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

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.