Ordinance
on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(Financial Market Infrastructure Ordinance, FinMIO)

(Art. 11 Fin­MIA)

¹ An out­sourcing situ­ation in ac­cord­ance with Art­icle 11 para­graph 1 Fin­MIA is deemed to ex­ist if the fin­an­cial mar­ket in­fra­struc­ture has com­mis­sioned a ser­vice pro­vider to in­de­pend­ently and per­man­ently provide an es­sen­tial ser­vice for the fin­an­cial mar­ket in­fra­struc­ture in ac­cord­ance with Art­icle 12.

² The fol­low­ing as­pects in par­tic­u­lar are to be ad­dressed in the agree­ment with the ser­vice pro­vider:

a.

the ser­vice to be out­sourced and the ser­vices of the ser­vice pro­vider;

b.

the re­spons­ib­il­it­ies and the re­cip­roc­al rights and du­ties, par­tic­u­larly the fin­an­cial mar­ket in­fra­struc­ture's rights of in­spec­tion, in­struc­tion and con­trol;

c.

the se­cur­ity re­quire­ments that must be ful­filled by the ser­vice pro­vider;

d.

the ser­vice pro­vider's ad­her­ence to the fin­an­cial mar­ket in­fra­struc­ture's busi­ness con­fid­en­ti­al­ity and, in­so­far as leg­ally pro­tec­ted data is provided to the ser­vice pro­vider, the ser­vice pro­vider's ad­her­ence to pro­fes­sion­al con­fid­en­ti­al­ity;

e.

the rights of in­spec­tion and ac­cess of the in­tern­al audit func­tion, the ex­tern­al audit firm, FINMA and – in the case of sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­tures – the Swiss Na­tion­al Bank (SNB).

³ The fin­an­cial mar­ket in­fra­struc­ture must ex­er­cise care in the se­lec­tion, in­struc­tion and con­trolling of the ser­vice pro­vider. It shall in­teg­rate the out­sourced ser­vice in­to its in­tern­al con­trol sys­tem and mon­it­or the ser­vices rendered by the ser­vice pro­vider on an on­go­ing basis.

⁴ Out­sourcing to for­eign coun­tries re­quires ap­pro­pri­ate tech­nic­al and or­gan­isa­tion­al meas­ures to en­sure the ob­serv­ance of pro­fes­sion­al con­fid­en­ti­al­ity and data pro­tec­tion in ac­cord­ance with Swiss law. Con­tract­ing parties of a fin­an­cial mar­ket in­fra­struc­ture whose data is to be sent to a ser­vice pro­vider abroad must be in­formed about this.

⁵ The fin­an­cial mar­ket in­fra­struc­ture, its in­tern­al audit func­tion, the ex­tern­al audit firm, FINMA and – in the case of sys­tem­ic­ally im­port­ant fin­an­cial mar­ket in­fra­struc­tures – the SNB must be able to in­spect and re­view the out­sourced ser­vice.

⁶ Para­graphs 1 to 5 do not ap­ply if a cent­ral se­cur­it­ies de­pos­it­ory out­sources some of its ser­vices or activ­it­ies to a tech­nic­al plat­form that con­nects se­cur­it­ies set­tle­ment sys­tems by way of provid­ing a pub­lic ser­vice. This kind of out­sourcing must be gov­erned by means of a ded­ic­ated reg­u­lat­ory and op­er­a­tion­al frame­work, which re­quires the ap­prov­al of FINMA.