FINMA to amend list of foreign trading venues recognised for Swiss equity securities trading

Maria Nikolova

The regulator is thus executing the decision by the Federal Department of Finance to include EU countries on the list relevant for FINMA recognition from July 1, 2019.


The Swiss Financial Market Supervisory Authority (FINMA) has announced that it will amend the list of foreign trading venues which are recognised for the trading of Swiss equity securities. This will be effective July 1, 2019.

The regulator is thereby executing the decision by the Federal Department of Finance (FDF) to include EU countries on the list relevant for FINMA recognition from July 1, 2019.

Since 1 January 2019, foreign trading venues where Swiss equity securities are traded or that facilitate trading in such equity securities have had to obtain prior recognition from FINMA. FINMA published Guidance 02/2018 and 04/2018 on this subject.

According to the ordinance issued by the Federal Council, foreign trading venues can only be recognised if they have their registered office in a jurisdiction that is not entered in the list maintained by the Federal Department of Finance (FDF). As soon as the foreign trading venue has its registered office in a jurisdiction that is included on the FDF list, its recognition is forfeited by law.

From July 1, 2019, FINMA will include the EU countries on the list of jurisdictions relevant for recognition by FINMA.

On Thursday, June 27, 2019, the FDF said it was activating the measure to protect the Swiss stock exchange infrastructure. This was in line with earlier announcements made by the FDF.

This activation is because the European Commission has not yet extended the stock market equivalence. The implementation of the measure will be closely followed and monitored by the Swiss authorities.

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