Trading venues domiciled abroad must obtain recognition from FINMA before granting Swiss participants supervised by FINMA direct access to their facilities.
FINMA shall grant recognition:
if the foreign trading venue is subject to appropriate regulation and supervision; and
if the competent foreign supervisory authorities:
1. do not have any objections to the cross-border activity of the foreign trading venue,
2. guarantee that they will inform FINMA if they detect violations of the law or other irregularities on the part of Swiss participants, and
3. provide FINMA with administrative assistance.
A foreign trading venue is deemed recognised if FINMA finds that:
the state in which the trading venue has its registered office regulates and supervises its trading venues adequately; and
the conditions in paragraph 2 letter b are met.
FINMA may refuse recognition if the state in which the foreign trading venue has its registered office does not grant Swiss trading venues actual access to its markets or does not offer them the same competitive opportunities as those granted to domestic trading venues. Any deviating international commitments are reserved.
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