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

(Art. 24 para. 1 FMIA)

The meas­ures to im­prove the fin­an­cial mar­ket struc­ture's resolv­ab­il­ity can en­com­pass in par­tic­u­lar:

a.

struc­tur­al im­prove­ments and un­bund­ling by means of:

1.

amend­ments to the leg­al struc­ture to cre­ate busi­ness-aligned leg­al en­tit­ies,

2.

the cre­ation of leg­ally in­de­pend­ent ser­vice units,

3.

the elim­in­a­tion or min­im­isa­tion of de facto com­puls­ory gov­ern­ment sup­port, par­tic­u­larly by cre­at­ing an in­de­pend­ent man­age­ment struc­ture,

4.

the re­duc­tion of geo­graph­ic­al or bal­ance sheet asym­met­ries;

b.

fin­an­cial un­bund­ling to con­tain risks of con­ta­gion by means of:

1.

the re­duc­tion of cap­it­al par­ti­cip­a­tions between leg­al en­tit­ies at the same level,

2.

re­stric­tions on the grant­ing of un­se­cured loans and guar­an­tees between leg­al en­tit­ies at the same level with­in the fin­an­cial group,

3.

the cre­ation of an in­cent­ive struc­ture that gives rise to the highest pos­sible de­gree of mar­ket-con­sist­ent in­tra-group fin­an­cing;

c.

op­er­a­tion­al un­bund­ling to safe­guard data and en­sure con­tinu­ation of im­port­ant op­er­a­tion­al ser­vices by means of:

1.

en­sur­ing ac­cess to and use of data re­sources, data­bases and IT re­sources,

2.

the sep­ar­a­tion or per­man­ent out­sourcing of key func­tions,

3.

ac­cess to and con­tin­ued use of sys­tems es­sen­tial to busi­ness op­er­a­tions.

³The fin­an­cial mar­ket in­fra­struc­ture shall de­scribe, upon sub­mis­sion of the plan, what meas­ures it is pre­par­ing or has already im­ple­men­ted to im­prove its resolv­ab­il­ity both in Switzer­land and abroad (Art. 21).

⁴It shall sub­mit to FINMA an­nu­ally, and by the end of the second quarter of the year, the re­cov­ery plan and the in­form­a­tion re­quired for the res­ol­u­tion plan. The same doc­u­ments should also be sub­mit­ted if changes make a re­work­ing ne­ces­sary or if FINMA de­mands such a sub­mis­sion.

⁵FINMA shall grant the fin­an­cial mar­ket in­fra­struc­ture an ap­pro­pri­ate peri­od for the pre­par­at­ory im­ple­ment­a­tion of the meas­ures en­vis­aged in the res­ol­u­tion plan.