July 2015

Reference is made to the Lenz & Staehelin memoranda of April 2014 and September 2014 which provided an overview of the key aspects of the new Swiss Financial Market Infrastructure Act (“FMIA”) as they relate to derivative transactions, highlighted the main differences between earlier FMIA drafts throughout the legislative process and addressed FMIA insolvency provisions. On June 19, 2015 parliament has passed the FMIA in its finalized form and it is expected to enter into force in early 2016. The purpose of this follow-up memorandum is to provide an overview over the core obligations regarding the trading of derivatives, i.e. trade reporting, clearing, mandatory use of trade platforms and risk mitigation obligations, as they apply to the different categories of counterparties under the finalized FMIA.