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Trading in Swiss shares: adaptation of the list of recognised foreign trading venues

On 1 July 2019 the Swiss Financial Market Supervisory Authority FINMA will amend the list of foreign trading venues which are recognised for the trading of Swiss equity securities. FINMA is thereby executing today’s decision by the Federal Department of Finance (FDF) to include EU countries on the list relevant for FINMA recognition from 1 July 2019.

Since 1 January 2019, foreign trading venues where Swiss equity securities are traded or that facilitate trading in such equity securities have had to obtain prior recognition from FINMA. FINMA published Guidance 02/2018 and 04/2018 on this subject.

 

According to the ordinance issued by the Federal Council, foreign trading venues can only be recognised if they have their registered office in a jurisdiction that is not entered in the list maintained by the Federal Department of Finance (FDF). As soon as the foreign trading venue has its registered office in a jurisdiction that is included on the FDF list, its recognition is forfeited by law.

 

The FDF announced today that from 1 July 2019 it will include the EU countries on the list of jurisdictions relevant for recognition by FINMA (see Federal Council ordinance). Consequently, FINMA will amend the list of recognised foreign trading venues taking effect on 1 July 2019.