(Art. 27 FinMIA)
An appropriate regulatory and supervisory organisation shall encompass the following bodies in particular:
a body that fulfils regulatory tasks;
a body that fulfils supervisory tasks;
a body responsible for the admission of securities to trading;
an appeal body.
The body that fulfils the regulatory tasks of the trading venue must be independent of the business management of the trading venue and largely independent of the participants and issuers, both organisationally and with respect to personnel. It must have sufficient organisational, personnel and financial resources.10
The body that fulfils the supervisory tasks of the trading venue must be independent of the business management of the trading venue and independent of the participants and issuers, both organisationally and with respect to personnel. It must have sufficient organisational, personnel and financial resources.11
Both issuers and investors must be appropriately represented in the body responsible for the admission of securities to trading.
The trading venue shall set out in its regulations the tasks and powers of the various bodies, as well as the representation of issuers and investors in the body that is responsible for the admission of securities to trading.