Supervision of stock exchanges and markets
With the Stock-Exchange Act, with effect from February 1, 1997, stock exchanges and securities dealers became subject to a licensing requirement and were subordinated to supervision by the SFBC. The markets are supervised by the Stock Exchanges and the SFBC, who order investigation in case of breach of the law or exchange regulation (market supervision). The Stock-Exchange Act and Ordinance are designed to achieve transparency and equality of treatment for all investors and create the framework for fully functioning securities markets.
A Swiss stock exchange requires a license from the SFBC to commence operations. Stock exchanges, acting on a self-regulating basis, are responsible themselves for an appropriate operating, administrative and monitoring organisation, whereby the business rules established by them are subject to the approval of the SFBC. Foreign stock exchanges without registered office in Switzerland require in addition an authorisation from the SFBC before they grant access to their institution by securities dealers in Switzerland. |
