Federal Council extends transitional periods for financial market infrastructures

Bern, 29.06.2016 - During its meeting today, the Federal Council adjusted the Financial Market Infrastructure Ordinance. The transitional periods for financial market infrastructures were extended by a year in line with developments in the EU.

The Financial Market Infrastructure Act (FinMIA) and the Financial Market Infrastructure Ordinance (FinMIO) came into effect on 1 January 2016. Financial market infrastructures and the operators of organised trading facilities were granted a one-year transitional period to fulfil various new duties such as those associated with the publication pre- and post-trade transparency information and with high-frequency trading. Moreover, participants on a trading venue and securities dealers do not have to fulfil the extended record-keeping and reporting duties regarding securities transactions until 1 January 2017

These transitional periods were based on the date on which the corresponding provisions in the EU were to become effective according to the original schedule for the revised Markets in Financial Instruments Directive (MiFID II). Because this date has now been postponed by a year, the Federal Council has also decided to extend the corresponding transitional periods in the FinMIO by one year to 1 January 2018. This extension of the transitional periods will not only prevent a Swiss finish, but also enable FINMA to take appropriate account of the EU specifications when preparing its implementing regulations. In addition, market participants will be given more time to adjust their systems and processes to the new rules.

The EU is currently in the process of drafting various implementing regulations in the area of derivatives trading. In this respect, the FinMIO is based on the recognised international standards towards which the EU is also gearing itself in principle. If it transpires upon completion of the EU regulatory project that material amendments need to be made to the FinMIO to prevent competitive disadvantages for Swiss financial market participants, the Federal Council will swiftly address this, as was mentioned when the ordinance was issued.

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Roland Meier, Media Spokesperson FDF
Tel. +41 58 462 60 86, roland.meier@gs-efd.admin.ch

Federal Department of Finance FDF


The Federal Council

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