August 2016

On 22 August 2016, FINMA consulted on a proposed revision of its Ordinance on Financial Market Infrastructure (FMIO-FINMA). FINMA's proposal would put an end to an aggregation regime that has turned out to be impractical for many privately-held banks and assets managers to whom a discretionary authority to exercise voting rights in a company listed in Switzerland has been delegated. It, however, raises questions that would be worth clarifying during the consultation process.