FinfraG-Reporting / Fee Schedule

FinfraG - Reporting obligation for NFC-s

While Swiss NFC-s (small non-financial counterparties) are widely exempted from the reporting obligation under FinfraG (no reporting for intra-group trades, trades with Swiss banks have to be reported by the banks), there remains a reporting obligation for NFC-s for derivatives traded with Non-Switzerland-based banks.

It is rather unlikely that foreign banks will report under FinfraG (there is no such obligation at all for foreign banks). A report by a foreign bank under e.g. EMIR or Dodd-Frank will not be accepted as a substitute for a report under FinfraG. Furthermore it is also not possible for Swiss corporates to report such trades under EMIR since EMIR has not (yet) been accepted as equivalent reporting regime. Today (April 2017), we do not have information that EMIR will be accepted as an equivalent in the near future before the start of the reporting obligation in April 2018.

FinfraG - Timeline for the start of the reporting obligation

Trade reporting for NFC-s will start on April 1, 2018.

Update October 18, 2017: FINMA has postponed the start date to January 1, 2019.

Update September 24, 2018: The Federal Council has postponed the start date to January 1, 2024.

Classification of NFCs and FCs, Clearing Thresholds

Classification of NFCs and FCs, Clearing Thresholds (subject to the calculation are only transactions that are not directly associated with the business activity, liquidity management or asset management of the counterparty or group)

Overview regarding the reporting and other obligations

Overview regarding the reporting and other obligations

FinfraG - Who reports?

Who reports?

REGIS-TR to become repository for FinfraG-Reporting

March 24, 2016 - REGIS-TR today announced that they have submitted a letter of intent to the Swiss regulatory authority FINMA to become a recognised foreign trade repository in Switzerland. This will allow market participants to use REGIS-TR to report derivatives trades as required under the Swiss FinfraG regulation.

We expect our clients and of course other Swiss entities to be able to use our platform and service to report all trades that will not be reported by their counterparties (e.g. foreign banks).

FinfraG & FinfraV in force as of January 1, 2016

November 26, 2015 - FinfraG & FinfraV will come into force as per January 1, 2016, a final date for the start of the reporting obligation has not been decided yet. It is expected that FCs will (have to) start reporting in Q4 2016, which means that the start of teh reporting obligation for NFCs will be some time in 2017.

FinfraV (German, English, Francais, Italiano)

FinfraG - Hearing to the FMI Ordinance has started

August 20, 2015 - Today, the Federal Department of Finance (FDF) initiated the hearing on the Financial Market Infrastructure Ordinance. The ordinance contains the Federal Council's implementing provisions for the Financial Market Infrastructure Act (FMIA). The hearing will continue until 2 October 2015.

The ordinance will come into force on January 1, 2016, reporting will quite likely not start before Q3 / 2016.

More information can be found here.

FinfraG / Final wording

June 18, 2015 - Final wording of FinfraG - German - Francais - Italiano - English

Voting results: National Council 137:54 (3 abstentions), Council of States 43:1 (1 abstention)

FinfraG / No reporting for trades between NFC-s

June 18, 2015 - Game, set and match: Swiss National Council.

After intensive discussions during the past few days it had been finally decided that trades between NFC-s will not fall under the reporting obligation.

The only residual reporting obligation for Swiss corporates will concern trades concluded with Non-Swiss banks that will very likely not report under FinfraG.

EMIRate clients can be sure that we will offer a possibility to report the a.m. trades to a trade repository.

FinfraG & NFCs - ping pong Swiss style

June 16, 2015 - After yesterday's decision of the Swiss National Council to - again - exclude trades between NFCs from the reporting obligation, the Swiss Council of States will discuss the matter again today. This will be interesting because summer is getting closer  and a final decision should be taken soon and definitely before summer.

Finfrag - Trades between NFCs will have to be reported

June 2, 2015 - According to today's decision by the Swiss Council of States, trades between NFCs (e.g. group-internal trades) will fall under the reporting obligation.

FinfraG - Bad news for corporates?

April 27, 2015 - Maybe bad, at least not so good news for Swiss corporates. The Swiss Council of States might not follow the Swiss National Council with regards to trades between NFCs, proposing that such trades should be reported.

The Swiss Council of States will discuss FinfraG on June 2, 2015.

FinfraG - no reporting for trades between NFCs

March 20, 2015 - According to today's decision by the Swiss National Council, derivative trades between non-financial counterparties will not have to be reported under FinfraG. Press release (in German only).

The regulation is now subject to the final approval by the Swiss Council of States.