On 6 February 2019, the Capital Markets and Technology Association (CMTA) submitted a position paper to the State Secretariat for International Financial Matters (SIF), within the framework of a consultation regarding the draft Ordinance on Financial Services (OSFin/FIDLEV), initiated in October 2018. In its submission, the CMTA makes a number of comments on the draft Ordinance, mainly in relation to the provisions regarding prospectus requirements, which are particularly important to CMTA’s objectives of facilitating the issuance and trading of Tokenized securities.