Financial Market Infrastructure Act (FMIA)

FMIA introduces uniform rules governing the organization and operation of the financial market infrastructure, which includes the following institutions: stock exchange, multilateral trading systems, central counterparties, central custodians, transaction registers and payment systems. Additionally, the FMIA imposes new requirements on organized trading systems.

Another topic covered by FMIA are market conduct rules for financial market participants. Related provisions, currently spread across the Banking Act, Stock Exchange Act and National Bank Act, were transferred into the FMIA and new provisions regarding the conduct of financial market participants in derivatives trading have been included.

With the introduction of the FMIA, Switzerland is adapting its legislation to the changed market circumstances and international regulations.

2019 2020 2021 2022 2023 2024
  • 2 Consultation period 12/13-03/14
  • 3 Result of consultation 09/14-09/14
  • 4 Treatment in the Parliament 09/14-05/15
  • 5 Publication of final decree 06/15-09/15
  • 6 Referendum period 10/15-12/15
  • 7 Enactment / transitional period 01/16-12/16
  • 8 Application of the rule of law 01/17-12/99
In force since January 1, 2016. Various transitional periods (see Factsheet).


FMIA affects operators and participants of the abovementioned financial market infrastructures as well as entities (both financial and non-financial) incorporated in Switzerland. Special attention should be paid to trading systems, which could qualify as organized trading systems under FMIA. Even though any experience from implementing EMIR and Dodd Frank can be useful, FMIA contains specific provisions which must be considered. It is crucial for the participants and operators of financial market infrastructures and organized trading systems to analyze the impact of FMIA now. Entities trading derivatives should classify their legal units, counterparties and products according to the FMIA and review existing framework contracts in the area of derivatives on their compliance with the requirements set forth in FMIA/FMIO. The focus should fall in particular on the clearing, reporting, and risk mitigation obligations.

Further information