­port is sub­mit­ted by the cent­ral coun­ter­party. If a re­cog­nised for­eign cent­ral coun­ter­party does not sub­mit re­ports, the re­port­ing duty shall re­main with the coun­ter­parties.

5Third parties may be in­volved in re­port­ing.

6If there is no trade re­pos­it­ory, the Fed­er­al Coun­cil shall in­dic­ate the body to which the re­port is to be sub­mit­ted.

Art. 105 Timing and content of reports

1The re­port is to be sub­mit­ted at the latest on the work­ing day fol­low­ing the con­clu­sion, amend­ment or ter­min­a­tion of the de­riv­at­ives trans­ac­tion.

2For each trans­ac­tion, the fol­low­ing must be re­por­ted as a min­im­um:

a.
the iden­tity of the coun­ter­parties, par­tic­u­larly their busi­ness name and seat;
b.
the type of trans­ac­tion;
c.
the ma­tur­ity date;
d.
the nom­in­al value;
e.
the price;
f.
the set­tle­ment date;
g.
the cur­rency.

3The Fed­er­al Coun­cil may make pro­vi­sion for the re­port­ing of oth­er de­tails and gov­erns the re­port­ing format.

4Re­ports to a re­cog­nised for­eign trade re­pos­it­ory may in­clude fur­ther de­tails. If these con­sist of per­son­al data, the ap­prov­al of the per­son in ques­tion is to be ob­tained.

Art. 106 Retention of supporting documents

Coun­ter­parties must re­tain the sup­port­ing doc­u­ments for their de­riv­at­ives trans­ac­tions in ac­cord­ance with the pro­vi­sions of Art­icle 958f CO1.


1 SR 220

Section 4 Risk Mitigation

Art. 107 Duties

1OTC de­riv­at­ives trans­ac­tions which do not have to be cleared by a cent­ral coun­ter­party au­thor­ised or re­cog­nised by FINMA are sub­ject to the du­ties set out in this sec­tion.

2These du­ties do not ap­ply to:

a.
de­riv­at­ives trans­ac­tions with coun­ter­parties in ac­cord­ance with Art­icle 93 para­graph 4 and Art­icle 94 para­graph 1;
b.
cur­rency swaps and cur­rency for­ward trans­ac­tions;
c.
de­riv­at­ives trans­ac­tions vol­un­tar­ily cleared by a cent­ral coun­ter­party au­thor­ised or re­cog­nised by FINMA.

3The Fed­er­al Coun­cil may make pro­vi­sion for fur­ther com­plete or par­tial ex­emp­tions for reas­ons of pro­por­tion­al­ity and tak­ing ac­count of re­cog­nised in­ter­na­tion­al stand­ards.

Art. 108 Operational and counterparty risk mitigation

Coun­ter­parties shall re­cord, ob­serve and mit­ig­ate op­er­at­ing risks and coun­ter­party risks as­so­ci­ated with de­riv­at­ives trans­ac­tions in ac­cord­ance with Art­icle 107 para­graph 1. In par­tic­u­lar, they must:

a.
con­firm the con­trac­tu­al terms of de­riv­at­ives trans­ac­tions in a timely man­ner;
b.
have pro­ced­ures for re­con­cil­ing port­fo­li­os and man­aging the as­so­ci­ated risks, ex­cept for when the coun­ter­party is a small non-fin­an­cial coun­ter­party;
c.
have pro­ced­ures for identi­fy­ing and resolv­ing dis­putes between parties at an early stage;
d.
reg­u­larly, but at least twice per year, per­form port­fo­lio com­pres­sion where this is ap­pro­pri­ate to mit­ig­ate their coun­ter­party risk and provided they have 500 or more non-cent­rally cleared OTC de­riv­at­ives trans­ac­tions out­stand­ing.

Art. 109 Valuation of outstanding transactions

1Coun­ter­parties must value de­riv­at­ives at cur­rent prices (mark to mar­ket) on a daily basis.

2This duty does not ap­ply to trans­ac­tions with small coun­ter­parties.

3Where mar­ket con­di­tions pre­vent mark­ing to mar­ket, mark­ing to mod­el shall be used. The valu­ation mod­els must be ap­pro­pri­ate and re­cog­nised in prac­tice.

4Non-fin­an­cial coun­ter­parties may in­volve third parties for the valu­ation.

Art. 110 Exchange of collateral

1Coun­ter­parties, with the ex­cep­tion of small non-fin­an­cial coun­ter­parties, shall ex­change ap­pro­pri­ate col­lat­er­al.

2They must be cap­able of se­greg­at­ing the col­lat­er­al from their own as­sets in an ap­pro­pri­ate man­ner.

3Agree­ments re­gard­ing the dir­ect real­isa­tion of col­lat­er­al ex­changed in ac­cord­ance with para­graph 1 whose value can be de­term­ined ob­ject­ively shall re­main in force even in fore­clos­ure pro­ceed­ings and in the case of in­solv­ency meas­ures against the pro­tec­tion seller.

4The Fed­er­al Coun­cil shall reg­u­late the re­quire­ments for the ex­change of col­lat­er­al.

Art. 111 Intra-group transactions

No col­lat­er­al has to be ex­changed:

a.
if the two coun­ter­parties are in­cluded in the same full con­sol­id­a­tion basis;
b.
if the two coun­ter­parties are sub­ject to ap­pro­pri­ate cent­ral­ised risk eval­u­ation, meas­ure­ment and con­trol pro­ced­ures;
c.
if there are no leg­al or fac­tu­al im­ped­i­ments to the prompt trans­fer of own funds or the re­pay­ment of li­ab­il­it­ies; and
d.
if the trans­ac­tions do not aim to cir­cum­vent the duty to ex­change col­lat­er­al.

Section 5 Trading via Trading Venues and Organised Trading Facilities

Art. 112 Duty

1Coun­ter­parties must trade all de­riv­at­ives in ac­cord­ance with Art­icle 113 via:

a.
a trad­ing ven­ue that is au­thor­ised or re­cog­nised by FINMA; or
b.
the op­er­at­or of an or­gan­ised trad­ing fa­cil­ity that is au­thor­ised or re­cog­nised by FINMA.

2This duty does not ap­ply to trans­ac­tions with small coun­ter­parties or for trans­ac­tions between such coun­ter­parties.

Art. 113 Derivatives concerned

1FINMA de­term­ines the de­riv­at­ives which must be traded via a trad­ing ven­ue or a trad­ing fa­cil­ity in ac­cord­ance with Art­icle 112 para­graph 1. In so do­ing, it con­siders:

a.
their de­gree of leg­al and op­er­a­tion­al stand­ard­isa­tion;
b.
their li­quid­ity;
c.
their trad­ing volumes;
d.
the avail­ab­il­ity of pri­cing in­form­a­tion in the giv­en cat­egory;
e.
the coun­ter­party risks as­so­ci­ated with them.

2It shall take ac­count of re­cog­nised in­ter­na­tion­al stand­ards and for­eign leg­al de­vel­op­ments. It may phase in the in­tro­duc­tion of the duty to trade via a trad­ing ven­ue or a trad­ing fa­cil­ity, ac­cord­ing to de­riv­at­ive cat­egory.

3No duty to trade in ac­cord­ance with Art­icle 112 may be im­posed for:

a.
de­riv­at­ives not ad­mit­ted to trad­ing by a rel­ev­ant trad­ing ven­ue or trad­ing fa­cil­ity;
b.
cur­rency swaps and for­ward trans­ac­tions, provided they are settled on a pay­ment versus pay­ment basis.

Art. 114 Cross-border transactions

The duty to trade de­riv­at­ives in ac­cord­ance with Art­icle 112 also ap­plies if the for­eign coun­ter­party of the Swiss coun­ter­party sub­ject to the duty would be sub­ject to the same duty if it had its re­gistered of­fice in Switzer­land..

Art. 115 Intra-group transactions

The duty to trade in ac­cord­ance with Art­icle 112 does not ap­ply if:

a.
the two coun­ter­parties are in­cluded in the same full con­sol­id­a­tion basis;
b.
the two coun­ter­parties are sub­ject to ap­pro­pri­ate cent­ral­ised risk eval­u­ation, meas­ure­ment and con­trol pro­ced­ures; and
c.
the trans­ac­tions do not aim to cir­cum­vent the duty.

Section 6 Auditing

Art. 116 Responsibilities

1The aud­it­ors in ac­cord­ance with Art­icles 727 and 727a CO1 shall veri­fy the coun­ter­parties' com­pli­ance with the pro­vi­sions of this chapter with­in the frame­work of their audits.

2The audit­ing of su­per­vised parties is gov­erned by the fin­an­cial mar­ket acts.

3Pro­vi­sions on the su­per­vi­sion and over­all su­per­vi­sion of oc­cu­pa­tion­al old age, sur­viv­ors' and in­valid­ity pen­sion pro­vi­sion are re­served.


1 SR 220

Art. 117 Reports and notifications

1The audit com­pan­ies of su­per­vised parties shall re­port to FINMA.

2The duty to no­ti­fy in ac­cord­ance with Art­icle 728c para­graphs 1 and 2 CO1 ap­plies to aud­it­ors of non-su­per­vised parties in the event of in­fringe­ments with re­gard to du­ties un­der this chapter.

3If the com­pany fails to take ap­pro­pri­ate meas­ures des­pite the aud­it­ors' no­ti­fic­a­tion, the aud­it­ors shall re­port the in­fringe­ments to the Fed­er­al De­part­ment of Fin­ance.


1 SR 220

Chapter 2 Position limits for commodity derivatives

Art. 118 Position limits

1The Fed­er­al Coun­cil may in­tro­duce lim­its on the size of net po­s­i­tions which a per­son may hold in com­mod­ity de­riv­at­ives in­so­far as this is ne­ces­sary for or­derly pri­cing and set­tle­ment as well as for con­ver­gence between prices on the de­riv­at­ives mar­ket and on the un­der­ly­ing mar­ket. In do­ing so, it shall take ac­count of re­cog­nised in­ter­na­tion­al stand­ards and leg­al de­vel­op­ments abroad.

