BX Participant Audit Guide
Rubrum
As of April 2025
BX Swiss AG Participant Audit - Guidelines to the Audit Report Template These guidelines are intended to assist trading participants resp. the appointed audit firms or the internal auditors1 in conducting the ordinary participant audit and completing the BX Swiss Audit Report template. 1. Mandate
In the first section, 'Mandate', the audit firm should briefly describe its mandate, define the audit period, and have the responsible auditor(s) sign. The exact wording can be chosen by the audit firm itself. 2. Findings
In this section, the audit firm should provide the following information: (1) Introduction Here the audit firm can provide an introduction to the audit report. (2) Notices of reservation Notices of reservation from the reporting year and the previous audit period (if any and not yet satisfactorily resolved), including the implementation period, should be mentioned here. If there were no notices of reservation, this should also be noted here. The resolution of notices of reservation from the previous year(s) should also be mentioned in this section.
(3) Findings / Summary / Recommendations Further findings or observations that did not lead to any notices of reservation can be listed here. 3. Auditor’s statements (by examination point) In this section, the audit firm should specifically address the respective examination points and indicate a) which audit depth2 was selected. For each examination point, in section 'Details' it should be explained, b) how the participant monitors and meets its requirements, c) which auditing activity was conducted, what was observed by the audit firm and what notices of reservation/recommendations were made. At the end d) as per the section header a ‘Conclusion’ should be provided.
1 If the internal audit function is to be appointed with the audit, a formal written request must be submitted
and approved as described in Section 8.6 of the BX Swiss AG Participant Rules. 2 See also Art. 10 para. 2 & 3 FINMA Regulatory Auditing Ordinance.
As of April 2025
Examination points:
(1) Compliance with market conduct rules
Art. 143 FMIA, FINMA RS 2013/8
(2) Trader access to the BX exchange system Section 7.4 BX Swiss Participant Rules (3) Substitution / representation of registered traders Section 7.4 BX Swiss Participant Rules (4) Transaction Reporting
Art. 39 FMIA, Art. 37 FMIO, FINMA Circular 2018/2, BX Swiss Rules of the Reporting
Office (5) Trade Reporting
Art. 38 FMIA, Art. 39 FMIA, Art. 37 FMIO, FINMA Circular 2018/2, BX Swiss Rules of
the Reporting Office (6) Time of execution BX Swiss Rules of the Reporting Office (7) Designation of orders & trades Section 14.6 BX Swiss Trading Rules 4. Further audit procedures and/or additional information In this section, the Audit Firm may, under • Further audit activities Report on institution-specific audit procedures (if required by BX Swiss);
• Additional information Report or mention anything else deemed potentially relevant. 5. Deadline for submission The audit report must be submitted to the Trading Surveillance Office of BX Swiss by
March of the year following the year under examination.
6. Further information Further information can be found under Section 8 ‘Audit’ of the BX Swiss Participant Rules.