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

¹A trade re­pos­it­ory re­gistered abroad must ob­tain re­cog­ni­tion from FINMA be­fore ac­cept­ing re­ports in ac­cord­ance with Art­icle 104.

²FINMA shall grant re­cog­ni­tion:

a.

if the for­eign trade re­pos­it­ory 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 trade re­pos­it­ory,

2.

guar­an­tee that they will in­form FINMA if they de­tect vi­ol­a­tions of the law or oth­er ir­reg­u­lar­it­ies on the part of Swiss par­ti­cipants,

3.

con­firm to the com­pet­ent Swiss fin­an­cial mar­ket su­per­vis­ory au­thor­ity that the con­di­tions set out in Art­icle 78 para­graph 1 let­ters b and c are ful­filled.

³A trade re­pos­it­ory is deemed re­cog­nised if FINMA finds that:

a.

the state in which the for­eign trade re­pos­it­ory has its re­gistered of­fice reg­u­lates and su­per­vises its trade re­pos­it­or­ies ad­equately; and

b.

the con­di­tions in ac­cord­ance with para­graph 2 let­ter b are met.

⁴FINMA may re­fuse re­cog­ni­tion if the state in which the for­eign trade re­pos­it­ory has its re­gistered of­fice does not grant Swiss trade re­pos­it­or­ies ac­tu­al ac­cess to its mar­kets or does not of­fer them the same com­pet­it­ive op­por­tun­it­ies as those gran­ted to the trade re­pos­it­or­ies of the state in ques­tion. Any de­vi­at­ing in­ter­na­tion­al com­mit­ments are re­served.