2It gov­erns the fol­low­ing for po­s­i­tion lim­its:

a.
the cal­cu­la­tion of net po­s­i­tions;
b.
the ex­emp­tions for po­s­i­tions which are held for a non-fin­an­cial coun­ter­party and which serve to re­duce the risks dir­ectly as­so­ci­ated with its busi­ness activ­ity, li­quid­ity man­age­ment or as­set man­age­ment;
c.
the re­port­ing du­ties re­quired for the trans­par­ency of com­mod­ity de­riv­at­ives trad­ing.

3FINMA shall set po­s­i­tion lim­its for the in­di­vidu­al com­mod­ity de­riv­at­ives.

Art. 119 Supervision

1The trad­ing ven­ue shall su­per­vise open po­s­i­tions in or­der to en­force po­s­i­tion lim­its. It may re­quest each par­ti­cipant to:

a.
grant it ac­cess to all in­form­a­tion re­quired for en­for­cing the po­s­i­tion lim­its;
b.
li­quid­ate or re­duce po­s­i­tions if the po­s­i­tion lim­its have been ex­ceeded.

2Para­graph 1 ap­plies by ana­logy to op­er­at­ors of or­gan­ised trad­ing fa­cil­it­ies and their cli­ents.

Chapter 3 Disclosure of Shareholdings

Art. 120 Notification duty

1Any­one who dir­ectly or in­dir­ectly or act­ing in con­cert with third parties ac­quires or dis­poses of shares or ac­quis­i­tion or sale rights re­lat­ing to shares of a com­pany with its re­gistered of­fice in Switzer­land whose equity se­cur­it­ies are lis­ted in whole or in part in Switzer­land, or of a com­pany with its re­gistered of­fice abroad whose equity se­cur­it­ies are mainly lis­ted in whole or in part in Switzer­land, and thereby reaches, falls be­low or ex­ceeds the thresholds of 3%, 5%, 10%, 15%, 20%, 25%, 33⅓%, 50% or 66⅔% of the vot­ing rights, wheth­er ex­er­cis­able or not, must no­ti­fy this to the com­pany and to the stock ex­changes on which the equity se­cur­it­ies are lis­ted.

2Fin­an­cial in­ter­me­di­ar­ies who ac­quire or dis­pose of shares or ac­quis­i­tion or sale rights on be­half of third parties are not sub­ject to this no­ti­fic­a­tion duty.

3Any­one who has the dis­cre­tion­ary power to ex­er­cise the vot­ing rights as­so­ci­ated with equity se­cur­it­ies in ac­cord­ance with para­graph 1 is also sub­ject to the no­ti­fic­a­tion duty.

4The fol­low­ing shall be deemed equi­val­ent to an ac­quis­i­tion or dis­pos­al:

a.
the ini­tial list­ing of equity se­cur­it­ies;
b.
the con­ver­sion of par­ti­cip­a­tion cer­ti­fic­ates or profit-shar­ing cer­ti­fic­ates in­to shares;
c.
the ex­er­cise of con­ver­sion or ac­quis­i­tion rights;
d.
changes in the share cap­it­al; and
e.
the ex­er­cise of sale rights.

5All pro­ced­ures that can ul­ti­mately con­fer the vot­ing right to equity se­cur­it­ies also con­sti­tute an in­dir­ect ac­quis­i­tion. This does not ap­ply in the case of powers of at­tor­ney gran­ted solely for the pur­poses of rep­res­ent­a­tion at a gen­er­al meet­ing.

Art. 121 Notification duty for organised groups

A group or­gan­ised pur­su­ant to an agree­ment or oth­er­wise must com­ply with the no­ti­fic­a­tion duty laid down in Art­icle 120 as a group and shall dis­close:

a.
its total hold­ings;
b.
the iden­tity of its mem­bers;
c.
the nature of the agree­ment;
d.
the rep­res­ent­a­tion.

Art. 122 Communication to FINMA

If a com­pany or stock ex­change has reas­on to be­lieve that a share­hold­er is in vi­ol­a­tion of the no­ti­fic­a­tion duty, it shall in­form FINMA of such fact.

Art. 123 Powers of FINMA

1FINMA shall is­sue pro­vi­sions on:

a.
the scope of the no­ti­fic­a­tion duty;
b.
the treat­ment of ac­quis­i­tion and dis­pos­al rights;
c.
the cal­cu­la­tion of vot­ing rights;
d.
the time frame with­in which the no­ti­fic­a­tion duty has to be ful­filled;
e.
the time frame with­in which a com­pany has to pub­lish changes to its own­er­ship struc­ture in ac­cord­ance with Art­icle 120.

2FINMA may, for good cause, make pro­vi­sion for ex­emp­tions to or eas­ing of the no­ti­fic­a­tion or pub­lic­a­tion duty, par­tic­u­larly if the trans­ac­tions:

a.
are of a short-term nature;
b.
are not as­so­ci­ated with any in­ten­tion to ex­er­cise the vot­ing right; or
c.
are con­di­tion­al.

3Any­one who in­tends to ac­quire se­cur­it­ies can ob­tain a rul­ing from FINMA as to wheth­er or not they will be sub­ject to the no­ti­fic­a­tion duty.

Art. 124 Duty of the company to inform

The com­pany must pub­lish the in­form­a­tion which it re­ceives in re­spect of changes in the vot­ing rights.

Chapter 4 Public Takeover Offers

Art. 125 Scope

1The pro­vi­sions of this chapter and Art­icle 163 ap­ply to pub­lic takeover of­fers re­lat­ing to equity se­cur­it­ies of com­pan­ies (tar­get com­pan­ies):

a.
with their re­gistered of­fice in Switzer­land whose equity se­cur­it­ies are at least partly lis­ted on a stock ex­change in Switzer­land;
b.
with their re­gistered of­fice abroad whose equity se­cur­it­ies are at least in part mainly lis­ted in Switzer­land.

2If both Swiss and for­eign law are sim­ul­tan­eously ap­plic­able to a pub­lic takeover of­fer, the pro­vi­sions of Swiss law may be re­lin­quished if:

a.
the ap­plic­a­tion of Swiss law would lead to a con­flict with the for­eign law; and
b.
the pro­tec­tion provided by the for­eign law to in­vestors is equi­val­ent to that provided by Swiss law.

3Com­pan­ies may, pri­or to their equity se­cur­it­ies be­ing ad­mit­ted to of­fi­cial list­ing on a stock ex­change in ac­cord­ance with para­graph 1, state in their art­icles of in­cor­por­a­tion that an of­fer­or shall not be bound by the ob­lig­a­tion to make a pub­lic takeover of­fer in ac­cord­ance with Art­icles 135 and 163.

4A com­pany may at any time ad­opt a pro­vi­sion in ac­cord­ance with para­graph 3 in its art­icles of in­cor­por­a­tion, provided that this does not pre­ju­dice the in­terests of share­hold­ers with­in the mean­ing of Art­icle 706 CO1.


1 SR 220

Art. 126 Takeover Board

1After con­sult­ing the stock ex­changes, FINMA shall ap­point a board for pub­lic takeover of­fers (Takeover Board). This Board shall con­sist of ex­pert rep­res­ent­at­ives of se­cur­it­ies deal­ers, lis­ted com­pan­ies and in­vestors. The or­gan­isa­tion­al struc­ture and pro­ced­ures of the Takeover Board shall be sub­mit­ted to FINMA for ap­prov­al.

2The pro­vi­sions which are is­sued by the Takeover Board in ac­cord­ance with this Act shall re­quire the ap­prov­al of FINMA.

3The Takeover Board shall check com­pli­ance with the pro­vi­sions ap­plic­able to pub­lic takeover of­fers in in­di­vidu­al cases.

4It shall re­port to FINMA once a year on its activ­it­ies.

5The Takeover Board may levy fees on the parties in­volved in takeover pro­ceed­ings. The Fed­er­al Coun­cil shall gov­ern the fees. In do­ing so, it shall take ac­count of the value of the trans­ac­tions and the de­gree of dif­fi­culty of the pro­ceed­ings.

6The stock ex­changes shall bear the costs that are not covered by the fees.

Art. 127 Duties of the offeror

1The of­fer­or must pub­lish the of­fer in a pro­spect­us con­tain­ing true and com­plete in­form­a­tion.

2The of­fer­or must treat all hold­ers of equity se­cur­it­ies of the same class equally.

3The of­fer­or's du­ties shall ap­ply for all who act in con­cert with it.

Art. 128 Review of the offer

1The of­fer­or shall, pri­or to pub­lic­a­tion, sub­mit the of­fer to an audit firm li­censed by the Fed­er­al Audit Over­sight Au­thor­ity in ac­cord­ance with Art­icle 9a para­graph 1 AOA1 or to a se­cur­it­ies deal­er for re­view.

2The re­view­ing en­tity shall check wheth­er the of­fer is in com­pli­ance with the law and the im­ple­ment­ing pro­vi­sions.


Art. 129 Right of withdrawal of the seller

The seller may with­draw a con­tract or res­cind an ex­ecuted sale if these were con­cluded or ex­ecuted on the basis of a pro­hib­ited of­fer.

Art. 130 Announcement of the result of the offer and extension of the offer period

1The of­fer­or must pub­lish the res­ult of the of­fer upon ex­piry of the of­fer peri­od.

2If the con­di­tions of the of­fer are met, the of­fer­or must ex­tend the of­fer peri­od for those hold­ers of shares and oth­er equity se­cur­it­ies who have not yet ac­cep­ted the of­fer.

Art. 131 Additional provisions

The Takeover Board shall set out ad­di­tion­al pro­vi­sions re­lat­ing to:

a.
the an­nounce­ment of an of­fer pri­or to its pub­lic­a­tion;
b.
the con­tents and the pub­lic­a­tion of the pro­spect­us as well as the con­di­tions to which an of­fer can be sub­jec­ted;
c.
the rules of fair­ness ap­plic­able to pub­lic takeover of­fers;
d.
the re­view of the of­fer by an audit firm li­censed by the Fed­er­al Audit Over­sight Au­thor­ity in ac­cord­ance with Art­icle 9a para­graph 1 AOA1 or a se­cur­it­ies deal­er;
e.
the of­fer peri­od and any ex­ten­sion there­of, the con­di­tions un­der which the of­fer may be with­drawn or mod­i­fied and the peri­od with­in which a seller may with­draw;
f.
ac­tions in con­cert with third parties;
g.
its pro­ced­ures.

