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

¹ A cus­todi­al sen­tence not ex­ceed­ing three years or a mon­et­ary pen­alty shall be im­posed on any per­son who as a body or a mem­ber of a man­aging or su­per­vis­ory body of an is­suer or of a com­pany con­trolling or con­trolled by them, or as a per­son who due to their hold­ing or activ­ity has le­git­im­ate ac­cess to in­sider in­form­a­tion, if they gain a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er with in­sider in­form­a­tion by:

a.⁷²

ex­ploit­ing it to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land or to use de­riv­at­ives of such se­cur­it­ies;

b.

dis­clos­ing it to an­oth­er;

c.⁷³

ex­ploit­ing it to re­com­mend that an­oth­er ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land or to use de­riv­at­ives of such se­cur­it­ies.

² Any per­son who through an act set out in para­graph 1 gains a pe­cu­ni­ary ad­vant­age ex­ceed­ing one mil­lion francs shall be li­able to a cus­todi­al sen­tence not ex­ceed­ing five years or a mon­et­ary pen­alty.

³ Any per­son who gains a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er by ex­ploit­ing in­sider in­form­a­tion or a re­com­mend­a­tion based on in­sider in­form­a­tion dis­closed or giv­en to them by a per­son re­ferred to in para­graph 1 or ac­quired through a felony or mis­de­mean­our in or­der to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land or in or­der to use de­riv­at­ives of such se­cur­it­ies shall be li­able to a cus­todi­al sen­tence not ex­ceed­ing one year or to a mon­et­ary pen­alty.⁷⁴

⁴ Any per­son who is not a per­son re­ferred to in para­graphs 1 to 3 and yet who gains a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er by ex­ploit­ing in­sider in­form­a­tion or a re­com­mend­a­tion based on in­sider in­form­a­tion in or­der to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land or to use de­riv­at­ives of such se­cur­it­ies shall be li­able to a fine.⁷⁵