Finma, the Swiss National Competent Authority, on Friday announced a 5 year further delay to the start of reporting under the Financial Markets Infrastructure Act (FMIA, also known as “Finfrag”) to 1st January 2024. The announcement can be found here. It follows a 9 month delay of the deadline announced almost a year ago from 1st April 2018 to 1st January 2019 (see here).
The delay applies to “NFC-” entities (non financial counterparties) under the clearing threshold) based in Switzerland. Reporting for other types of entity has already started. The delay will likely impact many commodity traders who are in this category. Several reasons are stated for the delay, including possible upcoming changes and the advent of “Regtech” technology. REGIS-TR, one of the approved Trade Repositories for Finfrag, have made this announcement.