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

¹ The es­tab­lish­ment of the fol­low­ing links between cent­ral se­cur­it­ies de­pos­it­or­ies re­quires the ap­prov­al of FINMA:

a.

in­ter­op­er­ab­il­ity agree­ments;

b.

ac­cess agree­ments in which a cent­ral se­cur­it­ies de­pos­it­ory provides ser­vices for the oth­er party that it does not provide for oth­er par­ti­cipants.

² Ap­prov­al is gran­ted if the cent­ral se­cur­it­ies de­pos­it­or­ies:

a.

ap­ply rules, pro­ced­ures and con­trols which al­low them to identi­fy, lim­it and mon­it­or the risks arising from their agree­ment for their own pro­tec­tion and that of their par­ti­cipants;

b.

check their re­cords are cor­rect by com­par­ing them; and

c.

set out in a writ­ten agree­ment their rights and du­ties, as well as the rights and du­ties of their par­ti­cipants if ap­pro­pri­ate.

³ If a cent­ral se­cur­it­ies de­pos­it­ory in­volved in a link between cent­ral se­cur­it­ies de­pos­it­or­ies is sys­tem­ic­ally im­port­ant, FINMA must ob­tain the SNB's agree­ment be­fore grant­ing ap­prov­al.