Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

(Art. 8 paras. 1 and 2 FMIA)

¹The fin­an­cial mar­ket in­fra­struc­ture must ef­fect­ively be man­aged from Switzer­land. An ex­cep­tion is made here for gen­er­al dir­ect­ives and de­cisions with­in the con­text of group su­per­vi­sion if the fin­an­cial mar­ket in­fra­struc­ture forms part of a fin­an­cial group that is sub­ject to ap­pro­pri­ate con­sol­id­ated su­per­vi­sion by a for­eign fin­an­cial mar­ket su­per­vis­ory au­thor­ity.

²The per­sons en­trus­ted with man­aging the fin­an­cial mar­ket in­fra­struc­ture must be res­id­ent in a place from which they can ef­fect­ively ex­er­cise such man­age­ment.