Art. 132 Duties of target companies

1The board of dir­ect­ors of the tar­get com­pany (Art. 125 para. 1) shall sub­mit a re­port to the hold­ers of equity se­cur­it­ies set­ting out its po­s­i­tion in re­la­tion to the of­fer. The in­form­a­tion in the re­port must be true and com­plete. The board of dir­ect­ors of the tar­get com­pany shall pub­lish the re­port.

2From the mo­ment the of­fer is pub­lished un­til the res­ult is an­nounced, the board of dir­ect­ors of the tar­get com­pany shall not enter in­to any leg­al trans­ac­tions which would have the ef­fect of sig­ni­fic­antly al­ter­ing the as­sets or li­ab­il­it­ies of the com­pany. De­cisions taken by the gen­er­al meet­ing of share­hold­ers are not sub­ject to this re­stric­tion and may be im­ple­men­ted ir­re­spect­ive of wheth­er they were ad­op­ted be­fore or after pub­lic­a­tion of the of­fer.

3The Takeover Board shall is­sue pro­vi­sions on:

a.
the re­port to be is­sued by the board of dir­ect­ors of the tar­get com­pany;
b.
any meas­ures which are aimed in an im­prop­er man­ner at frus­trat­ing an of­fer or pre­vent­ing it from be­ing suc­cess­ful.

Art. 133 Competing offers

1In the event of com­pet­ing of­fers, the hold­ers of equity se­cur­it­ies in the tar­get com­pany must be free to choose which of­fer they ac­cept.

2The Takeover Board shall is­sue pro­vi­sions re­lat­ing to com­pet­ing of­fers and their ef­fect on the first of­fer.

Art. 134 Notification duty

1The of­fer­or or any­one who dir­ectly, in­dir­ectly or in con­cert with third parties holds a stake of at least 3% of the vot­ing rights, wheth­er ex­er­cis­able or not, of the tar­get com­pany or, as the case may be, of an­oth­er com­pany whose equity se­cur­it­ies are be­ing offered in ex­change must, from the time the of­fer is pub­lished un­til the ex­piry of the of­fer peri­od, no­ti­fy the Takeover Board and the stock ex­changes on which the se­cur­it­ies are lis­ted of any ac­quis­i­tion or dis­pos­al of equity se­cur­it­ies of such com­pany.

2A group or­gan­ised pur­su­ant to an agree­ment or oth­er­wise shall be sub­ject to this no­ti­fic­a­tion duty solely as a group.

3The Takeover Board may sub­ject to the same duty any­one who, from the time the of­fer is pub­lished un­til the ex­piry of the of­fer peri­od, ac­quires or dis­poses of, dir­ectly, in­dir­ectly or act­ing in con­cert with third parties, a cer­tain per­cent­age of the equity se­cur­it­ies of the tar­get com­pany or of an­oth­er com­pany whose equity se­cur­it­ies are be­ing offered in ex­change.

4If a com­pany or stock ex­change has reas­on to be­lieve that a share­hold­er is in vi­ol­a­tion of the no­ti­fic­a­tion duty, it shall in­form the Takeover Board of such fact.

5The Takeover Board shall is­sue rules on the scope, form and time al­lowed for no­ti­fic­a­tion and on the per­cent­age rel­ev­ant for the ap­plic­a­tion of para­graph 3.

Art. 135 Duty to make an offer

1Any­one who dir­ectly, in­dir­ectly or act­ing in con­cert with third parties ac­quires equity se­cur­it­ies which, ad­ded to the equity se­cur­it­ies already owned, ex­ceed the threshold of 33⅓% of the vot­ing rights of a tar­get com­pany, wheth­er ex­er­cis­able or not, must make an of­fer to ac­quire all lis­ted equity se­cur­it­ies of the com­pany. Tar­get com­pan­ies may raise this threshold to 49% of vot­ing rights in its art­icles of in­cor­por­a­tion.

2The price offered must be at least as high as the high­er of the fol­low­ing two amounts:

a.
the stock ex­change price;
b.
the highest price that the of­fer­or has paid for equity se­cur­it­ies of the tar­get com­pany in the pre­ced­ing twelve months.

3If the tar­get com­pany has is­sued sev­er­al classes of equity se­cur­it­ies, there must be an ap­pro­pri­ate re­la­tion­ship among the prices offered for the vari­ous classes of equity se­cur­it­ies.

4FINMA shall is­sue pro­vi­sions on the duty to make an of­fer. The Takeover Board shall have the right to put for­ward pro­pos­als.

5If there are suf­fi­cient in­dic­a­tions that a per­son has not met the duty to make an of­fer, the Takeover Board may take the fol­low­ing meas­ures un­til the duty to make an of­fer has been cla­ri­fied or, as ap­pro­pri­ate, the duty to make an of­fer has been ful­filled:

a.
sus­pend the vot­ing rights and as­so­ci­ated rights of this per­son; and
b.
pro­hib­it this per­son from ac­quir­ing fur­ther shares or ac­quis­i­tion or dis­pos­al rights re­lat­ing to shares of the tar­get com­pany, be it dir­ectly, in­dir­ectly or act­ing in con­cert with third parties.

Art. 136 Exemptions from the duty to make an offer

1In jus­ti­fied cases, the Takeover Board may grant ex­emp­tions from the duty to make an of­fer, par­tic­u­larly in the fol­low­ing cases:

a.
where the trans­fer of vot­ing rights oc­curs with­in a group or­gan­ised pur­su­ant to an agree­ment or oth­er­wise. In such a case, only the group as such shall be sub­ject to the duty to make an of­fer;
b.
where the threshold is ex­ceeded as a res­ult of a de­crease in the total num­ber of vot­ing rights of the com­pany;
c.
where the threshold is ex­ceeded only tem­por­ar­ily;
d.
where the se­cur­it­ies have been ac­quired without con­sid­er­a­tion or on ex­er­cise of pre-empt­ive rights pur­su­ant to a share cap­it­al in­crease;
e.
where the se­cur­it­ies have been ac­quired for re­or­gan­isa­tion pur­poses.

2The duty to make an of­fer does not ap­ply if the vot­ing rights have been ac­quired as a res­ult of a dona­tion, suc­ces­sion or par­ti­tion of an es­tate, mat­ri­mo­ni­al prop­erty law or ex­e­cu­tion pro­ceed­ings.

Art. 137 Cancellation of outstanding equity securities

1An of­fer­or who holds more than 98% of the vot­ing rights of the tar­get com­pany on ex­piry of the of­fer peri­od may, with­in three months, pe­ti­tion the court to can­cel the out­stand­ing equity se­cur­it­ies. For this pur­pose, the of­fer­or must ini­ti­ate an ac­tion against the com­pany. The re­main­ing share­hold­ers may par­ti­cip­ate in these pro­ceed­ings.

2The com­pany shall re­is­sue such equity se­cur­it­ies and al­lot them to the of­fer­or either against pay­ment of the of­fer price or ful­fil­ment of the ex­change of­fer in fa­vour of the hold­ers of the equity se­cur­it­ies which have been can­celled.

Art. 138 Tasks of the Takeover Board

1The Takeover Board shall is­sue the de­cisions ne­ces­sary for the en­force­ment of the pro­vi­sions of this chapter and its im­ple­ment­ing pro­vi­sions and shall mon­it­or com­pli­ance with the stat­utory and reg­u­lat­ory pro­vi­sions. It may pub­lish the de­cisions.

2Per­sons and com­pan­ies sub­ject to a no­ti­fic­a­tion duty in ac­cord­ance with Art­icle 134, and per­sons and com­pan­ies who are en­titled to party status in ac­cord­ance with Art­icle 139 para­graphs 2 and 3 must provide all the in­form­a­tion and sur­render any doc­u­ments to the Takeover Board which the lat­ter re­quires to per­form its tasks.

3If the Takeover Board be­comes aware of vi­ol­a­tions of the pro­vi­sions of this chapter or of oth­er ir­reg­u­lar­it­ies, it shall en­sure that an or­derly situ­ation is re­stored and that the ir­reg­u­lar­it­ies are remedied.

4If the Takeover Board be­comes aware of any gen­er­al felon­ies or mis­de­mean­ours or in­fringe­ments of this Act, it shall promptly no­ti­fy the com­pet­ent pro­sec­u­tion au­thor­it­ies.

Art. 139 Proceedings before the Takeover Board

1Sub­ject to the fol­low­ing ex­emp­tions, the pro­ceed­ings of the Takeover Board are gov­erned by the pro­vi­sions of the Fed­er­al Act of 20 Decem­ber 19681 on Ad­min­is­trat­ive Pro­ced­ure.

2In pro­ceed­ings with re­gard to pub­lic takeover of­fers, the fol­low­ing have party status:

a.
the of­fer­or;
b.
the per­sons who act in con­cert with the of­fer­or; and
c.
the tar­get com­pany.

3Share­hold­ers hold­ing at least 3% of the vot­ing rights of the tar­get com­pany, wheth­er ex­er­cis­able or not, also qual­i­fy as parties if they claim such status from the Takeover Board.

4The stat­utory pro­vi­sions on leg­al hol­i­days do not ap­ply to pro­ceed­ings of the Takeover Board re­gard­ing pub­lic takeover of­fers.

5The sub­mis­sion of leg­al doc­u­ments by fax or by elec­tron­ic means is per­mit­ted in cor­res­pond­ence with the Takeover Board and is re­cog­nised with re­gard to com­pli­ance with time lim­its.


Art. 140 Appeal proceeding before FINMA

1An ap­peal against de­cisions of the Takeover Board may be lodged with FINMA with­in a peri­od of five trad­ing days.

2The ap­peal must be made in writ­ing to FINMA and be sub­stan­ti­ated. In the event of an ap­peal, the Takeover Board will for­ward its files to FINMA.

3Art­icle 139 para­graphs 1, 4 and 5 ap­ply to the pro­ceed­ing for ap­peals lodged with FINMA.

Art. 141 Appeal proceeding before the Federal Administrative Court

1An ap­peal against FINMA rul­ings re­gard­ing pub­lic takeover of­fers may be lodged with the Fed­er­al Ad­min­is­trat­ive Court in ac­cord­ance with the Fed­er­al Act of 17 June 20051 on the Fed­er­al Ad­min­is­trat­ive Court.

2The ap­peal must be lodged with­in ten days of no­ti­fic­a­tion of the de­cision. It has no sus­pens­ive ef­fect.

