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ARTICLE · 23 JULY 2024

Federal Council Proposes Changes To Key Market Infrastructure Provisions

Lenz & Staehelin
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Currently, payment systems not operated by banks are subject to a tiered registration / licensing and oversight regime: Smaller, Swiss-based payment...

SwitzerlandFinance and Banking
Patrick Schärli
Patrick Schärli
Patrick Schleiffer
Patrick Schleiffer
Ariel Ben Hattar
Ariel Ben Hattar
François Rayroux
François Rayroux
Jacques Iffland
Jacques Iffland
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On 19 June 2024, the Swiss Federal Council published its proposed revision of the Financial Market Infrastructure Act ("FinMIA"). Among a wide-ranging set of amendments relating to derivatives trading rules and the Swiss market conduct framework, the Federal Council's draft bill also includes a range of amendments relating to market infrastructure, including payment systems, central securities depositaries and trading venues, as well as important amendments to the Swiss transaction reporting regime. The draft bill is open for comments until 11 October 2024.

1. Payment systems

Currently, payment systems not operated by banks are subject to a tiered registration / licensing and oversight regime: Smaller, Swiss-based payment systems are only subject to the Anti-Money Laundering Act and required to register with a self-regulatory organization without being prudentially supervised. On the other side of the spectrum, systematically relevant (Swiss and

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