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Zur Behandlung von Entschädigungen im Vertrieb von Anlagefonds- und strukturierten Produkten durch Banken : Eine Untersuchung im Lichte des Bundesgerichtsentscheids BGE 132 III 460

Peter Nobel & Isabel Stirnimann

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version abrégée In its decision, 132 III 460, the Swiss Supreme Court comes to the conclusion that compensation given to independent portfolio managers by banks for the introduction of new clients and/or the allocation of business belongs to the portfolio manager's clients; as a consequence, the said compensation must be given to these clients, unless they waive their right to it. A debate is currently going on in Switzerland as to whether this Supreme Court decision can be extended to the situation where banks receive fees from product providers in connection with the distribution of investment funds and/or structured products to the banks' clients. The authors make an analysis of article 400 para. 1 of the Swiss Code of Obligations taking modern banking structures and the services provided by banks in connection with the distribution of financial products, as well as the issue of conflicts of interest, into account; they come to the conclusion that, in many cases, such payments by product providers to banks are not intimately related to execution orders or mandates that the clients have given to their banks and that, therefore, the clients are not entitled to such fees. This result is in line with current Swiss and European regulation relating to the distribution of financial products. The authors nevertheless express the view that banks must inform their clients about the existence of such fees, and they propose the adoption of transparency rules in line with the European Markets in Financial Instruments Directive (MiFID).
   
Genre Journal paper
   
mot-clé
   
langue Deutsch
kind of paper journal article
date de sortie de la publication 2007
journal Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht : SZW
maison d'édition Schulthess (Zürich)
ISSN 1018-7987
numéro du journal 5
page(s) 343-356
Review pas de Review
   
citation Nobel, P., & Stirnimann, I. (2007). Zur Behandlung von Entschädigungen im Vertrieb von Anlagefonds- und strukturierten Produkten durch Banken: Eine Untersuchung im Lichte des Bundesgerichtsentscheids BGE 132 III 460. Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht : SZW(5), 343-356.