(6)The legally binding requirements of Switzerland for central counterparties authorised therein consist of the National Bank Ordinance of 18 March 2004 (‘the National Bank Ordinance’) and the regulations adopted pursuant to it by the Swiss National Bank (‘SNB’), together with the Federal Act on Banks and Saving Banks (‘the Act on Banks’) and the ordinances and circulars issued by the Swiss Financial Market Supervisory Authority (‘FINMA’). The National Bank Ordinance was recently revised aiming at implementing the Principles for Financial Markets Infrastructures (‘PFMIs’) issued by CPSS-IOSCO and achieving equivalence with Regulation (EU) No 648/2012. The revised regulatory framework brings a number of differences between the legally binding requirements applicable, at a jurisdictional level, to CCPs in Switzerland and the legally binding requirements applicable to CCPs under Regulation (EU) No 648/2012. The SNB issued however an Explanatory Report on the partial revision of the National Bank Ordinance providing interpretative guidance on the National Bank Ordinance in which it is explained, in particular, that the revised National Bank Ordinance implements the PFMIs and that the National Bank Ordinance should be interpreted taking into account the PFMIs and Titles IV and V of Regulation (EU) No 648/2012.