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

For the pur­poses of this Act, the fol­low­ing terms shall have the fol­low­ing mean­ings:

a.

Fin­an­cial mar­ket in­fra­struc­ture:

1.

a stock ex­change (Art. 26 let. b);

2

a mul­ti­lat­er­al trad­ing fa­cil­ity (Art. 26 let. c);

3.

a cent­ral coun­ter­party (Art. 48);

4.

a cent­ral se­cur­it­ies de­pos­it­ory (Art. 61);

5.

a trade re­pos­it­ory (Art. 74);

5a.³

a trad­ing fa­cil­ity for DLT se­cur­it­ies (DLT trad­ing fa­cil­ity; Art. 73a);

6.

a pay­ment sys­tem (Art. 81).

b.⁴

Se­cur­it­ies: stand­ard­ised cer­ti­fic­ated and un­cer­ti­fic­ated se­cur­it­ies, in par­tic­u­lar un­cer­ti­fic­ated se­cur­it­ies in ac­cord­ance with Art­icle 973c of the Code of Ob­lig­a­tions⁵ (CO) and ledger-based se­cur­it­ies in ac­cord­ance with Art­icle 973d of the CO, as well as de­riv­at­ives and in­ter­me­di­ated se­cur­it­ies, which are suit­able for mass trad­ing.

b^bis.⁶

Dis­trib­uted ledger tech­no­logy se­cur­it­ies (DLT se­cur­it­ies): se­cur­it­ies in the form of:

1.

Ledger-based se­cur­it­ies (Art. 973d CO); or

2.

oth­er un­cer­ti­fic­ated se­cur­it­ies that are held in dis­trib­uted elec­tron­ic re­gisters and use tech­no­lo­gic­al pro­cesses to give the cred­it­ors, but not the ob­lig­or, power of dis­pos­al over the un­cer­ti­fic­ated se­cur­ity.

c.

De­riv­at­ives or de­riv­at­ives trans­ac­tions: fin­an­cial con­tracts whose value de­pends on one or sev­er­al un­der­ly­ing as­sets and which are not cash trans­ac­tions.

d.

Par­ti­cipant: any per­son mak­ing dir­ect use of fin­an­cial mar­ket in­fra­struc­ture ser­vices.

e.

In­dir­ect par­ti­cipant: any per­son mak­ing use of fin­an­cial mar­ket in­fra­struc­ture ser­vices in­dir­ectly via a par­ti­cipant.

f.

List­ing: the ad­mis­sion of a se­cur­ity to trad­ing on a stock ex­change in ac­cord­ance with a stand­ard­ised pro­ced­ure whereby the stock ex­change's re­quire­ments re­gard­ing is­suers and se­cur­it­ies are be­ing veri­fied.

g.

Clear­ing: pro­cessing steps between the con­clu­sion and the set­tle­ment of a trans­ac­tion, in par­tic­u­lar:

1.

the entry, re­con­cili­ation and con­firm­a­tion of the trans­ac­tion data;

2.

the as­sump­tion of ob­lig­a­tions by a cent­ral coun­ter­party or oth­er risk mit­ig­a­tion meas­ures;

3.

the net­ting of trans­ac­tions;

4.

the re­con­cili­ation and con­firm­a­tion of out­stand­ing pay­ments and se­cur­it­ies trans­fers.

h.

Set­tle­ment: ful­fil­ment of the ob­lig­a­tions entered in­to upon con­clu­sion of the trans­ac­tion, namely by trans­fer­ring funds or se­cur­it­ies.

i.

Pub­lictakeoverof­fers:of­fers to pur­chase or ex­change shares, par­ti­cip­a­tion cer­ti­fic­ates, profit-shar­ing cer­ti­fic­ates or oth­er par­ti­cip­a­tion rights (equity se­cur­it­ies) which are made pub­licly to the hold­ers of shares or oth­er equity se­cur­it­ies.

j.⁷

In­sider in­form­a­tion: con­fid­en­tial in­form­a­tion whose dis­clos­ure would sig­ni­fic­antly af­fect the prices of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land.