In OTC derivatives transactions not cleared via a central counterparty authorised or recognised by FINMA, there is a duty to exchange appropriate collateral. In order to take account of foreign legal developments, FINMA is authorised under Article 131 para. 6 FinMIO to extend the transitional period for certain OTC derivatives transactions set out in Article 131 para. 5bis FinMIO.
As the EU has since abolished the existing transitional period, the counterpart to the Swiss legislation, and introduced an indefinite exemption, FINMA considers it appropriate to extend the timeframe again in order to avert competitive disadvantages for Swiss derivatives traders.
Accordingly, the transitional period pursuant to Article 131 para. 5bis FinMIO will be extended until 1 January 2029.