3The stat­utory pro­vi­sions on leg­al hol­i­days do not ap­ply to pro­ceed­ings re­gard­ing pub­lic takeover of­fers be­fore the Fed­er­al Ad­min­is­trat­ive Court.


Chapter 5 Insider Trading and Market Manipulation

Art. 142 Exploitation of insider information

1Any per­son who has in­sider in­form­a­tion and who knows or should know that it is in­sider in­form­a­tion or who has a re­com­mend­a­tion that he or she knows or should know is based on in­sider in­form­a­tion shall be­have in­ad­miss­ibly when he or she:

a.
ex­ploits it to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land or to use fin­an­cial in­stru­ments de­rived from such se­cur­it­ies;
b.
dis­closes it to an­oth­er;
c.
ex­ploits it to re­com­mend to an­oth­er to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land or to use fin­an­cial in­stru­ments de­rived from such se­cur­it­ies.

2The Fed­er­al Coun­cil shall is­sue pro­vi­sions re­gard­ing the ad­miss­ible use of in­sider in­form­a­tion, in par­tic­u­lar in con­nec­tion with:

a.
se­cur­it­ies trans­ac­tions in pre­par­a­tion of a pub­lic takeover of­fer;
b.
a spe­cial leg­al status on the part of the re­cip­i­ent of the in­form­a­tion.

Art. 143 Market manipulation

1A per­son be­haves in­ad­miss­ibly when he or she:

a.
pub­licly dis­sem­in­ates in­form­a­tion which he or she knows or should know gives false or mis­lead­ing sig­nals re­gard­ing the sup­ply, de­mand or price of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land;
b.
car­ries out trans­ac­tions or ac­quis­i­tion or dis­pos­al or­ders which he or she knows or should know give false or mis­lead­ing sig­nals re­gard­ing the sup­ply, de­mand or price of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land.

2The Fed­er­al Coun­cil shall is­sue pro­vi­sions re­gard­ing ad­miss­ible con­duct, in par­tic­u­lar in con­nec­tion with:

a.
se­cur­it­ies trans­ac­tions for price sta­bil­isa­tion pur­poses;
b.
buy­back pro­grammes for a com­pany's own se­cur­it­ies.

Chapter 6 Instruments for Market Supervision

Art. 144 Suspension of voting rights and purchase ban

If there are suf­fi­cient in­dic­a­tions that a per­son has not met the no­ti­fic­a­tion duty in ac­cord­ance with Art­icles 120 and 121, FINMA may, un­til the no­ti­fic­a­tion duty has been cla­ri­fied and, as ap­pro­pri­ate, the no­ti­fic­a­tion duty has been ful­filled:

a.
sus­pend the vot­ing rights and as­so­ci­ated rights of this per­son; and
b.
pro­hib­it this per­son from ac­quir­ing fur­ther shares or ac­quis­i­tion or sale rights re­lat­ing to shares of the com­pany in ques­tion, be it dir­ectly, in­dir­ectly or act­ing in con­cert with third parties.

Art. 145 Supervisory instruments in accordance with the FINMASA

The su­per­vis­ory in­stru­ments de­tailed in Art­icle 29 para­graphs 1, 30, 32, 34 and 35 FIN­MASA1 ap­ply to all per­sons who con­tra­vene Art­icles 120, 121, 124, 142 or 143 of this Act.


1 SR 956.1

Art. 146 Duty to provide information

Per­sons sub­ject to a no­ti­fic­a­tion duty in ac­cord­ance with Art­icle 134, as well as per­sons who in ac­cord­ance with Art­icle 139 para­graphs 2 and 3 can have the status of party, must provide all in­form­a­tion and sur­render any doc­u­ments to FINMA which the lat­ter re­quires to per­form its tasks.

Title 4 Criminal Provisions and Final Provisions

Chapter 1 Criminal Provisions

Art. 147 Violation of professional secrecy

1A cus­todi­al sen­tence not ex­ceed­ing three years or a mon­et­ary pen­alty shall be im­posed on any per­son who wil­fully:

a.
dis­closes a secret en­trus­ted to them in their ca­pa­city as a dir­ect­or or of­ficer, em­ploy­ee, agent or li­quid­at­or of a fin­an­cial mar­ket in­fra­struc­ture or of which they have be­come aware in said ca­pa­city;
b.
at­tempts to in­duce a vi­ol­a­tion of pro­fes­sion­al secrecy;
c.
dis­closes to oth­er per­sons a secret dis­closed to them in vi­ol­a­tion of let­ter a or ex­ploits such a secret for their own be­ne­fit or for the be­ne­fit of oth­ers.

2A cus­todi­al sen­tence not ex­ceed­ing five years or a mon­et­ary pen­alty shall be im­posed on any per­son who ob­tains a pe­cu­ni­ary ad­vant­age for them­selves or an­oth­er per­son through an ac­tion as de­tailed in para­graph 1 let­ter a or c .

3A mon­et­ary pen­alty not ex­ceed­ing 180 daily pen­alty units shall be im­posed on per­sons who com­mit the fore­go­ing acts through neg­li­gence.

4Any per­son who vi­ol­ates pro­fes­sion­al secrecy re­mains li­able to pro­sec­u­tion after ter­min­a­tion of the of­fi­cial or em­ploy­ment re­la­tion­ship or ex­er­cise of the pro­fes­sion.

5The fed­er­al and can­ton­al pro­vi­sions re­lat­ing to the duty to testi­fy and the duty to provide in­form­a­tion to the au­thor­it­ies are re­served.

Art. 148 Violation of the provisions on protection against confusion and deception and notification duties

A fine not ex­ceed­ing CHF 500,000 shall be im­posed on any per­son who wil­fully:

a.
vi­ol­ates the pro­vi­sion on pro­tec­tion against con­fu­sion and de­cep­tion (Art. 16);
b.
fails to provide the su­per­vis­ory au­thor­it­ies with the pre­scribed no­ti­fic­a­tions in ac­cord­ance with Art­icles 9 and 17, or does so in­cor­rectly or too late.

Art. 149 Violation of the record-keeping and disclosure duties

A fine not ex­ceed­ing CHF 500,000 shall be im­posed on any per­son who wil­fully:

a.
vi­ol­ates the re­cord-keep­ing duty set out in Art­icle 38;
b.
vi­ol­ates the dis­clos­ure duty in ac­cord­ance with Art­icle 39.

Art. 150 Violation of duties regarding derivatives trading

A fine not ex­ceed­ing CHF 100,000 shall be im­posed on any per­son who wil­fully:

a.
vi­ol­ates the clear­ing duty set out in Art­icle 97;
b.
vi­ol­ates the re­port­ing duty cited in Art­icle 104;
c.
vi­ol­ates the risk mit­ig­a­tion du­ties cited in Art­icles 107 to 110;
d.
vi­ol­ates the duty cited in Art­icle 112.

Art. 151 Breach of notification duties

1A fine not ex­ceed­ing CHF 10 mil­lion shall be im­posed on any per­son who wil­fully:

a.
vi­ol­ates the no­ti­fic­a­tion duty cited in Art­icle 120 or 121;
b.
as the own­er of a qual­i­fied par­ti­cip­a­tion in a tar­get com­pany, fails to dis­close the ac­quis­i­tion or sale of equity se­cur­it­ies of that com­pany (Art. 134).

2A fine not ex­ceed­ing CHF 100,000 shall be im­posed on per­sons who com­mit the fore­go­ing acts through neg­li­gence.

Art. 152 Breach of the duty to make an offer

A fine not ex­ceed­ing CHF 10 mil­lion shall be im­posed on any per­son who wil­fully fails to com­ply with a leg­ally bind­ing duty to make an of­fer (Art. 135).

Art. 153 Breach of duties by the target company

1A fine not ex­ceed­ing CHF 500,000 shall be im­posed on any per­son who wil­fully:

a.
fails to sub­mit the man­dat­ory re­port to the hold­ers of equity se­cur­ity set­ting out his or her po­s­i­tion in re­la­tion to the of­fer or fails to pub­lish such a re­port (Art. 132 para. 1);
b.
in­cludes un­true or in­com­plete in­form­a­tion in such re­port (Art. 132 para. 1).

2A fine not ex­ceed­ing CHF 150,000 shall be im­posed on per­sons who com­mit the fore­go­ing acts through neg­li­gence.

Art. 154 Exploitation of insider information

1A cus­todi­al sen­tence not ex­ceed­ing three years or a mon­et­ary pen­alty shall be im­posed on any per­son who as a body or a mem­ber of a man­aging or su­per­vis­ory body of an is­suer or of a com­pany con­trolling or con­trolled by them, or as a per­son who due to their hold­ing or activ­ity has le­git­im­ate ac­cess to in­sider in­form­a­tion, if they gain a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er with in­sider in­form­a­tion by:

a.
ex­ploit­ing it to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land or to use de­riv­at­ives re­lat­ing to such se­cur­it­ies;
b.
dis­clos­ing it to an­oth­er;
c.
ex­ploit­ing it to re­com­mend to an­oth­er to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land or to use de­riv­at­ives re­lat­ing to such se­cur­it­ies.

2Any per­son who through an act set out in para­graph 1 gains a pe­cu­ni­ary ad­vant­age ex­ceed­ing one mil­lion francs shall be li­able to a cus­todi­al sen­tence not ex­ceed­ing five years or a mon­et­ary pen­alty.

3Any per­son who gains a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er by ex­ploit­ing in­sider in­form­a­tion or a re­com­mend­a­tion based on in­sider in­form­a­tion dis­closed or giv­en to them by a per­son re­ferred to in para­graph 1 or ac­quired through a felony or mis­de­mean­our in or­der to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land or to use de­riv­at­ives re­lat­ing to such se­cur­it­ies shall be li­able to a cus­todi­al sen­tence not ex­ceed­ing one year or a mon­et­ary pen­alty.

4Any per­son who is not a per­son re­ferred to in para­graphs 1 to 3 and yet who gains a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er by ex­ploit­ing in­sider in­form­a­tion or a re­com­mend­a­tion based on in­sider in­form­a­tion in or­der to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land or to use de­riv­at­ives re­lat­ing to se­cur­it­ies shall be li­able to a fine.

