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

4 December 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 […]

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

28 September 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 […]

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

15 August 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 […]