Foreign participants require FINMA authorisation if they want to participate in a Swiss trading venue (Art. 40 FMIA). The term “participant” is defined in Article 2 let. d FMIA and includes anyone who uses financial market infrastructure services and falls under the requirements set out in Article 34 para. 2 FMIA.
FINMA grants authorisation to foreign participants who are not domiciled in Switzerland to participant in a Swiss trading venue under the following requirements:
If an already authorised foreign participant wants to participate in another Swiss trading venue, authorisation must be sought from the competent supervisory authority, which certifies that it has no objection to the expansion of the foreign participant’s activity in Switzerland.
If an authorised participant’s circumstances change, FINMA authorisation must first be obtained before the participant can resume their activities as a foreign unsupervised market member.