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FinfraG Update VII
The purpose of this Newsflash is to provide Swiss market participants with an update on the proposed amendment of the Swiss Financial Market Infrastructure Ordinance of the Swiss Financial Market Supervisory Authority (FMIO-FINMA) regarding the introduction of the clearing obligation for certain over the counter (OTC) derivatives under the Swiss Financial Market Infrastructure Act (FMIA).
The consultation process was launched by the FINMA on December 18, 2017 and will last until February 12, 2018. The clearing obligation will only enter into effect when FINMA has authorized or recognized the central counterparties (CCP) which clear trades involving the FINMA-designated categories of OTC derivatives.