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

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.