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

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.