Measure to protect Swiss stock exchange infrastructure


In its meeting on 30 November 2018, the Federal Council adopted a measure as announced to protect the Swiss stock exchange infrastructure, as the market needs clarity in order to adapt to the various scenarios in good time. The new recognition obligation for foreign trading venues introduced by ordinance will apply from 1 January 2019. In practice, it will have an effect only if necessary.                

The Federal Council continues to believe that Switzerland meets all the conditions for unrestricted recognition by the EU of the equivalence of Swiss stock market regulation. The Federal Council's aim and the best solution for all affected market players in Switzerland and abroad remains an unlimited extension of stock market equivalence.

On 8 June 2018, the Federal Council announced that it would introduce a contingency measure to protect the Swiss stock exchange infrastructure by 1 December 2018 if the European Commission had not extended Switzerland's stock market equivalence by then. This protective measure was adopted by the Federal Council on 30 November 2018 and brought into force on the same day. Thus, as from 1 January 2019, a recognition obligation will be applicable to foreign trading venues if they admit shares of Swiss companies to trading or permit trading in such shares. Further information on the protective measure can be found in the explanatory document (see below).

This measure serves only to protect the workings of the Swiss stock exchange infrastructure. It is designed in such a way that it has no practical effect as long as the European Commission extends the stock market equivalence.

On 20 Decembre 2018, the FDF adapted the list of jurisdictions in accordance with Article 3 paragraph 3 of the ordinance in line with its powers, with the result that EU trading venues now also fulfil the requirements for the new Swiss recognition.

As announced on 24 June 2019, the FDF updated the list of jurisdictions that restrict their market participants in trading equity securities of companies with registered office in Switzerland on 27 June 2019. The new list will apply from Monday, 1 July 2019. The FDF is thereby activating the measure to protect the Swiss stock exchange infrastructure.

Further information

Last modification 01.07.2019

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