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


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Art. 12 Essential services

(Art. 11 para. 1 Fin­MIA)

1 Es­sen­tial ser­vices are deemed to be ser­vices that are ne­ces­sary for the con­tinu­ation of im­port­ant busi­ness pro­cesses, in par­tic­u­lar in the areas of li­quid­ity man­age­ment, treas­ury, risk man­age­ment, mas­ter data ad­min­is­tra­tion and ac­count­ing, per­son­nel, in­form­a­tion tech­no­logy, and leg­al and com­pli­ance.

2 The fol­low­ing ser­vices are also deemed to be es­sen­tial:

a.
in the case of trad­ing ven­ues:
1.
all activ­it­ies con­duc­ted with the aim of en­sur­ing fair, ef­fi­cient and or­derly trad­ing,
2.
the op­er­at­ing of match­ing and mar­ket data dis­tri­bu­tion sys­tems;
b.
in the case of cent­ral coun­ter­parties:
1.
con­trac­tu­ally en­ter­ing in­to se­cur­it­ies trans­ac­tions or oth­er con­tracts in­volving fin­an­cial in­stru­ments between two par­ti­cipants or between one par­ti­cipant and an­oth­er cent­ral coun­ter­party,
2.
the es­tab­lish­ment of mech­an­isms re­lat­ing to the plan­ning for and pro­tec­tion against out­ages of par­ti­cipants or in­ter­op­er­ably as­so­ci­ated cent­ral coun­ter­parties, or re­lat­ing to the se­greg­a­tion of the po­s­i­tions of in­dir­ect par­ti­cipants and cli­ents of par­ti­cipants or to the trans­fer of po­s­i­tions to oth­er par­ti­cipants;
c.
in the case of cent­ral se­cur­it­ies de­pos­it­or­ies:
1.
the op­er­a­tion of a cent­ral cus­todi­an or se­cur­it­ies set­tle­ment sys­tem,
2.
the ini­tial re­cord­ing of se­cur­it­ies in a se­cur­it­ies ac­count,
3.
the re­con­cili­ation of hold­ings;
d.
in the case of trade re­pos­it­or­ies:
1.
the col­lec­tion, man­age­ment and re­ten­tion of the re­por­ted data,
2.
the pub­lic­a­tion of re­por­ted data,
3.
the grant­ing of ac­cess to re­por­ted data;
e.
in the case of pay­ment sys­tems:
1.
the ac­cept­ance and ex­e­cu­tion of par­ti­cipants' pay­ment or­ders,
2.
the man­age­ment of clear­ing ac­counts;
f.3
in the case of trad­ing fa­cil­it­ies for dis­trib­uted ledger tech­no­logy se­cur­it­ies (DLT trad­ing fa­cil­it­ies) that do not provide ser­vices in ac­cord­ance with Art­icle 73a para­graph 1 let­ter b or c of the Fin­MIA:
1.
all activ­it­ies con­duc­ted with the aim of en­sur­ing fair, ef­fi­cient and or­derly trad­ing,
2.
the op­er­at­ing of match­ing and mar­ket data dis­tri­bu­tion sys­tems;
g.4
in the case of DLT trad­ing fa­cil­it­ies that provide ser­vices in ac­cord­ance with Art­icle 73a para­graph 1 let­ter b or c of the Fin­MIA:
1.
the ser­vices un­der let­ter f,
2.
the cent­ral cus­tody of DLT se­cur­it­ies or the clear­ing and set­tle­ment of trans­ac­tions in DLT se­cur­it­ies,
3.
the ini­tial re­cord­ing of DLT se­cur­it­ies in a se­cur­it­ies ac­count,
4.
the re­con­cili­ation of hold­ings.

3 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).

4 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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