On 25 November 2015 the Federal Council released the final version of its implementing ordinance (“FMIO”) to the Swiss Financial Markets Infrastructure Act (“FMIA”). The FMIO provides for important clarifications and implementation provisions for, among other things, the new rules on derivatives trading provided for by the FMIA (including clearing, reporting and risk mitigation obligations). The FMIA and the implementing ordinances are expected to become effective on 1 January 2016, subject to a phase-in.

By Stefan Kramer (Reference: CapLaw-2015-57)