FMIA / FinfraG - Slightly amended and ready for 'deployment'

Today, the Swiss Federal Council has adopted the dispatch on the Financial Market Infrastructure Act (FMIA, German: FinfraG).

From a corporate point of view, FMIA and it's consequences for Swiss corporates or Switzerland-based subsidiaires of foreign corporates are quite similar to the requirements due to to EMIR. But there will be at least some relief regarding reporting.

Trades concluded between a corporate and a bank will have to be reported by the respective bank and not by the corporate. Transactions with foreign counterparties will have to reported in case the foreign counterparty does not report.

At the moment, no more detailed information with regards to e.g. implementation, timelines etc. is available and expected to be delivered in Q4 / 2014 - FMIA is expected to come into force later in 2015.

Further information regarding the dispatch can be found here (General aspects in English, law etc. in German).