Retrocessions in the Swiss financial industry

6 May 2024 PFI.jpg

Retrocessions in the Swiss financial industry: yet another decision by the Swiss Supreme Court, but still no final determination as to the scope of the duty of restitution in the context of “execution only” client relationships. That being said, even if this legal question is still not finally settled, this recent Swiss Supreme Court ruling provides helpful insights for Swiss financial services providers, in particular with respect to the level of transparency to be provided in order to obtain a valid waiver of the client’s restitution claim. Philipp Fischer prepared a brief commentary of this decision, which has been published (in English and in French) by the Centre de droit bancaire et financier of the University of Geneva :