Published on 30 July 2025

Financial Market Infrastructure Act (FinMIA)

The Financial Market Infrastructure Act (FMIA) governs the organisation and operation of financial market infrastructures such as stock exchanges and other trading facilities, payment systems and central counterparties. The Act also sets out the rules of conduct for financial market participants in securities and derivatives trading. It includes provisions to prevent market abuse (insider trading and market manipulation).

The FMIA and the associated ordinance came into force in January 2016. Even before it came into force, the Federal Council announced that the FMIA would be subject to a general review after five years.

In September 2022, the Federal Council took note of an evaluation report by the Federal Department of Finance (FDF). In its report, the FDF concluded that the law has largely proven itself since it came into force. However, in some areas, the FDF found that adjustments to the law are necessary due to technological developments and the further development of international standards and the regulatory framework of relevant foreign jurisdictions. As a result, the Federal Council instructed the FDF to draw up a consultation draft to address the identified need for action. In addition, various provisions are to be simplified and existing legal uncertainties clarified.

The Federal Council submitted the corresponding draft for public consultation from 19 June to 11 October 2024. The proposed adjustments take account of technological developments and relevant further developments in international standards and foreign legal systems. They should strengthen the stability of the financial system and the competitiveness of the Swiss financial centre. The dispatch is expected to be adopted in the first half of 2026.

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