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

(Art. 73f Fin­MIA)

¹ In derog­a­tion from the Fin­MIA and from this Or­din­ance, the fol­low­ing eased re­quire­ments ap­ply for small DLT trad­ing fa­cil­it­ies:

a.

In derog­a­tion from Art­icle 8 para­graph 2 second sen­tence of the Fin­MIA and Art­icle 8 para­graph 2 second sen­tence of this Or­din­ance, it is suf­fi­cient if the ma­jor­ity of the mem­bers of the bod­ies re­spons­ible for over­all man­age­ment, su­per­vi­sion and con­trol are not mem­bers of the body re­spons­ible for busi­ness man­age­ment.

b.

If the pro­vi­sion of an­cil­lary ser­vices not sub­ject to au­thor­isa­tion or ap­prov­al by vir­tue of fin­an­cial mar­ket le­gis­la­tion in­creases the risks of a DLT trad­ing fa­cil­ity, FINMA may re­quire ex­clus­ively or­gan­isa­tion­al meas­ures (Art. 10 para. 3 of the Fin­MIA). If the DLT trad­ing fa­cil­ity also op­er­ates an or­gan­ised trad­ing fa­cil­ity (Art. 43 of the Fin­MIA), FINMA may re­quire ad­di­tion­al cap­it­al and suf­fi­cient li­quid­ity.

c.

The busi­ness con­tinu­ity re­quire­ments may also be met by hav­ing an­oth­er au­thor­isa­tion hold­er take over the op­er­a­tion of the DLT trad­ing fa­cil­ity in the event of dis­rup­tions (Art. 13 para. 1 of the Fin­MIA). The strategy and busi­ness im­pact ana­lys­is in ac­cord­ance with Art­icle 14 of this Or­din­ance may make pro­vi­sion for the op­er­a­tion of the DLT trad­ing fa­cil­ity to be trans­ferred to a third party.

d.

The reg­u­lat­ory tasks del­eg­ated to the DLT trad­ing fa­cil­ity may also be car­ried out by a non-in­de­pend­ent body (Art. 27 para. 2 of the Fin­MIA).

e.

An in­de­pend­ent ap­peal body is not ne­ces­sary (Art. 37 of the Fin­MIA).

f.

An in­tern­al audit is not ne­ces­sary (Art. 8 para. 1 lit. c of this Or­din­ance).

² For small DLT trad­ing fa­cil­it­ies that provide ser­vices in ac­cord­ance with Art­icle 73a para­graph 1 let­ter b or c of the Fin­MIA, the fol­low­ing eased re­quire­ments ap­ply in ad­di­tion, in derog­a­tion from the Fin­MIA:

a.

The cap­it­al re­quire­ments do not ap­ply (Art. 66 of the Fin­MIA).

b.

The li­quid­ity re­quire­ments do not ap­ply (Art. 67 of the Fin­MIA).