05 March 2018

Pitfalls for Swiss industrial companies in derivative trading

FMIA as part of global derivative regulation
Since 1 January 2016, the Swiss Financial Market Infrastructure Act (FMIA) has been in force. Among other things, the FMIA implements the worldwide regulation of the derivative market in Switzerland, which was the intention of the G20 summit in Pittsburgh in 2009. It contains numerous obligations for Swiss companies both in and outside the financial sector. With its Guidance 5/2017, FINMA extended the transitional periods for the fulfillment of the mandatory derivative reporting obligation in accordance with the FMIA for so-called NFC- until 1 January 2019. What does this mean for Swiss industrial companies?

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25 August 2016

Fulfillment of the Duties in Derivatives Trading under Foreign Law

Although the Financial Market Infrastructure Act (FMIA) entered into force on 1 January 2016, the duties in derivatives trading that it sets out do not yet have to be met due to transitional periods. The postponed entry into force of the European regulatory reform of the financial markets, MIFID II, causes a further extension of the transitional periods in Switzerland. Nevertheless, the Swiss financial market participants affected by the new regulation should already start with the implementation of the prescribed duties and procedures.

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18 May 2016

Financial Market Infrastructure Act also concerns SMEs

The title of the Financial Market Infrastructure Act (FMIA), which became effective on January 1, 2016, gives rise to the assumption that we are dealing with a statute that is only relevant for the classic financial market participants. This conclusion is incorrect. Indeed the main focus of the new legislation is set on stock exchanges, central counterparties, payment systems and other financial market infrastructures. However, to the extent that the new statute regulates derivatives trading, it also concerns SMEs outside of the financial sector.

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