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FinFrag, Uncategorized

FMIA “Finfrag” rules finalised

The Swiss Federal Council yesterday agreed to bring the Financial Market Infrastructure Act (FMIA, also known as “Finfrag”)  into force as of 1st January 2016. The announcement together with links to the acts (including an English translation) can be found here. The rules encompass much of what is found in EMIR as well as fragments of MiFID II. There are some important differences: For example trade reporting is “one sided”, i.e. only the “larger” or selling party must report, which greatly reduces the burden on smaller market participants.  The rules come into force following a phased timetable.

This news follows the recognition of Switzerland, amongst a group of five countries, that received CCP equivalence recognition from the European Commission last week, as announced here. This allows non-EU CCPs to apply for recognition  under EMIR.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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