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Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Act, FinMIA)
Art. 40Authorisation of Foreign Participants
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.