Ordinance
of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(FINMA Financial Market Infrastructure Ordinance, FinMIO-FINMA)

(Art. 123, 124 Fin­MIA)

¹ Re­quests for a pre­lim­in­ary rul­ing (Art. 21) and for ex­emp­tions or eas­ing pro­vi­sions (Art. 26) must con­tain the rel­ev­ant facts, mo­tion and state­ment of reas­ons. The facts must be doc­u­mented ap­pro­pri­ately and have to in­clude all the de­tails out­lined in Art­icle 22.

² The dis­clos­ure of­fice is­sues re­com­mend­a­tions to the ap­plic­ants; these must be sub­stan­ti­ated and sub­mit­ted to FINMA.

³ The dis­clos­ure of­fice may ad­dress its re­com­mend­a­tions to the com­pany. Fun­da­ment­al in­terests of the ap­plic­ant, such as busi­ness secrets, re­main re­served.

⁴ FINMA is­sues a de­cision, if:

a.

it wishes to rule on the mat­ter it­self;

b.

the ap­plic­ant re­jects or fails to ob­serve the re­com­mend­a­tion; or

c.

the dis­clos­ure of­fice ap­proaches it for a de­cision.

⁵ If FINMA wishes to de­cide on the mat­ter it­self, it shall make its in­ten­tions known with­in five trad­ing days.

⁶ A re­jec­ted re­com­mend­a­tion must be sub­stan­ti­ated by the ap­plic­ant in a sub­mis­sion to FINMA with­in five trad­ing days. FINMA may ex­tend this dead­line on re­quest.

⁷ In cases un­der para­graph 4, FINMA shall im­me­di­ately ini­ti­ate pro­ceed­ings and in­form the dis­clos­ure of­fice and parties to that ef­fect. It shall also in­struct the dis­clos­ure of­fice to sub­mit its files.