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

¹ For reas­ons of pro­por­tion­al­ity and while tak­ing in­to ac­count the pro­tect­ive pur­pose of this Act, the Fed­er­al Coun­cil may ease the re­quire­ments for small DLT trad­ing fa­cil­it­ies un­der Art­icles 6–21, 27–33 and 37, in par­tic­u­lar the re­quire­ments on:

a.

sep­ar­a­tion of the bod­ies re­spons­ible for busi­ness man­age­ment from those re­spons­ible for over­all man­age­ment, su­per­vi­sion and con­trol (Art. 8);

b.

the pro­vi­sion of an­cil­lary ser­vices not sub­ject to au­thor­isa­tion or ap­prov­al by vir­tue of the fin­an­cial mar­ket le­gis­la­tion (Art. 10);

c.

the in­de­pend­ence of the self-reg­u­lat­ory or­gan­isa­tion (Art. 27 para. 2) and of the ap­peal body (Art. 37 para. 1).

² DLT trad­ing fa­cil­it­ies are deemed to be small if they pose a low risk in terms of the pro­tec­tion of fin­an­cial mar­ket par­ti­cipants and the prop­er func­tion­ing and sta­bil­ity of the fin­an­cial sys­tem, in par­tic­u­lar be­cause the num­ber of par­ti­cipants, the trad­ing volume, the volume of cus­tody as­sets or the clear­ing and set­tle­ment volume is lim­ited. The Fed­er­al Coun­cil shall set thresholds.

³ DLT-Han­delssysteme, die Er­leichter­ungen nach diesem Artikel er­hal­ten, sind ver­p­f­lichtet, dies ge­genüber ihren Kundinnen und Kun­den of­fen­zule­gen. Der Bundes­rat re­gelt die De­tails.