Legal Updates on retrocessions

In Le Temps, Antoine Amiguet and Philipp Fischer share their thoughts on a recent ruling by the Swiss Federal Supreme Court (ruling of May 24, 2024 in cases 4A_574/2023, 4A_576/2023):
According to Antoine and Philipp: “When the client himself determines the operations to be carried out, whether on the basis of advice from his manager or not, there is no such thing as managed wealth,
established the TF last May. It is therefore impossible to determine a percentage. Consequently, the court recognized that in execution-only relationships, a disclosure of retrocessions
according to the categories of financial instruments should in principle be sufficient to consider that a client has been well informed”.
Despite this ruling, which is rather good news, Antoine and Philipp also point out that “as each case may present its own specificities, the recent ruling by the Swiss Federal Court does not call into question the observation that any improvement in the law must be based on the principle that the client has been properly informed”.
does not call into question the finding that any improvement in the information provided to the customer, at the time of entering into the relationship and during the relationship, solidifies the legal validity of the customer’s waiver of his right to
right to restitution of indirect remuneration.