On June 19th, the Swiss Federal Council launched a consultation on the modification of the Financial Market Infrastructure Act (FMIA), also known as FinfraG (in German), or LIMF (in French). As the consultation ended a few weeks ago on October 11th we expect the conclusions to be published very soon. FinfraG covers both the derivatives reporting via the article 104 (the equivalent of EMIR in the EU or UK), but also transaction reporting via the article 39 (the equivalent of MiFIR for EU). Considering the amendments (see details in the Swiss Federal Council link below) proposed by the Federal Department of Finance in charge of evaluating and modifying the law, it is unlikely that the consultation fundamentally changes the core project. We therefore anticipate a REFIT-like version of the derivatives reporting and the transaction report in 2025. We will keep you informed of upcoming changes in the near future post. Stay tuned! Swiss Federal Council post: https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-101490.html