Art. 155 Price manipulation

1A cus­todi­al sen­tence not ex­ceed­ing three years or a mon­et­ary pen­alty shall be im­posed on any per­son who sub­stan­tially in­flu­ences the price of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land with the in­ten­tion of gain­ing a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er if they:

a.
dis­sem­in­ate false or mis­lead­ing in­form­a­tion against their bet­ter know­ledge;
b.
ef­fect ac­quis­i­tions and sales of such se­cur­it­ies dir­ectly or in­dir­ectly for the be­ne­fit of the same per­son or per­sons con­nec­ted for this pur­pose.

2Any per­son who through activ­it­ies set out in para­graph 1 gains a pe­cu­ni­ary ad­vant­age of more than one mil­lion francs shall be li­able to a cus­todi­al sen­tence not ex­ceed­ing five years or a mon­et­ary pen­alty.

Art. 156 Jurisdiction

1Pro­sec­u­tion and ad­ju­dic­a­tion of acts un­der Art­icles 154 and 155 are sub­ject to fed­er­al jur­is­dic­tion. It is not per­mit­ted to trans­fer jur­is­dic­tion for pro­sec­u­tion and ad­ju­dic­a­tion to the can­ton­al au­thor­it­ies.

2The can­tons are re­spons­ible for the pro­sec­u­tion and ad­ju­dic­a­tion of acts un­der Art­icle 147.

