Based on the FMIA, SESTA, the corresponding ordinances and circular, trading participants of Swiss trading venues and securities dealers are obliged to report all transactions to the Reporting Office of the trading venue for transparency and market integrity purposes. Exemptions from the reporting obligation are governed by FMIO, SESTO and FINMA Circular 2008/11 (e.g. for foreign trading participants to avoid double reporting).
In addition to the current practise participants have two new requirements;
a) Submit the “beneficial owner” information for client trades, and
b) Report trades in derivatives where the underlying instruments are admitted to trading on a Swiss trading venue.
Further details will be defined in a new FINMA circular which is expected in Autumn 2016. Based on this the SIX Swiss Exchange Reporting Office will adapt the existing Reporting Office Rules and the corresponding reporting guide.
These changes become effective on 1.1.2018.
The reporting duty to a trade repository for derivatives transactions remains.
Further details can be found on the website of SIX Securities Services.
Due to the additional requirement to submit the beneficial owner information, current workflows and processes need to be adapted. A new attribute will be introduced on the relevant interfaces and the trading venue participants and securities dealers can submit this information on order-entry-level (upfront) or later with a trade/transaction report (ex post).
Further details and the relevant technical interface specifications will be published in Q1 2017. Implementation is scheduled for SMR7 (2017).
Art. 104 et seq.: Reporting to a Trade Repository
Art. 129: Financial market infrastructures
Art. 2 et seq.: Reporting duty
Art. 58a: Transitional provisions of the amendment of 25 November 2015
Art. 26: Obligation to report transactions
RTS 22: Reporting obligations
A: Yes, trades on XBTR in instruments covered by the reporting duty (i.e. non-listed structured products with underlying(s) admitted to trading on a Swiss trading venue) shall be declared as reported, if all relevant information (e.g. beneficial owner in case of a client trade) has been submitted.