Commentaries

We regularly publish commentaries on the latest current topics in banking and financial law. We can count on our network of authors, comprised of experts from both practice and the academic world, who analyse and give you their point of view in commentaries that are intended to be short, snappy and informal. The covered topics may range from the latest rulings of the Swiss Federal Tribunal to the opening of consultation proceedings, as well as the policy papers of the supervisory authority.

International mutual assistance in criminal matters

Confiscated and coveted funds

Maria Ludwiczak Glassey — 16 April 2021

In a judgment handed down on 16 October 2020 (RR.2019.349+RR.2019.350+RR.2019.351), the Federal Criminal Court (FCC) analysed the conditions under which a bank believing it has rights to some USD 37 million deposited in accounts opened in its books, can oppose their surrender to a foreign state. In criminal proceedings conducted in particular on charges of stock market offences, the United States, through the Department of Justice, sent several requests for international mutual assistance in criminal matters to Switzerland, including one[...]

International mutual assistance

Claims clause

Late disputes over banking transactions

Célian Hirsch — 3 April 2021

Under what conditions does a complaint clause take effect? In a ruling dated 1 December 2020, the Geneva Court of Justice examined this issue in a case in which a client had delayed contesting transactions allegedly carried out without her instructions (ACJC 1747/2020, now final). The client, who studied finance and worked at a bank in England, opened an account in Geneva. She did not grant the bank any mandate for asset management or investment advice. She signed the contractual[...]

Banking contracts Liability

Federal Assembly

Adoption of the AMLA revision

Katia Villard — 22 March 2021

Last Friday, the Federal Assembly adopted the revision of the Anti-Money Laundering Act (AMLA), which was initiated following the 4th mutual evaluation report on Switzerland by the FATF. The debates were lively, but in the end, the mountain gave birth to a mouse. The most significant amendments were rejected, in particular the subjection to the AMLA of ‘advisors’, i.e. those who carry out professional activities related to the creation and management of domiciliary companies, and the lowering of the cash[...]

Money laundering

Nemo tenetur

Obligation to cooperate and right to remain silent

Célian Hirsch — 18 February 2021

Does the right not to contribute to one's own incrimination allow a person to refuse to cooperate with a European financial market supervisory authority? In a judgment of 2 February 2021 (C‑481/19), the Court of Justice of the European Union (CJEU) examined this issue in connection with Regulation No 596/2014 on market abuse. The Commissione Nazionale per le Società e la Borsa (Consob), the Italian stock exchange supervisory authority, imposed a fine of EUR 50,000 on a natural person. The[...]