Case-law

The CDB Supervisory Commission recently published its traditional overview of its decisions for the second half of 2020. After a restricted financial year due to Covid-19 at the beginning of the year, supervisory activities resumed their normal course in the summer of 2020. While no notable reversal of case law has been reported, a few cases are worth mentioning. Firstly, with regard to procedure, Art. 60 para. 1 CDB (investigation procedure) does not make the opening of an investigation for[...]

Who, the bank or the customers, should bear the damage caused by the execution of orders from hackers? Shortly after the ATF 146 III 326 (cf. cdbf.ch/1150/), in which the Federal Court denied a trading company's gross negligence, the Ticino Court of Appeal was confronted with the same issue. Contrary to the decision of the Federal Court, it finds that the bank committed a serious offence, emphasising the danger of email communications (Judgment 12.2019.148 of 18 September 2020). Two brothers,[...]

In a judgement 1C_196/2021 of 28 May 2021 intended for publication, the Federal Supreme Court clarifies the concept of secondary insider within the meaning of Art. 154 para. 3 FMIA in the context of an extradition request. On 5 January 2021, the Federal Office of Justice (FOJ) ordered the extradition of an individual A. (Appellant) to the United States. He is accused of having committed large-scale insider trading offences from 2013 to 2017. A. and an accomplice are alleged to[...]

In its judgement 4A_287/2020 of 24 March 2021, the Federal Supreme Court considers the question of the enforcement of a decision to render an account, and makes three cautions: the conclusions to be enforced must be precise, possible and covered by the decision on the merits. A company and a bank were bound by a set of banking contracts, in particular for the purchase and sale of options, as well as by a Lombard loan, which gave rise to disputed[...]