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

(Art. 95 Fin­MIA)

¹ FINMA shall re­cog­nise for­eign law as equi­val­ent if the du­ties that ap­ply for de­riv­at­ives trad­ing and the pro­vi­sions on su­per­vi­sion are com­par­able with the Swiss equi­val­ent in their ma­ter­i­al im­pact.

² This con­di­tion is met with re­spect to the:

a.

clear­ing duty un­der Art­icle 97 Fin­MIA, if the clear­ing in ques­tion largely re­duces the sys­tem­ic and coun­ter­party risks of stand­ard­ised OTC de­riv­at­ives;

b.

re­port­ing duty un­der Art­icle 104 Fin­MIA, if the re­port con­tains at least the in­form­a­tion set out in the Art­icle 105 para­graph 2 Fin­MIA;

c.

the risk mit­ig­a­tion duty un­der Art­icles 107 to 110 Fin­MIA, if the cor­res­pond­ing meas­ures largely re­duce the sys­tem­ic and coun­ter­party risks of non-stand­ard­ised OTC de­riv­at­ives;

d.

the plat­form trad­ing duty un­der Art­icle 112 Fin­MIA, if pre-trade and post-trade trans­par­ency in the de­riv­at­ives mar­ket is ap­pro­pri­ately im­proved through the trad­ing of stand­ard­ised de­riv­at­ives via trad­ing ven­ues or or­gan­ised trad­ing fa­cil­it­ies.

³ A Swiss coun­ter­party can ful­fil its de­riv­at­ives trad­ing du­ties with an­oth­er Swiss coun­ter­party un­der for­eign su­per­vis­ory le­gis­la­tion re­cog­nised by FINMA if the de­riv­at­ives trans­ac­tion in ques­tion or a coun­ter­party to this trans­ac­tion has an ob­ject­ive con­nec­tion with this le­gis­la­tion. The simply choice of law does not cre­ate an ob­ject­ive con­nec­tion.