The show goes on - the criminal side of retrocessions

In issues 11/2018 and 12/2019 we have discussed the regulatory aspects of retrocessions according to MiFID II / MIFIR (here) and FinSA (here). In addition, we also took a look at the civil law aspects. However, this does not mean that the story of retrocessions is over, quite the opposite. Rather, at the end of 2018 it was extended by a significant chapter. In a new, groundbreaking decision, the Swiss Federal Supreme Court also looked at retrocessions from a criminal law point of view – very much to the detriment of the recipients of retrocessions.



Rules for retrocessions under the Financial Services Act (FinSA)

This issue of FIDLEG SOLUTION - News 12/2018 brings closer to you the provisions of FinSA on retrocessions and compares them with the provisions of MiFID II / MIFIR as presented in the last issue of FIDLEG SOLUTION - News 11/2018. It also takes a look at the civil law provisions, the case law and the self-regulation currently in force.


Rules on retrocessions under MIFID II

This issue of FIDLEG SOLUTION - News 11/2018 brings closer to you the provisions of MiFID II on retrocessions (also called inducements) which can also apply to Swiss financial services providers. In the next issue of FIDLEG SOLUTION - News we will then analyse the rules on retrocessions according to Swiss law, in particular the new Swiss Financial Services Act (FinSA) and the new Financial Institutions Act (FinIA).


Release of the drafts of
Financial Services Ordinance (FinSO)
Financial Institutions Ordinance (FinIO)
Supervisory Organisation Ordinance (SOO)

FIRST CONCLUSIONS

On 15 June 2018, Swiss Federal Parliament has approved the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA). On 24 October 2018, Swiss Federal Council has released the first drafts of the above mentioned ordinances to these acts.
The consultation period on these drafts will expire on 6 February 2019. The final versions of the ordinances are expected to be released in the the autumm of 2019, thus just some few months before the entry into force of the acts and the ordinances which will most likely be on 1 January 2020.
The first and preliminary conclusions of these draft ordinances can be summarized as follows:


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