The Financial Market Infrastructure Act (FMIA), original title () is a body of
Swiss legislation for the regulation of financial markets, in particular
derivatives
The derivative of a function is the rate of change of the function's output relative to its input value.
Derivative may also refer to:
In mathematics and economics
* Brzozowski derivative in the theory of formal languages
* Formal derivative, an ...
. It was originally adopted by the Swiss
Federal Assembly on June 19, 2015 and came into force on January 1, 2016.
The objective of the legislation is to reduce
systemic
Systemic fundamental to a predominant social, economic, or political practice. This refers to:
In medicine
In medicine, ''systemic'' means affecting the whole body, or at least multiple organ systems. It is in contrast with ''topical'' or ''loc ...
counterparty and operational risk, and help prevent future financial system collapses. FMIA is intended as the Swiss equivalent to the regulatory packages in the U.S. and the European Union, such as
Dodd–Frank and
EMIR /
MiFID, respectively.
The FMIA regulations include requirements for reporting of derivative contracts and implementation of risk management standards. It also established common rules for central
counterparties
A counterparty (sometimes contraparty) is a legal entity, unincorporated entity, or collection of entities to which an exposure of financial risk may exist. The word became widely used in the 1980s, particularly at the time of the Basel I deliberat ...
and
trade repositories. The implementation of FMIA is overseen by
FINMA
The Swiss Financial Market Supervisory Authority (FINMA) is the Switzerland, Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as wel ...
.
Footnotes
Sources
FMIA Legal Act translation of ''Bundesgesetz über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel (Finanzmarktinfrastrukturgesetz, FinfraG)''. In: ''Bundesblatt'', Vol. 2015, No. 25 of 30 June 2015, pg. 4931–4983.
Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading, translation of ''Verordnung über die Finanzmarktinfrastrukturen und das Marktverhalten im Effekten- und Derivatehandel (Finanzmarktinfrastrukturverordnung, FinfraV)''. In: ''Bundesblatt'', Vol. 2015, pg. 5413–5508. (SR 958.11)
European Trade Repository - FinfraG{{Webarchive, url=https://web.archive.org/web/20210727013506/https://www.regis-tr.com/regis-tr/regulatory-reporting/finfrag , date=2021-07-27
Financial regulation
Derivatives (finance)
Regulation in Switzerland
Corporate law
2016 establishments in Switzerland