Reporting Duty

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, FINMA Circular 2018/02 and the reporting office rules.

In addition to the current practice participants and securities dealers 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. 

Within their new circular 2018/2 FINMA has outlined the requirement for the beneficial owner information. The requirement is:

  • For individuals; Country Code (ISO 3166-1 alpha2) + Date of Birth (YYYYMMDD) + bank-internal code
  • For institutions; Legal Entity Identifier (LEI)*, Bank Identifier Code (BIC) or Commercial Register Number and Country Code

These changes become effective on 1.1.2018. 

Important note: During its meeting on 5 July 2017, the Federal Council adopted an amendment to the FMIO Art. 129 and SESTO Art. 58a. According to the revised versions the transitional period for recording and disclosing the transactions of participants on a trading venue and securities dealers, for the two new requirements listed above, has been extended by nine months, i.e. to 1 October 2018. However, the recording and disclosure must be carried out with retroactive effect to 1 January 2018. Remote Members have to fulfill the new obligations by 1 January 2019 without any retroactive effect.

* SIX Securities Services has joined forces with The Depository Trust & Clearing Corporation (DTCC) to offer Swiss entities an easy straight forward way to apply for LEIs.


Our approach

Due to the additional requirement to submit the beneficial owner (BO) information, current workflows and processes need to be adapted. A new attribute will be introduced on the reporting interfaces and the trading venue participants and securities dealers can submit this information with a transaction report ex-post. SIX Swiss Exchange will not provide the submission of the BO information on the order interfaces.

It is foreseen that the reporting office will also accept transaction reports as defined in MiFIR RTS 22 and confirmed in the final circular 2018/2 by FINMA.  

Further details and the relevant technical interface specifications have been published end of April and are available for download in the Member Section.


Swiss Regulation

European Regulation