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Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)
Art.81Fulfilment of duties under foreign law
(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.