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


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Art. 22 Systemically important financial market infrastructures and business processes

1 Cent­ral coun­ter­parties, cent­ral se­cur­it­ies de­pos­it­or­ies, pay­ment sys­tems and those DLT trad­ing fa­cil­it­ies that provide cent­ral cus­tody, clear­ing or set­tle­ment ser­vices are deemed to be sys­tem­ic­ally im­port­ant:12

a.
if their non-avail­ab­il­ity, arising in par­tic­u­lar from tech­nic­al or op­er­a­tion­al prob­lems or fin­an­cial dif­fi­culties, can lead to ser­i­ous losses, li­quid­ity short­falls or op­er­a­tion­al prob­lems for fin­an­cial in­ter­me­di­ar­ies or oth­er fin­an­cial mar­ket in­fra­struc­tures, or can cause ser­i­ous dis­rup­tions on fin­an­cial mar­kets; or
b.
if in­di­vidu­al par­ti­cipants' pay­ment or de­liv­ery dif­fi­culties can spill over to oth­er par­ti­cipants or linked fin­an­cial mar­ket in­fra­struc­tures and can cause these ser­i­ous losses, li­quid­ity short­falls or op­er­a­tion­al prob­lems, or can cause ser­i­ous dis­rup­tions on fin­an­cial mar­kets.

2 A busi­ness pro­cess of a fin­an­cial mar­ket in­fra­struc­ture in ac­cord­ance with para­graph 1 is sys­tem­ic­ally im­port­ant:

a.
if its non-avail­ab­il­ity can cause ser­i­ous losses, li­quid­ity short­falls or op­er­a­tion­al prob­lems for fin­an­cial in­ter­me­di­ar­ies or oth­er fin­an­cial mar­ket in­fra­struc­tures, or can cause ser­i­ous dis­rup­tions on fin­an­cial mar­kets; and
b.
if par­ti­cipants can­not sub­sti­tute the busi­ness pro­cess at short no­tice.

12 Amended by No I 10 of the FA of 25 Sept. 2020 on the Ad­apt­a­tion of Fed­er­al Law to De­vel­op­ments in Dis­trib­uted Ledger Tech­no­logy, in force since 1 Aug. 2021 (AS 2021 33, 399; BBl 2020 233).

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