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

(Art. 73a para. 2 Fin­MIA)

¹ A DLT trad­ing fa­cil­ity is op­er­at­ing com­mer­cially if it:

a.

thereby gen­er­ates gross earn­ings of more than CHF 50,000 per cal­en­dar year;

b.

per cal­en­dar year, has a busi­ness re­la­tion­ship with more than 20 par­ti­cipants in ac­cord­ance with Art­icle 73c para­graph 1 let­ter e of the Fin­MIA (private par­ti­cipants) or with at least one par­ti­cipant in ac­cord­ance with Art­icle 73c para­graph 1 let­ters a to d of the Fin­MIA; or

c.

has un­lim­ited power of dis­pos­al over third-party DLT se­cur­it­ies that ex­ceed CHF 5 mil­lion at any giv­en time.

² If a threshold un­der para­graph 1 is ex­ceeded, the DLT trad­ing fa­cil­ity must re­port this to FINMA with­in 10 days. It must sub­mit an ap­plic­a­tion for au­thor­isa­tion as provided for in the Fin­MIA to FINMA with­in 60 days.

³ Provided the pro­tect­ive pur­pose of the Fin­MIA is not af­fected, FINMA may pro­hib­it the ap­plic­ant from ex­er­cising the activ­it­ies re­served to a DLT trad­ing fa­cil­ity un­til the de­cision is made on the ap­plic­a­tion for au­thor­isa­tion.