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

¹ FINMA shall grant au­thor­isa­tion to a for­eign par­ti­cipant wish­ing to par­ti­cip­ate in a Swiss trad­ing ven­ue but which has no re­gistered of­fice in Switzer­land:

a.

if it is sub­ject to ap­pro­pri­ate reg­u­la­tion and su­per­vi­sion;

b.

if it ob­serves a code of con­duct and re­cord-keep­ing and re­port­ing du­ties equi­val­ent to the du­ties set out in Swiss reg­u­la­tions;

c.

if it en­sures that its activ­it­ies are sep­ar­ate from the activ­it­ies of any au­thor­ised Swiss units; and

d.

if the com­pet­ent su­per­vis­ory au­thor­it­ies:

1.

do not have any ob­jec­tions to the par­ti­cipant's activ­ity in Switzer­land,

2.

provide FINMA with ad­min­is­trat­ive as­sist­ance.

² FINMA may re­ject au­thor­isa­tion if the state in which the for­eign par­ti­cipant has its re­gistered of­fice does not grant Swiss par­ti­cipants ac­tu­al ac­cess to its mar­kets or does not of­fer them the same com­pet­it­ive op­por­tun­it­ies as those gran­ted to do­mest­ic trad­ing par­ti­cipants. Any de­vi­at­ing in­ter­na­tion­al com­mit­ments are re­served.

³ A for­eign par­ti­cipant that already par­ti­cip­ates in a Swiss trad­ing ven­ue shall in­form FINMA if it wishes to par­ti­cip­ate in an­oth­er Swiss trad­ing ven­ue. In this case, the for­eign su­per­vis­ory au­thor­ity has to con­firm that it has no ob­jec­tion to the ex­pan­sion of the for­eign par­ti­cipant's activ­ity in Switzer­land.

⁴ FINMA au­thor­isa­tion is not re­quired for par­ti­cip­a­tion in mon­et­ary policy trans­ac­tions with the SNB.