Schutz der Kundenvermögen durch Segregation

Swiss financial market law contains various provisions that serve to protect client assets by means of segregation. With regard to the custody of intermediated securities, a revision entered into force on 1 January 2023: Art. 11a of the Federal Act on Intermediated Securities (FISA) now stipulates an obligation for custodians to hold their own securities and those of their account holders in segregated accounts throughout the domestic custody chain, including the first custodian abroad. This article analyses the new obligation and evaluates to what extent it serves to protect client assets and whether there are still gabs with regard to investor protection.