Commentaries: Art. 60

A central counterparty registered abroad must obtain FINMA recognition before it:
1. grants supervised Swiss participants direct access to its facilities;
2. provides services for a Swiss financial market infrastructure;
3. enters into an interoperability agreement with a Swiss central counterparty.
FINMA shall grant recognition:
1. if the foreign central counterparty is subject to appropriate regulation and supervision; and
2. if the competent foreign supervisory authorities:
1. do not have any objections to the cross-border activity of the foreign central counterparty, 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.
FINMA may refuse recognition if the state in which the foreign central counterparty has its registered office does not grant Swiss central counterparties actual access to its markets or does not offer them the same competitive opportunities as those granted to domestic central counterparties. Any deviating international commitments are reserved.
It may exempt a foreign central counterparty from the obligation to obtain recognition provided this does not adversely affect the protective purpose of this Act.