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

¹The fin­an­cial mar­ket in­fra­struc­ture must be a leg­al en­tity un­der Swiss law and have its re­gistered of­fice and head of­fice in Switzer­land.

²It must es­tab­lish ap­pro­pri­ate cor­por­ate man­age­ment rules and be or­gan­ised in such a way that it can ful­fil its stat­utory du­ties. In par­tic­u­lar, it must des­ig­nate spe­cif­ic bod­ies re­spons­ible for its busi­ness man­age­ment, on the one hand, and for its over­all man­age­ment, su­per­vi­sion and con­trol on the oth­er, and define the scope of these bod­ies' re­spect­ive powers in such a way as to en­sure prop­er and in­de­pend­ent su­per­vi­sion of busi­ness man­age­ment. It shall set out the rel­ev­ant tasks and au­thor­it­ies in its art­icles of in­cor­por­a­tion and or­gan­isa­tion­al reg­u­la­tions.

³It shall identi­fy, meas­ure, con­trol and mon­it­or its risks and or­gan­ise an ef­fect­ive in­tern­al con­trol sys­tem. In par­tic­u­lar, it shall es­tab­lish an in­tern­al audit func­tion that is in­de­pend­ent of the busi­ness man­age­ment body and a com­pli­ance de­part­ment that is sep­ar­ate from op­er­at­ing busi­ness units.