Federal Law - Stock Exchanges/Trading In Securities - 2. Stock Exchanges

2: Stock Exchanges

Art. 3 License

1 Whoever wishes to operate a stock exchange requires a license from the Supervisory Authority.

2 The license will be granted if:

a. the stock exchange guarantees, through its business rules and organisation, the fulfilment of the duties arising under this law;

b. the stock exchange and its responsible employees can demonstrate the necessary specialised knowledge and guarantee the orderly conduct of business operations;

c. its governing bodies comply with the minimum requirements which the Federal Council may la down.

3 The Federal Council shall lay down the conditions for the granting of a license which foreign stock exchanges shall fulfil if they wish to be active in Switzerland, but have no registered office here.