B-23-01 FINMA Circ. 23/1

When several clients are harmed in the same case of fraud, an important question arises in insurance: is this a single claim or several claims? In its ruling 4A_626/2024 of 21 March 2025, the Federal Court answered in the affirmative. It upheld an arbitration award that denied a bank any insurance coverage on the grounds that each claim by an aggrieved customer had to be considered a separate claim, subject in particular to a separate deductible. The ruling highlights the[...]

New international standards and strong developments in the field of digitalization. These are the two factors cited by FINMA to justify the revision of its Circular 08/21 on operational risks. Adopted on December 7, 2022, Circular 2023/1 will come into force on January 1, 2024. The new circular distinguishes between the global management of operational risks and the management of specific operational risks. The latter include those related to information and communication technologies (ICT), cyber risks, critical data and, finally,[...]

The International Organization of Securities Commissions (IOSCO) recently published an update of the principles on outsourcing established in 2005 for market intermediaries and in 2009 for stock exchanges. This update is due to new technological developments and recent developments in the field of outsourcing. Firstly, the personal scope of these principles has been broadened. They apply not only to the aforementioned entities, but also to trading platforms (in particular multilateral trading facilities), participants in the financial markets acting on their[...]