Suchergebnisse für FIDLEG-Verhaltenspflichten

Retrozessionen: Stand der Dinge

March 2024 marks the eighteenth anniversary of the landmark decision in BGE 132 III 460. This article seizes this occasion to reflect on the developments in the area of kick-backs (retrocessions). Special focus is given to two critical issues that remain unresolved eighteen years after the Supreme Court’s ruling: Firstly, whether the obligation to disclose and remit kick-backs extends to execution…

Klassiker der Banken-AGB: Vertragsänderungsvorbehalts- und Retrozessionsverzichtsklauseln

Zu diesem Beitrag Anlass gab ein Urteil des Handelsgerichts Zürich¹ («referierter Entscheid»), welches verschiedene höchstgerichtlich bis anhin nicht geklärte Fragen im Zusammenhang mit einseitigen Vertragsänderungsvorbehalten und dem Verzicht auf die Herausgabe von Retrozessionen erörtert. Interessant ist das Urteil insbesondere deshalb, weil es sich mit diesen Fragen hauptsächlich im Rahmen…

FIDLEG-Verhaltenspflichten: Umsetzungsfragen und Weiterentwicklung nach der initialen Umsetzungsphase

Since the transitional period of the Financial Services Act (FinSA) expired on 31 December 2021, financial service providers have gained more than two years of experience with the new, cross-sectoral regulation. In practice, as well as through the first audits that have now taken place, it has become clear that many fundamental (interpretation) questions relating to the conduct duties of the…

Bonus als Risiko – Zur Regulierung der variablen Vergütung von Bankorganen

The experience with the Credit Suisse crisis of confidence has once again shown that compensation systems are of considerable importance for the risk management of financial institutions. Inappropriate risks and wrong incentives can endanger the substance and profitability of a bank and thus its stability. This article focuses on the regulation of variable compensation of bank boards and analyzes…

Berücksichtigung von ESG-Präferenzen im Finanzdienstleistungs­geschäft

On 1 January 2023, the Swiss Bankers Association’s «Guidelines for the financial service providers on the integration of ESG-preferences and ESG-risks into investment advice and portfolio management» entered into force. This marks the first binding Swiss (self-)regulation on Sustainable Finance at the point of sale. One of the key amendments includes the financial service providers’ duty to…

EU-Product-Governance – Ein Vorbild für die Schweiz?

In 2020 the Financial Services Act (FinSA) entered into force. The provisions on rules of conduct and organizational duties are more or less based on the provisions of MiFID II. However, the regulatory complex on product governance has not been adopted by the Swiss legislator. This article examines whether this decision was convincing. As a result, it turns out to be wise, because the EU-product…

Angebot kollektiver Kapitalanlagen vs. Vertrieb unter altem Recht

The entry into force of the Financial Services Act (FinSA) on 1 January 2020 marked a fundamental reorganization of Swiss financial market supervisory law. The introduction of cross-sectoral rules governing the provision of financial services on a professional basis left its mark on the Collective Investment Schemes Act (CISA) and the Collective Investment Schemes Ordinance (CISO) in particular…

DLT-basierte Finanzprodukte

DLT-based financial products are digitally created assets that can be transferred and stored on a Distributed Ledger Technology (DLT) infrastructure. Internationally, such digitally stored «tokens» are mostly referred to as «crypto assets»; however, there is still a lack of recognized, clear and internationally uniform definitions. Parallel to the spread of crypto assets being treated according…

Grüne Finanzprodukte

For environmentally sustainable financial products to be recognized by market participants, sufficient information about their environmental risks and impacts must be available. However, without regulatory measures, there are insufficient incentives for product providers to disclose the relevant information. The market is unable to correct these information deficits itself. The regulatory vacuum…

Informationspflichten bei der Kapitalanlage – von einzelfallbezogenen und von allgemein gehaltenen Informationen

When it comes to information obligations of financial service providers, the distinction between case-by-case information and generic information is of fundamental importance. While generic information obligations are typically fulfilled by publishing a brochure online and therefore hardly bring any benefit for investors, case-by-case information obligations usually lead to an improved…