Chapter 2 Final Provisions

A:
AHVG Bundesgesetz über die Alters- und Hinterlassenenversicherung
AHVV Verordnung über die Alters- und Hinterlassenenversicherung
AIG Bundesgesetz über die Ausländerinnen und Ausländer und über die Integration
AVIG Bundesgesetz über die obligatorische Arbeitslosenversicherung und die Insolvenzentschädigung
AVO Verordnung über die Beaufsichtigung von privaten Versicherungsunternehmen
AVO-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Beaufsichtigung von privaten Versicherungsunternehmen
AdoV Verordnung über die Adoption
ArG Bundesgesetz über die Arbeit in Industrie, Gewerbe und Handel
ArGV 1 Verordnung 1 zum Arbeitsgesetz
AsylG Asylgesetz
B:
BBG Bundesgesetzüber die Berufsbildung
BEG Bundesgesetz über Bucheffekten
BEHG Bundesgesetz über die Börsen und den Effektenhandel
BEHV Verordnung über die Börsen und den Effektenhandel
BG-HAÜ Bundesgesetz zum Haager Adoptionsübereinkommen und über Massnahmen zum Schutz des Kindes bei internationalen Adoptionen
BG-KKE Bundesgesetz über internationale Kindesentführung und die Haager Übereinkommen zum Schutz von Kindern und Erwachsenen
BGBB Bundesgesetz über das bäuerliche Bodenrecht
BGFA Bundesgesetz über die Freizügigkeit der Anwältinnen und Anwälte
BGG Bundesgesetz über das Bundesgericht
BIV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Insolvenz von Banken und Effektenhändlern
BPG Bundespersonalgesetz
BPR Bundesgesetz über die politischen Rechte
BV Bundesverfassung der Schweizerischen Eidgenossenschaft
BVG Bundesgesetz über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge
BZG Bundesgesetz über den Bevölkerungsschutz und den Zivilschutz
BankG Bundesgesetz über die Banken und Sparkassen
BankV Verordnung über die Banken und Sparkassen
BetmG Bundesgesetz über die Betäubungsmittel und die psychotropen Stoffe
BewG Bundesgesetz über den Erwerb von Grundstücken durch Personen im Ausland
BewV Verordnung über den Erwerb von Grundstücken durch Personen im Ausland
BöB Bundesgesetz über das öffentliche Beschaffungswesen
BüG Bundesgesetz über Erwerb und Verlust des Schweizer Bürgerrechts
D:
DBG Bundesgesetz über die direkte Bundessteuer
DSG Bundesgesetz über den Datenschutz
E:
EBG Eisenbahngesetz
EMRK Konvention zum Schutze der Menschenrechte und Grundfreiheiten
EOG Bundesgesetz über den Erwerbsersatz für Dienstleistende und bei Mutterschaft
EOV Verordnung zum Erwerbsersatzgesetz
EÖBV Verordnung über die elektronische öffentliche Beurkundung
F:
FHG Bundesgesetz über den eidgenössischen Finanzhaushalt
FINMAG Bundesgesetz über die Eidgenössische Finanzmarktaufsicht
FKG Bundesgesetz über die Eidgenössische Finanzkontrolle
FMedG Bundesgesetz über die medizinisch unterstützte Fortpflanzung
FZG Bundesgesetz über die Freizügigkeit in der beruflichen Alters-, Hinterlassenen- und Invalidenvorsorge
FinfraG Bundesgesetz über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FinfraV Verordnung über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FinfraV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FusG Bundesgesetz über Fusion, Spaltung, Umwandlung und Vermögensübertragung
G:
GBV Grundbuchverordnung
GSG Bundesgesetz über die von der Schweiz als Gaststaat gewährten Vorrechte, Immunitäten und Erleichterungen sowie finanziellen Beiträge
GUMG Bundesgesetz über genetische Untersuchungen beim Menschen
GeBüV Verordnung über die Führung und Aufbewahrung der Geschäftsbücher
GebV SchKG Gebührenverordnung zum Bundesgesetz über Schuldbetreibung und Konkurs
GlG Bundesgesetz über die Gleichstellung von Frau und Mann
H:
HEsÜ Übereinkommen über den internationalen Schutz von Erwachsenen
HKsÜ Übereinkommen
HRegV Handelsregisterverordnung
I:
IPRG Bundesgesetz über das Internationale Privatrecht
J:
JStG Bundesgesetz über das Jugendstrafrecht
JStPO Schweizerische Jugendstrafprozessordnung
K:
KAG Bundesgesetz über die kollektiven Kapitalanlagen
KAKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über den Konkurs von kollektiven Kapitalanlagen
KG Bundesgesetz über Kartelle und andere Wettbewerbsbeschränkungen
KKV Verordnung über die kollektiven Kapitalanlagen
KKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die kollektiven Kapitalanlagen
KOV Verordnung über die Geschäftsführung der Konkursämter (KOV)
KVG Bundesgesetz über die Krankenversicherung
L:
LVG Bundesgesetz über die wirtschaftliche Landesversorgung
LugÜ Übereinkommen über die gerichtliche Zuständigkeit und die Anerkennung und Vollstreckung von Entscheidungen in Zivil- und Handelssachen
M:
MSchG Bundesgesetz über den Schutz von Marken und Herkunftsangaben
MStG Militärstrafgesetz
MWSTG Bundesgesetz über die Mehrwertsteuer
MWSTV Mehrwertsteuerverordnung
O:
OAV-SchKG Verordnung betreffend die Oberaufsicht über Schuldbetreibung und Konkurs
OHG Bundesgesetz über die Hilfe an Opfer von Straftaten
OR Bundesgesetz betreffend die Ergänzung des Schweizerischen Zivilgesetzbuches (Fünfter Teil: Obligationenrecht)
P:
PAVO Verordnung über die Aufnahme von Pflegekindern
PBV Verordnung über die Bekanntgabe von Preisen
ParlG Bundesgesetz über die Bundesversammlung
PartG Bundesgesetz über die eingetragene Partnerschaft gleichgeschlechtlicher Paare
PatGG Bundesgesetz über das Bundespatentgericht
PfG Pfandbriefgesetz
PrHG Bundesgesetz über die Produktehaftpflicht
PüG Preisüberwachungsgesetz
R:
RAG Bundesgesetz über die Zulassung und Beaufsichtigung der Revisorinnen und Revisoren
S:
SVG Strassenverkehrsgesetz
SVKG Verordnung über die Sanktionen bei unzulässigen Wettbewerbsbeschränkungen
SchKG Bundesgesetz über Schuldbetreibung und Konkurs
StBOG Bundesgesetz über die Organisation der Strafbehörden des Bundes
StG Bundesgesetz über die Stempelabgaben
StGB Schweizerisches Strafgesetzbuch
StHG Bundesgesetz über die Harmonisierung der direkten Steuern der Kantone und Gemeinden
StPO Schweizerische Strafprozessordnung
StV Verordnung über die Stempelabgaben
SuG Bundesgesetz über Finanzhilfen und Abgeltungen
U:
URG Bundesgesetz über das Urheberrecht und verwandte Schutzrechte
URV Verordnung über das Urheberrecht und verwandte Schutzrechte
UVG Bundesgesetz über die Unfallversicherung
UVV Verordnung über die Unfallversicherung
UWG Bundesgesetz gegen den unlauteren Wettbewerb
V:
VAG Bundesgesetz betreffend die Aufsicht über Versicherungsunternehmen
VASR Verordnung über die anerkannten Standards zur Rechnungslegung
VBB Verordnung über das bäuerliche Bodenrecht
VBVV Verordnung über die Vermögensverwaltung im Rahmen einer Beistandschaft oder Vormundschaft
VDSG Verordnung zum Bundesgesetz über den Datenschutz
VG Bundesgesetz über die Verantwortlichkeit des Bundes sowie seiner Behördemitglieder und Beamten
VGG Bundesgesetz über das Bundesverwaltungsgericht
VKA Verordnung über die Katastrophenhilfe im Ausland
VKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über den Konkurs von Versicherungsunternehmen
VPAV Verordnung betreffend die Pfändung, Arrestierung und Verwertung von Versicherungsansprüchen nach dem Bundesgesetz vom 2. April 1908 über den Versicherungsvertrag
VStG Bundesgesetz über die Verrechnungssteuer
VStV Verordnung über die Verrechnungssteuer
VStrR Bundesgesetz über das Verwaltungsstrafrecht
VVAG Verordnung über die Pfändung und Verwertung von Anteilen an Gemeinschaftsvermögen
VVG Bundesgesetz über den Versicherungsvertrag
VZG Verordnung des Bundesgerichts über die Zwangsverwertung von Grundstücken
VegüV Verordnung gegen übermässige Vergütungen bei börsenkotierten Aktiengesellschaften
VeÜ-ZSSV Verordnung über die elektronische Übermittlung im Rahmen von Zivil- und Strafprozessen sowie von Schuldbetreibungs- und Konkursverfahren
VwVG Bundesgesetz über das Verwaltungsverfahren
VüKU Verordnung über die Kontrolle von Unternehmenszusammenschlüssen
VüS Verordnung über das Strafregister
W:
WG Bundesgesetz über Waffen, Waffenzubehör und Munition
Z:
ZG Zollgesetz
ZGB Schweizerisches Zivilgesetzbuch
ZPO Schweizerische Zivilprozessordnung
ZStV Zivilstandsverordnung
ZTG Zolltarifgesetz
Ü:
ÜbZ Übereinkunft betreffend Zivilprozessrecht
ÜüAVaS Übereinkommen über die Anerkennung und Vollstreckung ausländischer Schiedssprüche
ÜüRK Übereinkommen über die Rechte des Kindes
ÜüSKZGIA Übereinkommen über den Schutz von Kindern und die Zusammenarbeit auf dem Gebiet der Internationalen Adoption
ÜüiZR Übereinkommen über den internationalen Zugang zur Rechtspflege
ÜüzAiK Übereinkommen über die zivilrechtlichen Aspekte internationaler Kindesentführung
C:
CC Code civil suisse
CEDH Convention de sauvegarde des droits de l'homme et des libertés fondamentales
CL Convention concernant la compétence judiciaire, la reconnaissance et l'exécution des décisions en matière civile et commerciale
CLaH 2000 Convention sur la protection internationale des adultes
CLaH 96 Convention
CO Loi fédérale complétant le Code civil suisse
CP Code pénal suisse
CPC Code de procédure civile
CPM Code pénal militaire
CPP Code de procédure pénale suisse
Caclid Convention sur les aspects civils de l’enlèvement international d’enfants
Cpecmdi Convention sur la protection des enfants et la coopération en matière d’adoption internationale
Cprlsaé Convention pour la reconnaissance et l’exécution des sentences arbitrales étrangères
Crdl Convention relative aux droits de l'enfant
Crpc Convention relative à la procédure civile
Cst. Constitution fédérale de la Confédération suisse
Ctflij Convention tendant à faciliter l’accès international à la justice
D:
DPA Loi fédérale sur le droit pénal administratif
DPMin Loi fédérale régissant la condition pénale des mineurs
L:
LAA Loi fédérale sur l’assurance-accidents
LACI Loi fédérale sur l’assurance-chômage obligatoire et l’indemnité en cas d’insolvabilité
LAGH Loi fédérale sur l'analyse génétique humaine
LAMal Loi fédérale sur l’assurance-maladie
LAP Loi fédérale sur l'approvisionnement économique du pays
LAPG Loi fédérale sur les allocations pour perte de gain en cas de service et de maternité
LAVI Loi fédérale sur l'aide aux victimes d'infractions
LAVS Loi fédérale sur l’assurance-vieillesse et survivants
LArm Loi fédérale sur les armes, les accessoires d’armes et les munitions
LAsi Loi sur l’asile
LB Loi fédérale sur les banques et les caisses d’épargne
LBVM Loi fédérale sur les bourses et le commerce des valeurs mobilières
LCA Loi fédérale sur le contrat d'assurance
LCD Loi fédérale contre la concurrence déloyale
LCF Loi fédérale sur le Contrôle fédéral des finances
LCR Loi fédérale sur la circulation routière
LCart Loi fédérale sur les cartels et autres restrictions à la concurrence
LCdF Loi fédérale sur les chemins de fer
LD Loi sur les douanes
LDA Loi fédérale sur le droit d’auteur et les droits voisins
LDFR Loi fédérale sur le droit foncier rural
LDIP Loi fédérale sur le droit international privé
LDP Loi fédérale sur les droits politiques
LEH Loi fédérale sur les privilèges, les immunités et les facilités, ainsi que sur les aides financières accordés par la Suisse en tant qu'Etat hôte
LEI Loi fédérale sur les étrangers et l’intégration
LEg Loi fédérale sur l’égalité entre femmes et hommes
LF-CLaH Loi fédérale relative à la Convention de La Haye sur l'adoption et aux mesures de protection de l'enfant en cas d'adoption internationale
LF-EEA Loi fédérale sur l'enlèvement international d'enfants et les Conventions de La Haye sur la protection des enfants et des adultes
LFAIE Loi fédérale sur l'acquisition d'immeubles par des personnes à l'étranger
LFC Loi sur les finances de la Confédération
LFINMA Loi sur l’Autorité fédérale de surveillance des marchés financiers
LFLP Loi fédérale sur le libre passage dans la prévoyance professionnelle vieillesse, survivants et invalidité
LFPr Loi fédérale sur la formation professionnelle
LFus Loi fédérale sur la fusion, la scission, la transformation et le transfert de patrimoine
LHID Loi fédérale sur l’harmonisation des impôts directs des cantons et des communes
LIA Loi fédérale sur l’impôt anticipé (LIA)
LIFD Loi fédérale sur l’impôt fédéral direct
LIMF Loi fédérale sur les infrastructures des marchés financiers et le comportement sur le marché en matière de négociation de valeurs mobilières et de dérivés*
