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From the magazine SZW-RSDA 5/2018 | S. 474-485 The following page is 474

Dienstleisterketten beim Erbringen von Finanzdienstleistungen: ­Aufsichtsrechtliche Erfassung durch das FIDLEG und vertragsrechtliche ­Haftung der Depotbank

On June 15, 2018 the Parliament passed the new Financial Services Act (FinSA) which presumably will enter into force by the beginning of 2020. The FinSA states new regulatory conduct rules that will apply to financial services providers vis-à-vis their clients. In cases where several financial services providers are involved in the provision of a financial service, the question arises of who has to fulfill which of these conduct rules. A typical example of such a «service provider chain» is the cooperation between an external asset manager and a custodian bank. For such cases, art. 24 FinSA establishes regulatory rules for the assignment of responsibilities. This article first discusses the new regulatory provision. Second, it presents the relevant contractual rules and analyzes whether art. 24 FinSA will have an impact on it. The author concludes that the new regulatory rule will not have the effect of an increase of civil liability of custodian banks compared to the current…

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