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

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.