September 2025
Frédérique Bensahel and Aurélie Moyal-Azra
Churning has been in the news following a ruling in a criminal case rendered by the Swiss Supreme Court in 2024. In this ruling, our High Court established objective criteria for determining the existence of churning. Churning occurs when a portfolio manager reinvests the assets entrusted to him by his client too frequently, motivated by his variable remuneration rather than the client’s interests. It is contrary to the manager’s duties towards his client and constitutes the criminal offence of disloyal management. Such practice may also give rise to civil and regulatory liability on the part of the manager.
The increase in proceedings for organisational failings calls for greater vigilance in the implementation of…
The Federal Council has opened a consultation on a preliminary draft revision of the Act…
Since the start of 2026, there have been three notable judgments concerning the tax treatment…
The tightening of anti-money laundering requirements is leading financial intermediaries to treat a lack of…
Switzerland faces a dual challenge: maintaining its competitiveness and appeal whilst ensuring investor protection and…