Finanzmarktrecht – Entwicklungen 2012

Published: 31 August 2013

  • PEOPLE

    Andreas Bohrer
    Sebastian Harsch
    Christian Rehm
    Counsel
    Eric Huggenberger
    Dirk Spiegel

  • Expertise

    Banking and Finance

  • Details

    Number of pages
    160 pages
    Publisher
    Stämpfli Verlag AG
    Language
    German
    Price
    58.00 CHF
    ISBN number
    9783727281112
Die Reihe njus.ch zeigt die Entwicklungen in der Rechtsetzung, der Rechtsprechung und der Literatur des vergangenen Jahres auf. Sie besteht aus 22 Bänden. Jeder Band behandelt ein bestimmtes Praxisgebiet. njus.ch ermöglicht den Leserinnen und Lesern, in kürzester Zeit auf den neuesten Stand der Entwicklungen im gewählten Rechtsgebiet zu gelangen. Jedes Werk legt zum jeweiligen Rechtsgebiet bereits beschlossene Änderungen und Rechtsetzungsprojekte dar. Der Teil über die Rechtsprechung bietet Ihnen insbesondere eine Darstellung der wichtigsten amtlich und nicht amtlich publizierten Bundesgerichtsentscheidungen. Zudem erhalten Sie einen umfassenden Überblick über neu erschienene Literatur und Zusammenfassungen von ausgewählten Publikationen. Die gesamten Inhalte der Reihe sind auch online auf www.njus.ch und www.swisslex.ch verfügbar.

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Insights – 30.07.2026

Swiss sanctions and contract law: How far do GTC compliance clauses reach?

Swiss sanctions and contract law: How far do GTC compliance clauses reach?

<p>In its decision 4A_455/2025 of 21 May 2026, the Swiss Supreme Court addressed the extent to which a commercial bank may rely on its general terms and conditions (GTCs) to refuse the release of client assets where performance could expose the bank to sanctions under Swiss or foreign law, and whether such a clause continues to apply after the notice of termination of the banking relationship.</p> <p>The Court held that under Swiss law provisions of a bank’s GTCs may include provisions conditioning performance by the bank to compliance with foreign legal and regulatory requirements and such compliance reservation clauses continue to apply post-termination during the liquidation phase of the account relationship. The judgment further clarifies that a Swiss governing law clause does not preclude the parties from agreeing, through acceptance of GTCs, that performance may be refused in order to comply with foreign legal and regulatory requirements. It also provides important guidance on the assessment of ownership and control for sanctions purposes.</p>

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Retrocessions in “execution only” relationships: the Swiss Supreme Court confirms its landmark ruling and applies it to remunerations related to in-house structured products

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<p class="MsoBodyText">In its rulings 4A_501/2025 and 4A_503/2025 of 17 June 2026, the Swiss Supreme Court confirmed and applied the principles established in its recent landmark ruling of 12 January 2026: Banks are not required to return to their clients retrocessions (or other forms of financial kick-backs) received in connection with “execution only” relationships, absent a concrete risk of a conflict of interest (which is generally absent in “execution only” relationships). This decision is of particular relevance for in-house structured products. The flows of remuneration linked to structured products are indeed expected to continue to be a focus point of the Swiss financial regulator FINMA going forward (see the recent FINMA Communication 03/2026). This Legal Insight refers principally to ruling 4A_501/2025, the two decisions being materially similar.</p>

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