Legal basis for the recovery and resolution of financial market infrastructures

The financial market law principles for financial market infrastructures (FMIs) relating to recovery and resolution are primarily contained in the Financial Market Infrastructure Act (FinMIA) and the Financial Market Infrastructure Ordinance (FinMIO) based on it.

From the perspective of recovery and resolution, the provisions of the Financial Market Infrastructure Act (FinMIA) on the special requirements for systemically important financial market infrastructures (FMIs) (Arts. 23, 24 and 25 para. 4 FinMIA) and the provisions concerning insolvency law (Art. 88 ff. FinMIA) are particularly relevant. Accordingly, the provisions concerning banking insolvency law (Art. 25 ff. BA and BIO-FINMA) apply by analogy with regard to protective measures, restructuring and bankruptcy for FMIs.

The Financial Market Infrastructure Ordinance (FinMIO) contains further implementing provisions. With a focus on recovery and resolution, these include in particular the provisions on recovery and resolution planning (Art. 20 FinMIO) and on measures to improve the resolvability of systemically important FMIs (Art. 21 FinMIO).