Commentaries: Art. 34

The trading venue shall issue regulations on the admission, duties and exclusion of participants, thereby observing in particular the principle of equal treatment.
The following may be admitted as participants in a trading venue:¹
1. ² securities firms in accordance with Article 2 letter d of the Financial Institutions Act of 15 June 2018³(FinIA);
2. other parties supervised by FINMA in accordance with Article 3 of the Financial Market Supervision Act of 22 June 2007⁴(FINMASA), provided that the trading venue ensures that they fulfil equivalent technical and operational conditions to securities firms;⁵
3. foreign participants authorised by FINMA in accordance with Article 40;
4. the SNB;
5. ⁶ the federal government;
6. ⁷ the Swiss National Accident Insurance Fund (Suva);
7. ⁸ the AHV/IV/EO compensation funds (compenswiss).
The trading venue may admit other entities as participants if it ensures that they fulfil equivalent technical and operational conditions to securities firms, and if these entities:
1. perform public functions and are reliant on participation for the performance of these functions; and
2. have professional treasury operations.⁹

Amended by Annex No 9 of the FA of 17 Dec. 2021 (Insolvency and Deposit Insurance), in force since 1 Jan. 2023 (AS 2022 732;BBl 2020 6359). ↩
Amended by Annex No II 18 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631;BBl 2015 8901). ↩
SR 954.1 ↩
SR 956.1 ↩
Term in accordance with Annex No II 18 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631;BBl 2015 8901). This modification has been made throughout the text. ↩
Inserted by Annex No 9 of the FA of 17 Dec. 2021 (Insolvency and Deposit Insurance), in force since 1 Jan. 2023 (AS 2022 732;BBl 2020 6359). ↩
Inserted by Annex No 9 of the FA of 17 Dec. 2021 (Insolvency and Deposit Insurance), in force since 1 Jan. 2023 (AS 2022 732;BBl 2020 6359). ↩
Inserted by Annex No 9 of the FA of 17 Dec. 2021 (Insolvency and Deposit Insurance), in force since 1 Jan. 2023 (AS 2022 732;BBl 2020 6359). ↩
Inserted by Annex No 9 of the FA of 17 Dec. 2021 (Insolvency and Deposit Insurance), in force since 1 Jan. 2023 (AS 2022 732;BBl 2020 6359). ↩

Art. 34