Art. 25

(Art. 27 para. 4 FinMIA)

1. When approving regulations, FINMA shall review in particular whether these:
   1. ensure transparency and the equal treatment of investors; and
   2. ensure the proper functioning of the securities markets.
2. FINMA may consult the Competition Commission before making its decision. The latter shall give its opinion on whether the regulations are neutral in terms of competition and are conducive to anti-competitive arrangements or not.