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

of 25 November 2015 (Status as of 1 January 2023)


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Art. 24 Regulatory and supervisory organisation

(Art. 27 Fin­MIA)

1 An ap­pro­pri­ate reg­u­lat­ory and su­per­vis­ory or­gan­isa­tion shall en­com­pass the fol­low­ing bod­ies in par­tic­u­lar:

a.
a body that ful­fils reg­u­lat­ory tasks;
b.9
a body that ful­fils su­per­vis­ory tasks;
c.
a body re­spons­ible for the ad­mis­sion of se­cur­it­ies to trad­ing;
d.
an ap­peal body.

2 The body that ful­fils the reg­u­lat­ory tasks of the trad­ing ven­ue must be in­de­pend­ent of the busi­ness man­age­ment of the trad­ing ven­ue and largely in­de­pend­ent of the par­ti­cipants and is­suers, both or­gan­isa­tion­ally and with re­spect to per­son­nel. It must have suf­fi­cient or­gan­isa­tion­al, per­son­nel and fin­an­cial re­sources.10

2bis The body that ful­fils the su­per­vis­ory tasks of the trad­ing ven­ue must be in­de­pend­ent of the busi­ness man­age­ment of the trad­ing ven­ue and in­de­pend­ent of the par­ti­cipants and is­suers, both or­gan­isa­tion­ally and with re­spect to per­son­nel. It must have suf­fi­cient or­gan­isa­tion­al, per­son­nel and fin­an­cial re­sources.11

3 Both is­suers and in­vestors must be ap­pro­pri­ately rep­res­en­ted in the body re­spons­ible for the ad­mis­sion of se­cur­it­ies to trad­ing.

4 The trad­ing ven­ue shall set out in its reg­u­la­tions the tasks and powers of the vari­ous bod­ies, as well as the rep­res­ent­a­tion of is­suers and in­vestors in the body that is re­spons­ible for the ad­mis­sion of se­cur­it­ies to trad­ing.

9 Amended by No I 10 of the O of 18 June 2021 on the Ad­apt­a­tion of Fed­er­al Law to De­vel­op­ments in Dis­trib­uted Ledger Tech­no­logy, in force since 1 Aug. 2021 (AS 2021 400).

10 Amended by No I 10 of the O of 18 June 2021 on the Ad­apt­a­tion of Fed­er­al Law to De­vel­op­ments in Dis­trib­uted Ledger Tech­no­logy, in force since 1 Aug. 2021 (AS 2021 400).

11 In­ser­ted by No I 10 of the O of 18 June 2021 on the Ad­apt­a­tion of Fed­er­al Law to De­vel­op­ments in Dis­trib­uted Ledger Tech­no­logy, in force since 1 Aug. 2021 (AS 2021 400).

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