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

(Art. 142 para. 2 FMIA)

The com­mu­nic­a­tion of in­sider in­form­a­tion to a per­son does not fall un­der Art­icle 142 para­graph 1 let­ter b FMIA if:

a.

this per­son re­quires the in­sider in­form­a­tion in or­der to ful­fil his or her stat­utory or con­trac­tu­al ob­lig­a­tions; or

b.

the com­mu­nic­a­tion is re­quired with re­gard to the con­clu­sion of a con­tract and the in­form­a­tion hold­er:

1.

makes it clear to the in­form­a­tion re­cip­i­ent that the in­sider in­form­a­tion may not be ex­ploited, and

2.

doc­u­ments the dis­clos­ure of the in­sider in­form­a­tion and the cla­ri­fic­a­tion un­der item 1 above.

²Para­graph 1 may also be de­clared ap­plic­able to se­cur­it­ies trans­ac­tions car­ried out by the fol­low­ing parties as long as the trans­ac­tions are car­ried out in con­nec­tion with pub­lic tasks and not for in­vest­ment pur­poses, and as long as re­cip­roc­al rights are gran­ted and an ex­cep­tion does not stand in con­tra­dic­tion to the le­gis­lat­ive pur­pose:

a.

for­eign cent­ral banks;

b.

the ECB;

c.

of­fi­cial bod­ies or state de­part­ments that are re­spons­ible for or in­volved in ad­min­is­ter­ing the na­tion­al debt;

d.

the EF­SF;

e.

the ESM.

³The FDF shall pub­lish a list of the bod­ies covered by para­graph 2.