Blog

Update on retrocessions under Swiss law: risk of criminal liability for asset managers failing to report retrocessions to clients

4 décembre 2018

On 14 August 2018, the Swiss Supreme Court ruled that the concealment of retrocessions received by an asset manager may constitute criminal mismanagement pursuant to Art. 158(1) of the Swiss Criminal Code (“SCC”). [1] This decision is the latest of a series of landmark decisions issued by the Swiss Supreme Court […]

Whistleblowing: Federal Supreme Court ruling places Swiss banks’ offshore subsidiaries outside secrecy laws

23 novembre 2018

Interesting analysis by the International Bar Association of the Rudolf Elmer decision, featuring comments from a number of leading experts including Alexander Troller. Please read the full article here.

Swiss Courts dismiss foreign currency claims if the currency of the prayers for relief is wrongly denominated

9 octobre 2018

Swiss law is often chosen by foreign parties to govern their contractual agreements, mostly due to Switzerland’s stability and neutrality, its well-established case law and its highly liberal legal system which allows parties to shape contracts with little restriction. Nowadays, companies can easily open sub-accounts in different currencies to do […]

Banking fraud by hacking: the importance of not being idle when suing the bank

28 septembre 2018

In a recent decision the Swiss Supreme Court rejected a claim filed by a client following the execution of a fraudulent order on the grounds that the client failed to prove the hacking of its email account. In 2005, a holding company and its subsidiary (the “Client”) opened accounts with […]

ONLINE PAYMENT SERVICES – EU TECHNICAL STANDARDS ALREADY SET – SWITZERLAND IN REGULATORY LIMBO?

17 septembre 2018

Online payment service providers have increased their market share globally as an increasing number of payments are made utilising services such as PayPal, Alipay, Apple Pay and Samsung Pay. In the European Union, the Payment Services Directive 2 (PSD2) recently opened the payments market to third-party payment service providers offering […]

Investor Claims, Regulatory Enforcement and Criminal Proceedings within the Frame of Initial Coin Offerings

15 août 2018

In 2017, the number of Initial Coin Offerings (ICOs)/token-generating events (TGEs) exploded in Switzerland, surpassing and disrupting traditional venture capital investment. Switzerland, and in particularly its renowned Crypto Valley, has emerged as a global hub for ICOs. Under current Swiss law, there is no specific investor protection around ICOs. ICO […]

Claim Submissions and Dispute Resolution under the New FIDIC Conditions of Contract

16 mai 2018

In December 2017, the Federation Internationale des Ingénieurs-Conseils (FIDIC) introduced new editions of the Red Book (Conditions of Contract for Construction), Yellow Book (Conditions of Contract for Plant and Design Build) and Silver Book (Conditions of Contract for EPC/Turnkey Projects) (collectively the “Revised Conditions”), as updates to the editions originally […]

Replacement of the contractor: navigating the pitfalls between substitution, partial termination and variation

16 mai 2018

It is frequent in complex construction projects that the contractor fails to complete certain separable construction tasks in accordance with the agreed schedule and that the employer therefore seeks to replace the laggard for those specific tasks, while continuing the cooperation for the remaining project works (be it because those […]

Protection of the environment in international courts: recent decisions open new avenues for mass claim processes

2 janvier 2018

Two significant jurisprudential developments published last month have shed light on important questions relating to the protection of the environment in international law. They are of particular interest to States, businesses and civil society groups since they open up a range of possibilities when it comes to assessing environmental damages […]