April 2014

The purpose of this memorandum is to provide for an overview of the key aspects of the new Swiss Financial Market Infrastructure Act ("FMIA") as they relate to derivatives and to highlight some of the concerns which have been discussed among market participants in Switzerland in the context of the consultation process, which ended on March 31, 2014, and followed the publication in January 2014 by the Swiss Federal Department of Finance of a draft of the FMIA.