• Service: Financial Services, Regulatory Services
  • Type: Business and industry issue
  • Date: 1/1/2009

Market Behavior Rules 

The new FINMA Circular 08/38 “Market Behaviour Rules for the Securities Market (Market Behavior Rules)” sets out enhanced organizational obligations for banks and securities dealers in order to avoid market violations. Extensive measures are required on the side of the concerned institutes by May 2009.
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On 01 May 2008, FINMA Circular 08/38 “Market Behavior Rules” came into force. With this circular, FINMA established


  • supervisory regulations for market conduct,
  • instructions for the avoidance of market violations and
  • permissible securities transactions, so-called “accepted market practices”


that are applicable for


  • all regulated securities dealers according to Stock Exchange Act,
  • banks without securities trader status and
  • licensees according to Art. 13 Para. 2 lit. a, b, c, d, and f as well as Art. 13 Para. 4 Collective Investment Schemes Act.

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Recent economic developments have brought about significant changes, especially in the financial services sector.