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From the magazine SZW-RSDA 5/2018 | S. 462-473 The following page is 462

Transaktionsbezogene vs. portfoliobezogene Anlageberatung unter FIDLEG: keine einfache Abgrenzung

With the entry into force of the Financial Services Act (FinSA) on 1 January 2020 the transaction-related ­investment advice will be introduced as a new category of investment advice to be distinguished from the portfolio-related investment advice. The correct differentiation between the two types of investment recommendations is crucial to determine the scope of application of the suitability and appropriateness test for financial service providers: Whereas only a so-called appropriateness test has to be carried out when providing transaction-related advice, a suitability test is due when the service providers advise by taking into account the whole portfolio of the client. In contrast, MIFID II does not know such distinction. The difficult differentiation between transaction-related and portfolio-related advice thus constitutes a Swiss peculiarity.

This article aims to distinguish between the two ­types of investment advice and to determine the scope of application of the…

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