LLCA Loi fédérale sur la libre circulation des avocats
LLG Loi sur l'émission de lettres de gage
LMP Loi fédérale sur les marchés publics
LN Loi fédérale sur l'acquisition et la perte de la nationalité suisse
LOAP Loi fédérale sur l'organisation des autorités pénales de la Confédération
LP Loi fédérale sur la poursuite pour dettes et la faillite
LPCC Loi fédérale sur les placements collectifs de capitaux*
LPD Loi fédérale sur la protection des données
LPM Loi fédérale sur la protection des marques et des indications de provenance
LPMA Loi fédérale sur la procréation médicalement assistée*
LPP Loi fédérale sur la prévoyance professionnelle vieillesse, survivants et invalidité
LPPCi Loi fédérale sur la protection de la population et sur la protection civile
LParl Loisur l’Assemblée fédérale
LPart Loi fédérale sur le partenariat enregistré entre personnes du même sexe
LPers Loi sur le personnel de la Confédération
LRCF Loi fédérale sur la responsabilité de la Confédération, des membres de ses autorités et de ses fonctionnaires
LRFP Loi fédérale sur la responsabilité du fait des produits
LSA Loi fédérale sur la surveillance des entreprises d’assurance
LSPr Loi fédérale concernant la surveillance des prix
LSR Loi fédérale sur l’agrément et la surveillance des réviseurs
LStup Loi fédérale sur les stupéfiants et les substances psychotropes
LSu Loi fédérale sur les aides financières et les indemnités
LT Loi fédérale sur les droits de timbre
LTAF Loi sur le Tribunal administratif fédéral
LTF Loi sur le Tribunal fédéral
LTFB Loi<em></em>sur le Tribunal fédéral des brevets
LTI Loi fédérale sur les titres intermédiés
LTVA Loi fédérale régissant la taxe sur la valeur ajoutée
LTaD Loi sur le tarif des douanes
LTr Loi fédérale sur le travail dans l'industrie, l'artisanat et le commerce
O:
OAAE Ordonnance sur l'acte authentique électronique
OACata Ordonnance sur l'aide en cas de catastrophe à l'étranger
OAIE Ordonnance sur l'acquisition d'immeubles par des personnes à l'étranger
OAOF Ordonnance sur l'administration des offices de faillite
OAdo Ordonnance sur l'adoption
OB Ordonnance sur les banques et les caisses d’épargne
OBVM Ordonnance sur les bourses et le commerce des valeurs mobilières
OCEl-PCPP Ordonnance sur la communication électronique dans le cadre de procédures civiles et pénales et de procédures en matière de poursuite pour dettes et de faillite
ODAu Ordonnance sur le droit d'auteur et les droits voisins
ODFR Ordonnance sur le droit foncier rural
OEC Ordonnance sur l’état civil
OELP Ordonnance sur les émoluments perçus en application de la loi fédérale sur la poursuite pour dettes et la faillite
OFA-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur la faillite des entreprises d'assurance
OFPC-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur la faillite de placements collectifs de capitaux
OGPCT Ordonnance sur la gestion du patrimoine dans le cadre d'une curatelle ou d'une tutelle
OHS-LP Ordonnance relative à la haute surveillance en matière de poursuite et de faillite
OIA Ordonnance sur l’impôt anticipé
OIB-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur l'insolvabilité des banques et des négociants en valeurs mobilières
OIMF Ordonnance sur les infrastructures des marchés financiers et le comportement sur le marché en matière de négociation de valeurs mobilières et de dérivés
OIMF-FINMA Ordonnance
OIP Ordonnance sur l'indication des prix
OLAA Ordonnance sur l'assurance-accidents
OLPD Ordonnance relative à la loi fédérale sur la protection des données
OLT 1 Ordonnance 1 relative à la loi sur le travail
ONCR Ordonnance sur les normes comptables reconnues
OPC Ordonnance concernant la saisie et la réalisation de parts de communautés
OPC-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur les placements collectifs de capitaux
OPCC Ordonnance sur les placements collectifs de capitaux
OPE Ordonnance sur le placement d'enfants
ORAb Ordonnance contre les rémunérations abusives dans les sociétés anonymes cotées en bourse
ORC Ordonnance sur le registre du commerce
ORF Ordonnance sur le registre foncier
ORFI Ordonnance du Tribunal fédéral sur la réalisation forcée des immeubles
OS Ordonnance sur la surveillance des entreprises d'assurance privées
OS LCart Ordonnance sur les sanctions en cas de restrictions illicites à la concurrence
OS-FINMA Ordonnance de l'Autorité fédérale de surveillance des marchés financiers sur la surveillance des entreprises d'assurance privées
OSAss Ordonnance concernant la saisie, le séquestre et la réalisation des droits découlant d'assurances d'après la loi fédérale du 2 avril 1908 sur le contrat d'assurance
OT Ordonnance sur les droits de timbre
OTVA Ordonnance régissant la taxe sur la valeur ajoutée
Occd Ordonnance sur le contrôle des concentrations d'entreprises
Ocj Ordonnance sur le casier judiciaire
Olico Ordonnance concernant la tenue et la conservation des livres de comptes
P:
PA Loi fédérale sur la procédure administrative
PPMin Loi fédérale sur la procédure pénale applicable aux mineurs
R:
RAPG Règlement sur les allocations pour perte de gain
RAVS Règlement sur l’assurance-vieillesse et survivants
C:
C Convenzione
CC Codice civile svizzero
CEDU Convenzione per la salvaguardia dei diritti dell'uomo e delle libertà fondamentali
CLug Convenzione concernente la competenza giurisdizionale, il riconoscimento e l'esecuzione delle decisioni in materia civile e commerciale
CO Legge federale di complemento del Codice civile svizzero
CP Codice penale svizzero
CPC Codice di diritto processuale civile svizzero
CPM Codice penale militare
CPP Codice di diritto processuale penale svizzero
Ccrldsae Convenzione concernente il riconoscimento e l’esecuzione delle sentenze arbitrali estere
Cdf Convenzione sui diritti del fanciullo
Cost. Costituzione federale della Confederazione Svizzera
Crapc Convenzione relativa alla procedura civile
Csacrim Convenzione sugli aspetti civili del rapimento internazionale di minori
Cspida Convenzione sulla protezione internazionale degli adulti
Cspmscmai Convenzione sulla protezione dei minori e sulla cooperazione in materia di adozione internazionale
Cvfliag Convenzione volta a facilitare l’accesso internazionale alla giustizia
D:
DPA Legge federale sul diritto penale amministrativo
DPMin Legge federale sul diritto penale minorile
L:
LADI Legge federale sull’assicurazione obbligatoria contro la disoccupazione e l’indennità per insolvenza
LAFE Legge federale sull'acquisto di fondi da parte di persone all'estero
LAID Legge federale sull’armonizzazione delle imposte dirette dei Cantoni e dei Comuni
LAINF Legge federale sull’assicurazione contro gli infortuni
LAMal Legge federale sull’assicurazione malattie
LAP Legge federale sull'approvvigionamento economico del Paese
LAPub Legge federale sugli acquisti pubblici
LAV Legge federale concernente l'aiuto alle vittime di reati
LAVS Legge federale su l’assicurazione per la vecchiaia e per i superstiti
LArm Legge federale sulle armi, gli accessori di armi e le munizioni
LAsi Legge sull’asilo
LBCR Legge federale sulle banche e le casse di risparmio
LBVM Legge federale sulle borse e il commercio di valori mobiliari
LCA Legge federale sul contratto d'assicurazione
LCF Legge federale sul controllo federale delle finanze
LCSl Legge federale contro la concorrenza sleale
LCStr Legge federale sulla circolazione stradale
LCart Legge federale sui cartelli e altre limitazioni della concorrenza
LCit Legge federale su l'acquisto e la perdita della cittadinanza svizzera
LD Legge sulle dogane
LDA Legge federale sul diritto d’autore e sui diritti di protezione affini
LDFR Legge federale sul diritto fondiario rurale
LDIP Legge federale sul diritto internazionale privato
LDP Legge federale sui diritti politici
LEF Legge federale sulla esecuzione e sul fallimento
LEGU Legge federale sugli esami genetici sull'essere umano
LF-CAA Legge federale relativa alla Convenzione dell'Aia sull'adozione e a provvedimenti per la protezione del minore nelle adozioni internazionali
LF-RMA Legge federale sul rapimento internazionale dei minori e sulle Convenzioni dell'Aia sulla protezione dei minori e degli adulti
LFC Legge federale sulle finanze della Confederazione
LFINMA Legge federale concernente l’Autorità federale di vigilanza sui mercati finanziari
LFLP Legge federale sul libero passaggio nella previdenza professionale per la vecchiaia, i superstiti e l'invalidità
LFPr Legge federale sulla formazione professionale
LFus Legge federale sulla fusione, la scissione, la trasformazione e il trasferimento di patrimonio
LICol Legge federale sugli investimenti collettivi di capitale
LIFD Legge federale sull’imposta federale diretta
LIP Legge federale sull’imposta preventiva
LIPG Legge federale sulle indennità di perdita di guadagno per chi presta servizio e in caso di maternità
LIVA Legge federale concernente l’imposta sul valore aggiunto
LInFi Legge federale sulle infrastrutture del mercato finanziario e il comportamento sul mercato nel commercio di valori mobiliari e derivati
LL Legge federale sul lavoro nell'industria, nell'artigianato e nel commercio
LLCA Legge federale sulla libera circolazione degli avvocati
LOAP Legge federale sull'organizzazione delle autorità penali della Confederazione
LOF Legge sulle obbligazioni fondiarie
LPAM Legge federale concernente la procreazione con assistenza medica
LPD Legge federale sulla protezione dei dati
LPM Legge federale sulla protezione dei marchi e delle indicazioni di provenienza
LPP Legge federale sulla previdenza professionale per la vecchiaia, i superstiti e l’invalidità
LPPC Legge federale sulla protezione della popolazione e sulla protezione civile
LPar Legge federale sulla parità dei sessi
LParl Legge federale sull’Assemblea federale
LPers Legge sul personale federale
LRDP Legge federale sulla responsabilità per danno da prodotti
LResp Legge federale su la responsabilità della Confederazione, dei membri delle autorità federali e dei funzionari federali
LSA Legge federale sulla sorveglianza delle imprese di assicurazione
LSO Legge federale sui privilegi, le immunità e le facilitazioni, nonché sugli aiuti finanziari accordati dalla Svizzera quale Stato ospite
LSPr Legge federale sulla sorveglianza dei prezzi
LSR Legge federalesull’abilitazione e la sorveglianza dei revisori
LStrI Legge federale sugli stranieri e la loro integrazione
LStup Legge federale sugli stupefacenti e sulle sostanze psicotrope
LSu Legge federale sugli aiuti finanziari e le indennità
LTAF Legge sul Tribunale amministrativo federale
LTB Legge federale sulle tasse di bollo
LTCo Legge federale sui titoli contabili
LTD Legge sulla tariffa delle dogane
LTF Legge sul Tribunale federale
LTFB Legge sul Tribunale federale dei brevetti
LUD Legge federale sull'unione domestica registrata di coppie omosessuali
Lferr Legge federale sulle ferrovie
O:
OABCT Ordinanza sull'amministrazione di beni nell'ambito di una curatela o di una tutela
OACata Ordinanza sull'aiuto in caso di catastrofe all'estero
OAFE Ordinanza sull'acquisto di fondi da parte di persone all'estero
OAINF Ordinanza sull'assicurazione contro gli infortuni
OAMin Ordinanza sull'accoglimento di minori a scopo di affiliazione
OAPuE Ordinanza sugli atti pubblici in forma elettronica
OAV-LEF Ordinanza concernente l'alta vigilanza sulla esecuzione e sul fallimento
OAVS Ordinanza sull’assicurazione per la vecchiaia e per i superstiti
OAdoz Ordinanza sull'adozione
OBCR Ordinanza sulle banche e le casse di risparmio
OBVM Ordinanza sulle borse e il commercio di valori mobiliari
OCE-PCPE Ordinanza sulla comunicazione per via elettronica nell’ambito di procedimenti civili e penali nonché di procedure d’esecuzione e fallimento
ODAu Ordinanza sul diritto d'autore e sui diritti di protezione affini
ODFR Ordinanza sul diritto fondiario rurale
ODiC Ordinanza concernente il pignoramento e la realizzazione di diritti in comunione
