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

(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.