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From the magazine SZW-RSDA 2/2021 | p. 144-160 The following page is 144

Retro-Strafbarkeit nach Art. 158 StGB: Questions and (some) Answers

In 2018, the Swiss Supreme Court issued a landmark decision on payments from third parties in financial services (so-called inducements, kickbacks, or retrocessions). In essence, it held that the acceptance of inducements by asset managers and their concealment vis-a-vis the clients are a criminal offense. This article discusses the ramifications of the Supreme Court decision and explores some of the remaining grey areas. In particular, it analyzes the (restrictive) conditions under which asset managers may be released from disclosing the amounts received when rendering account to the clients. The article also discusses practical scenarios regarding inducements and gives an assessment of the criminal liability connected thereto.

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