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

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.