Commentaries: Art. 71

The establishment of the following links between central securities depositories requires the approval of FINMA:
1. interoperability agreements;
2. access agreements in which a central securities depository provides services for the other party that it does not provide for other participants.
Approval is granted if the central securities depositories:
1. apply rules, procedures and controls which allow them to identify, limit and monitor the risks arising from their agreement for their own protection and that of their participants;
2. check their records are correct by comparing them; and
3. set out in a written agreement their rights and duties, as well as the rights and duties of their participants if appropriate.
If a central securities depository involved in a link between central securities depositories is systemically important, FINMA must obtain the SNB's agreement before granting approval.