OFA-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sul fallimento delle imprese di assicurazione
OFICol-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sul fallimento degli investimenti collettivi di capitale
OIB-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sull'insolvenza di banche e commercianti di valori mobiliari
OICol Ordinanza sugli investimenti collettivi di capitale
OICol-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sugli investimenti collettivi di capitale
OIP Ordinanza sull'indicazione dei prezzi
OIPG Ordinanza sulle indennità di perdita di guadagno
OIPrev Ordinanza sull’imposta preventiva
OIVA Ordinanza concernente l'imposta sul valore aggiunto
OInFi Ordinanza sulle infrastrutture del mercato finanziario e il comportamento sul mercato nel commercio di valori mobiliari e derivati
OInFi-FINMA Ordinanza
OLL 1 Ordinanza 1 concernente la legge sul lavoro
OLPD Ordinanza relativa alla legge federale sulla protezione dei dati
ONCR Ordinanza sulle norme contabili riconosciute
ORC Ordinanza sul registro di commercio
ORF Ordinanza sul registro fondiario
OReSA Ordinanza contro le retribuzioni abusive nelle società anonime quotate in borsa
OS Ordinanza sulla sorveglianza delle imprese di assicurazione private
OS LCart Ordinanza sulle sanzioni in caso di limitazioni illecite della concorrenza
OS-FINMA Ordinanza dell'Autorità federale di vigilanza sui mercati finanziari sulla sorveglianza delle imprese di assicurazione private
OSC Ordinanza sullo stato civile
OTB Ordinanza concernente le tasse di bollo
OTLEF Ordinanza sulle tasse riscosse in applicazione della legge federale sulla esecuzione e sul fallimento
Occdci Ordinanza concernente il controllo delle concentrazioni di imprese
Ocg Ordinanza sul casellario giudiziale
Olc Ordinanza sulla tenuta e la conservazione dei libri di commercio
P:
PA Legge federale sulla procedura amministrativa
PPMin Legge federale di diritto processuale penale minorile
R:
RFF Regolamento del Tribunale federale concernente la realizzazione forzata di fondi
RPAss Regolamento
RUF Regolamento concernente l'amministrazione degli uffici dei fallimenti
A:
AIG Federal Act on Foreign Nationals and Integration
AdoV Ordinance on Adoption
AsylG Asylum Act
B:
BBG Federal Acton Vocational and Professional Education and Training
BEG Federal Act on Intermediated Securities
BG-KKE Federal Act on International Child Abduction and the Hague Conventions on the Protection of Children and Adults
BIV-FINMA Ordinance of the Swiss Financial Market Supervisory Authority on the Insolvency of Banks and Securities Dealers
BPR Federal Act on Political Rights
BV Federal Constitution of the Swiss Confederation
BetmG Federal Act on Narcotics and Psychotropic Substances
D:
DSG Federal Act on Data Protection
F:
FINMAG Federal Act on the Swiss Financial Market Supervisory Authority
FMedG Federal Act on Medically Assisted Reproduction
FinfraG Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
FinfraV Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
FinfraV-FINMA Ordinance of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
G:
GSG Federal Act on the Privileges, Immunities and Facilities and the Financial Subsidies granted by Switzerland as a Host State
GUMG Federal Act on Human Genetic Testing
GlG Federal Act on Gender Equality
K:
KAG Federal Act on Collective Investment Schemes
KG Federal Act on Cartels and other Restraints of Competition
KKV Ordinance on Collective Investment Schemes
KKV-FINMA Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes
M:
MSchG Federal Act on the Protection of Trade Marks and Indications of Source
MWSTG Federal Act on Value Added Tax
MWSTV Ordinance on Value Added Tax
O:
OR Federal Act on the Amendment of the Swiss Civil Code
P:
ParlG Federal Act on the Federal Assembly
PatGG Federal Act on the Federal Patent Court
S:
SVKG Ordinance on Sanctions imposed for Unlawful Restraints of Competition
StGB Swiss Criminal Code
StPO Swiss Criminal Procedure Code
U:
URG Federal Act on Copyright and Related Rights
V:
VDSG 235.11
VwVG Federal Act on Administrative Procedure
VüKU Ordinance on the Control of Concentrations of Undertakings
W:
WG Federal Act on Weapons, Weapon Accessories and Ammunition
Z:
ZGB Swiss Civil Code
ZPO Swiss Civil Procedure Code
ZTG Customs Tariff Act
A:
AHVG Bundesgesetz über die Alters- und Hinterlassenenversicherung
AHVV Verordnung über die Alters- und Hinterlassenenversicherung
AIG Bundesgesetz über die Ausländerinnen und Ausländer und über die Integration
AVIG Bundesgesetz über die obligatorische Arbeitslosenversicherung und die Insolvenzentschädigung
AVO Verordnung über die Beaufsichtigung von privaten Versicherungsunternehmen
AVO-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Beaufsichtigung von privaten Versicherungsunternehmen
AdoV Verordnung über die Adoption
ArG Bundesgesetz über die Arbeit in Industrie, Gewerbe und Handel
ArGV 1 Verordnung 1 zum Arbeitsgesetz
AsylG Asylgesetz
B:
BBG Bundesgesetzüber die Berufsbildung
BEG Bundesgesetz über Bucheffekten
BEHG Bundesgesetz über die Börsen und den Effektenhandel
BEHV Verordnung über die Börsen und den Effektenhandel
BG-HAÜ Bundesgesetz zum Haager Adoptionsübereinkommen und über Massnahmen zum Schutz des Kindes bei internationalen Adoptionen
BG-KKE Bundesgesetz über internationale Kindesentführung und die Haager Übereinkommen zum Schutz von Kindern und Erwachsenen
BGBB Bundesgesetz über das bäuerliche Bodenrecht
BGFA Bundesgesetz über die Freizügigkeit der Anwältinnen und Anwälte
BGG Bundesgesetz über das Bundesgericht
BIV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Insolvenz von Banken und Effektenhändlern
BPG Bundespersonalgesetz
BPR Bundesgesetz über die politischen Rechte
BV Bundesverfassung der Schweizerischen Eidgenossenschaft
BVG Bundesgesetz über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge
BZG Bundesgesetz über den Bevölkerungsschutz und den Zivilschutz
BankG Bundesgesetz über die Banken und Sparkassen
BankV Verordnung über die Banken und Sparkassen
BetmG Bundesgesetz über die Betäubungsmittel und die psychotropen Stoffe
BewG Bundesgesetz über den Erwerb von Grundstücken durch Personen im Ausland
BewV Verordnung über den Erwerb von Grundstücken durch Personen im Ausland
BöB Bundesgesetz über das öffentliche Beschaffungswesen
BüG Bundesgesetz über Erwerb und Verlust des Schweizer Bürgerrechts
D:
DBG Bundesgesetz über die direkte Bundessteuer
DSG Bundesgesetz über den Datenschutz
E:
EBG Eisenbahngesetz
EMRK Konvention zum Schutze der Menschenrechte und Grundfreiheiten
EOG Bundesgesetz über den Erwerbsersatz für Dienstleistende und bei Mutterschaft
EOV Verordnung zum Erwerbsersatzgesetz
EÖBV Verordnung über die elektronische öffentliche Beurkundung
F:
FHG Bundesgesetz über den eidgenössischen Finanzhaushalt
FINMAG Bundesgesetz über die Eidgenössische Finanzmarktaufsicht
FKG Bundesgesetz über die Eidgenössische Finanzkontrolle
FMedG Bundesgesetz über die medizinisch unterstützte Fortpflanzung
FZG Bundesgesetz über die Freizügigkeit in der beruflichen Alters-, Hinterlassenen- und Invalidenvorsorge
FinfraG Bundesgesetz über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FinfraV Verordnung über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FinfraV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel
FusG Bundesgesetz über Fusion, Spaltung, Umwandlung und Vermögensübertragung
G:
GBV Grundbuchverordnung
GSG Bundesgesetz über die von der Schweiz als Gaststaat gewährten Vorrechte, Immunitäten und Erleichterungen sowie finanziellen Beiträge
GUMG Bundesgesetz über genetische Untersuchungen beim Menschen
GeBüV Verordnung über die Führung und Aufbewahrung der Geschäftsbücher
GebV SchKG Gebührenverordnung zum Bundesgesetz über Schuldbetreibung und Konkurs
GlG Bundesgesetz über die Gleichstellung von Frau und Mann
H:
HEsÜ Übereinkommen über den internationalen Schutz von Erwachsenen
HKsÜ Übereinkommen
HRegV Handelsregisterverordnung
I:
IPRG Bundesgesetz über das Internationale Privatrecht
J:
JStG Bundesgesetz über das Jugendstrafrecht
JStPO Schweizerische Jugendstrafprozessordnung
K:
KAG Bundesgesetz über die kollektiven Kapitalanlagen
KAKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über den Konkurs von kollektiven Kapitalanlagen
KG Bundesgesetz über Kartelle und andere Wettbewerbsbeschränkungen
KKV Verordnung über die kollektiven Kapitalanlagen
KKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über die kollektiven Kapitalanlagen
KOV Verordnung über die Geschäftsführung der Konkursämter (KOV)
KVG Bundesgesetz über die Krankenversicherung
L:
LVG Bundesgesetz über die wirtschaftliche Landesversorgung
LugÜ Übereinkommen über die gerichtliche Zuständigkeit und die Anerkennung und Vollstreckung von Entscheidungen in Zivil- und Handelssachen
M:
MSchG Bundesgesetz über den Schutz von Marken und Herkunftsangaben
MStG Militärstrafgesetz
MWSTG Bundesgesetz über die Mehrwertsteuer
MWSTV Mehrwertsteuerverordnung
O:
OAV-SchKG Verordnung betreffend die Oberaufsicht über Schuldbetreibung und Konkurs
OHG Bundesgesetz über die Hilfe an Opfer von Straftaten
OR Bundesgesetz betreffend die Ergänzung des Schweizerischen Zivilgesetzbuches (Fünfter Teil: Obligationenrecht)
P:
PAVO Verordnung über die Aufnahme von Pflegekindern
PBV Verordnung über die Bekanntgabe von Preisen
ParlG Bundesgesetz über die Bundesversammlung
PartG Bundesgesetz über die eingetragene Partnerschaft gleichgeschlechtlicher Paare
PatGG Bundesgesetz über das Bundespatentgericht
PfG Pfandbriefgesetz
PrHG Bundesgesetz über die Produktehaftpflicht
PüG Preisüberwachungsgesetz
R:
RAG Bundesgesetz über die Zulassung und Beaufsichtigung der Revisorinnen und Revisoren
S:
SVG Strassenverkehrsgesetz
SVKG Verordnung über die Sanktionen bei unzulässigen Wettbewerbsbeschränkungen
SchKG Bundesgesetz über Schuldbetreibung und Konkurs
StBOG Bundesgesetz über die Organisation der Strafbehörden des Bundes
StG Bundesgesetz über die Stempelabgaben
StGB Schweizerisches Strafgesetzbuch
StHG Bundesgesetz über die Harmonisierung der direkten Steuern der Kantone und Gemeinden
StPO Schweizerische Strafprozessordnung
StV Verordnung über die Stempelabgaben
SuG Bundesgesetz über Finanzhilfen und Abgeltungen
U:
URG Bundesgesetz über das Urheberrecht und verwandte Schutzrechte
URV Verordnung über das Urheberrecht und verwandte Schutzrechte
UVG Bundesgesetz über die Unfallversicherung
UVV Verordnung über die Unfallversicherung
UWG Bundesgesetz gegen den unlauteren Wettbewerb
V:
VAG Bundesgesetz betreffend die Aufsicht über Versicherungsunternehmen
VASR Verordnung über die anerkannten Standards zur Rechnungslegung
VBB Verordnung über das bäuerliche Bodenrecht
VBVV Verordnung über die Vermögensverwaltung im Rahmen einer Beistandschaft oder Vormundschaft
VDSG Verordnung zum Bundesgesetz über den Datenschutz
VG Bundesgesetz über die Verantwortlichkeit des Bundes sowie seiner Behördemitglieder und Beamten
VGG Bundesgesetz über das Bundesverwaltungsgericht
VKA Verordnung über die Katastrophenhilfe im Ausland
VKV-FINMA Verordnung der Eidgenössischen Finanzmarktaufsicht über den Konkurs von Versicherungsunternehmen
VPAV Verordnung betreffend die Pfändung, Arrestierung und Verwertung von Versicherungsansprüchen nach dem Bundesgesetz vom 2. April 1908 über den Versicherungsvertrag
VStG Bundesgesetz über die Verrechnungssteuer
VStV Verordnung über die Verrechnungssteuer
VStrR Bundesgesetz über das Verwaltungsstrafrecht
VVAG Verordnung über die Pfändung und Verwertung von Anteilen an Gemeinschaftsvermögen
VVG Bundesgesetz über den Versicherungsvertrag
VZG Verordnung des Bundesgerichts über die Zwangsverwertung von Grundstücken
VegüV Verordnung gegen übermässige Vergütungen bei börsenkotierten Aktiengesellschaften
VeÜ-ZSSV Verordnung über die elektronische Übermittlung im Rahmen von Zivil- und Strafprozessen sowie von Schuldbetreibungs- und Konkursverfahren
VwVG Bundesgesetz über das Verwaltungsverfahren
VüKU Verordnung über die Kontrolle von Unternehmenszusammenschlüssen
VüS Verordnung über das Strafregister
W:
WG