For reasons of proportionality and while taking into account the protective purpose of this Act, the Federal Council may ease the requirements for small DLT trading facilities under Articles 6–21, 27–33 and 37, in particular the requirements on:
separation of the bodies responsible for business management from those responsible for overall management, supervision and control (Art. 8);
the provision of ancillary services not subject to authorisation or approval by virtue of the financial market legislation (Art. 10);
the independence of the self-regulatory organisation (Art. 27 para. 2) and of the appeal body (Art. 37 para. 1).
DLT trading facilities are deemed to be small if they pose a low risk in terms of the protection of financial market participants and the proper functioning and stability of the financial system, in particular because the number of participants, the trading volume, the volume of custody assets or the clearing and settlement volume is limited. The Federal Council shall set thresholds.
DLT trading facilities that are subject to eased requirements in accordance with this Article shall disclose this to their clients. The Federal Council shall regulate the details.
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