The SIX trade repository has received approval as a Trade Repository for the Swiss FMIA “Finfrag” rules from the regulator FINMA. according to the press release which can be found here.
Reporting under the rules, is to start for large financial counterparties 6 months after the final approval, which according the press release will be received after a few more conditions are met. Small financial counterparties and large non financial counterparties start 9 months after the date, with small non financial counterparties starting after 12 months.
The Finfrag rules are Switzerland’s version of EMIR and some parts of MiFID II. Unlike EMIR reporting, Finfrag is a one sided reporting regime, with the reporting party being determined by certain rules. This includes the requirement that cross border trades, if reportable, should be reported by the Swiss party. More details can be found on the “Finfrag” web site here.