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

¹ The Fed­er­al Coun­cil may in­tro­duce lim­its on the size of net po­s­i­tions which a per­son may hold in com­mod­ity de­riv­at­ives in­so­far as this is ne­ces­sary for or­derly pri­cing and set­tle­ment as well as for con­ver­gence between prices on the de­riv­at­ives mar­ket and on the un­der­ly­ing mar­ket. In do­ing so, it shall take ac­count of re­cog­nised in­ter­na­tion­al stand­ards and leg­al de­vel­op­ments abroad.

² It gov­erns the fol­low­ing for po­s­i­tion lim­its:

a.

the cal­cu­la­tion of net po­s­i­tions;

b.

the ex­emp­tions for po­s­i­tions which are held for a non-fin­an­cial coun­ter­party and which serve to re­duce the risks dir­ectly as­so­ci­ated with its busi­ness activ­ity, li­quid­ity man­age­ment or as­set man­age­ment;

c.

the re­port­ing du­ties re­quired for the trans­par­ency of com­mod­ity de­riv­at­ives trad­ing.

³ FINMA shall set po­s­i­tion lim­its for the in­di­vidu­al com­mod­ity de­riv­at­ives.