For financial market infrastructures which are subject to FINMA authorisation and supervision, the special requirements in accordance with Articles 21a –34 and the obligations in accordance with Article 36 shall apply only after the licence granted in accordance with Article 25 FinMIA1has entered into force. Until such time, the relevant requirements and obligations as laid out in the existing legislation shall apply.
For financial market infrastructures which are not subject to FINMA authorisation and supervision, the special requirements in accordance with Articles 22–34 and the obligations in accordance with Article 36 shall apply as soon as the amended National Bank Ordinance of 26 November 2015 enters into force.