FDF prepared to activate measure to protect Swiss stock exchange infrastructure
Bern, 24.06.2019 - The stock market equivalence granted by the European Commission to Switzerland for a limited period expires at the end of June. In order to create clarity for market participants, today the Federal Department of Finance FDF is notifying that it will activate the measure to protect the Swiss stock exchange infrastructure in the event of non-extension.
The Federal Council adopted a measure to protect the Swiss stock exchange infrastructure on 30 November 2018. The corresponding ordinance provides for a recognition obligation for foreign trading venues that admit Swiss companies' shares to trading.
In the event of stock market equivalence not being extended, the FDF will activate this protective measure in accordance with the ordinance. Specifically, the FDF would adapt the list of jurisdictions referred to in Article 3 paragraph 3 of the corresponding ordinance with effect from 1 July 2019 and include the EU in the list.
Consequently, trading venues in the EU would lose recognition under Article 1 paragraph 3 of the ordinance. Trading venues in the EU would thus be prohibited from offering or facilitating trading in certain shares of Swiss companies from that date.
Activating the protective measure with regard to trading venues in the EU serves solely to protect the functioning of the Swiss stock exchange infrastructure.
Address for enquiries
Frank Wettstein, Co-Head of Communications, State Secretariat for International Finance SIF
Tel. +41 58 462 38 56, frank.wettstein@sif.admin.ch
Documents
Publisher
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html