Federal Act
on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(Financial Market Infrastructure Act, FinMIA)

¹ A cent­ral coun­ter­party re­gistered abroad must ob­tain FINMA re­cog­ni­tion be­fore it:

a.

grants su­per­vised Swiss par­ti­cipants dir­ect ac­cess to its fa­cil­it­ies;

b.

provides ser­vices for a Swiss fin­an­cial mar­ket in­fra­struc­ture;

c.

enters in­to an in­ter­op­er­ab­il­ity agree­ment with a Swiss cent­ral coun­ter­party.

² FINMA shall grant re­cog­ni­tion:

a.

if the for­eign cent­ral coun­ter­party 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 cent­ral coun­ter­party,

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.

³ FINMA may re­fuse re­cog­ni­tion if the state in which the for­eign cent­ral coun­ter­party has its re­gistered of­fice does not grant Swiss cent­ral coun­ter­parties ac­tu­al ac­cess to its mar­kets or does not of­fer them the same com­pet­it­ive op­por­tun­it­ies as those gran­ted to do­mest­ic cent­ral coun­ter­parties. Any de­vi­at­ing in­ter­na­tion­al com­mit­ments are re­served.

⁴ It may ex­empt a for­eign cent­ral coun­ter­party from the ob­lig­a­tion to ob­tain re­cog­ni­tion provided this does not ad­versely af­fect the pro­tect­ive pur­pose of this Act.