Retrocessions in the financial sector: interview of Simone Nadelhofer on the recent Swiss Supreme Court decision

Simone Nadelhofer was recently interviewed by the Austrian news portal Börse Express (www.boerse-express.com) on the impact on the financial sector of the recent decision of the Swiss Supreme Court on retrocessions. In this decision, the Court essentially held that retrocessions collected by banks for their asset management services are payable to their clients unless a valid waiver has been signed by the client. The Court further clarified that retrocessions include any commission received in the context of management services, even if meant to remunerate a bank’s distribution activities. Dr Nadelhofer stressed the potential multi-billion claims which the Swiss banking industry may face as a result of the decision, the impact of the lack of any class action legislation in Switzerland, and the remaining uncertainty as to the time limitation for any future actions based on this decision. The full article is available here. The firm recently organised a seminar on this topic and several lawyers of the firm, including Alexander Troller, Dr Simone Nadelhofer and Sandrine Giroud, regularly provide advice on Swiss banking regulations, securities dealers and investment funds regulations, structuring of specific transactions and litigation support in banking and finance matters. See more information on LALIVE’s practice on banking & finance.