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

Art. 43 Duty to obtain authorisation or recognition

1 Any­one who op­er­ates an or­gan­ised trad­ing fa­cil­ity re­quires au­thor­isa­tion as a bank, se­cur­it­ies deal­er or DLT trad­ing fa­cil­ity, or au­thor­isa­tion or re­cog­ni­tion as a trad­ing ven­ue.35

2 No au­thor­isa­tion is re­quired for the op­er­a­tion of an or­gan­ised trad­ing fa­cil­ity with­in a fin­an­cial group if this is con­duc­ted via a leg­al en­tity that:

a.
is con­trolled dir­ectly by a fin­an­cial mar­ket in­fra­struc­ture; and
b.
is sub­ject to con­sol­id­ated FINMA su­per­vi­sion.

35 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).