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

(Art. 8 para. 2 FMIA)

¹The fin­an­cial mar­ket in­fra­struc­ture must have an or­gan­isa­tion­al struc­ture and an or­gan­isa­tion­al basis that set out the tasks, re­spons­ib­il­it­ies, powers and ac­count­ab­il­ity of the fol­low­ing bod­ies:

a.

body for busi­ness man­age­ment;

b.

body for gov­ernance, su­per­vi­sion and con­trol;

c.

in­tern­al audit func­tion.

²The body for gov­ernance, su­per­vi­sion and con­trol must com­prise at least three mem­bers. These may not be­long to the bod­ies de­scribed in para­graph 1 let­ters a and c.

³The body for gov­ernance, su­per­vi­sion and con­trol shall set out the ba­sic risk man­age­ment prin­ciples and de­term­ine the risk tol­er­ance of the fin­an­cial mar­ket in­fra­struc­ture. This body shall have its work eval­u­ated reg­u­larly.

⁴The fin­an­cial mar­ket in­fra­struc­ture shall define, im­ple­ment and main­tain a com­pens­a­tion policy that pro­motes sound and ef­fect­ive risk man­age­ment and does not cre­ate in­cent­ives to re­lax risk stand­ards.

⁵It must have mech­an­isms in place that al­low it to es­tab­lish the needs of par­ti­cipants with re­gard to the ser­vices provided by the fin­an­cial mar­ket in­fra­struc­ture.