Finanzmarktaufsichtsgesetz/Finanzmarktinfrastrukturgesetz

The new Basler Commentary on FINMAG/FinfraG replaces the commentary on the Stock Exchange Act (BEHG) and the Financial Market Supervision Act (FINMAG) published in 2011, and now includes the commentary on the Financial Market Infrastructure Act (FinfraG). The FINMAG and FinfraG form the cornerstones of the new architecture of financial market regulation. The FINMAG determines the organization and jurisdiction of supervision as well as the foundations for cooperation with domestic and foreign authorities. The new FinfraG establishes the requirements for the organization and operation of financial market infrastructures and sets rules for the trading of securities and derivatives that apply to all financial market participants, known as market conduct rules. These include the provisions already contained in the BEHG regarding the disclosure of shareholdings, public takeover bids, and the prohibitions on insider trading and market manipulation, as well as the new regulations concerning derivative trading. The term financial market infrastructure encompasses trading venues and organized trading systems, as well as so-called post-trade infrastructures. • Commentary on the central financial market regulatory provisions (FINMAG/FinfraG), their implementing regulations, taking into account relevant self-regulations • Considers the recent practices of FINMA, the numerous court decisions of the Federal Administrative Court and the Federal Court in recent years, as well as new literature and the current state of legal opinion • The most up-to-date commentary on FINMAG and FinfraG • Practical with scientifically grounded solutions.