B-04-29 FINMA Guidance 05/2021

A client's legal action was dismissed on the grounds that she had failed to sufficiently allege the hypothetical scenario of how transactions would have unfolded if the bank had acted in accordance with its contractual obligations. She was suing her Swiss bank to claim reimbursement for a loss resulting from the sale of options on Russian shares (4A_657/2024 of September 1, 2025). In November 2021, a Bahamian company had sold put options on American Depository Receipts (ADRs) of shares in[...]

In its judgment 5A_802/2024 of 28 August 2025 (intended for publication), the Federal Supreme Court ruled on the question of whether freezing orders issued on the basis of the Ordinance on Measures in Connection with the Situation in Ukraine (Ukraine Ordinance) take precedence over enforcement under the Federal Debt Enforcement and Bankruptcy Act (LP). In July 2024, the Zurich Debt Enforcement Office issued a decision suspending enforcement proceedings initiated under the DEBA. The proceedings concerned assets that were also frozen[...]

In a recent judgment intended for publication (judgment 2C_597/2024 of 16 September 2025), the Federal Court confirmed the liquidation of a company that had carried out the activity of an issuing house (see Art. 3 para. 2 aOBVM) (now a securities house, see Art. 44 para. 1 let. c LEFin) without authorisation. Company A, founded in 2015 by C, is active in the sale of subscriptions for recyclable goods. Shortly after the company was founded, C sold 80% of the[...]

In its ruling B-2334/2023 of October 1, 2025, the FAC issued a partial decision overturning FINMA's decision of March 19, 2023, ordering the write-down of hybrid loans recognized as additional tier 1 (AT1) capital. This is an important step in what promises to be a long legal saga. This commentary is an exception to the usual practice regarding the length of the text, given the importance and scope of the judgment. This decision will also be discussed at the 2025[...]