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

Art. 58l Easing of requirements for small DLT trading facilities

(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).