• news-banner

    Expert Insights

Available in other languages:

Scope of the accountability of asset managers - case law clarification

On March 25 2020, the Swiss Supreme Court clarified its case law on the scope of accountability of asset managers.

In essence, the Swiss Supreme Court recognised the right of the client of a Swiss bank to which it had entrusted an asset management mandate (per Art. 400 of the Code des Obligations) to obtain not only periodic extracts from his portfolio but also a list of all securities and foreign currency transactions carried out in execution of the mandate, with the date and price of each transaction, as well as the mail that remained "banque restante", in order to be able to reconstitute the management of the bank account for the entire duration of the mandate.

Importantly, the Swiss Supreme Court ruled that the client initiating such an accountability action does not have to prove a legitimate interest.

It should be noted that from now on, the client could also invoke the new Art. 72 LSFin to obtain a copy of his file from his financial services provider.

If, on the other hand, the requested documents relate to a period prior to 1 January 2020 (the date of entry into force of the LSFin) it seems wiser, in view of the principle of non-retroactivity of the law and in the absence of precise case law, to invoke Art. 400 CO instead.

For further information, please contact Bruno Ledrappier.

Our thinking

  • Arbitration Act 1996: Law Commission recommends limited changes

    Richard Kiddell

    Insights

  • Charles Russell Speechlys expands presence in Greater China with the arrival of Litigation and Dispute Resolution Partner Stephen Chan

    Stephen Chan

    News

  • New Hong Kong crypto regime: trading platforms falling foul already?

    Patrick Chan

    Insights

  • What next for HS2?

    Richard Flenley

    Quick Reads

  • Mediation as a pillar of dispute resolution: it’s happening, embrace it

    Jamie Cartwright

    Quick Reads

  • Hong Kong’s top court makes declaration in favour of same-sex partnerships

    Lisa Wong

    Insights

  • A warning to all businesses: significant fine underscores the importance of maintaining workplace Health & Safety

    Rory Partridge

    Quick Reads

  • Common construction claims in Bahrain

    Mazin Al Mardhi

    Insights

  • EG quotes Alison Goldthorp on WeWork's restructuring plans

    Alison Goldthorp

    In the Press

  • Enforcement of Foreign Judgments - UAE: DIFC

    Patrick Gearon FCIArb

    Insights

  • Case analysis: URS Corporation Ltd V BDW Trading Ltd

    James Worthington

    Insights

  • Financial Reporter quotes Rhys Novak on a new FCA review into the treatment of PEPs

    Rhys Novak

    In the Press

  • Enforcement of Judgments

    Patrick Gearon FCIArb

    Insights

  • The Supreme Court's decision in PACCAR: litigation funding stopped in its trucks?

    Hanh Nguyen

    Insights

  • Investigating fraud: an expansion of legal professional privilege?

    Simon Heatley

    Insights

  • Product compliance and Brexit - UK Government concedes to CE markings indefinite recognition

    Jamie Cartwright

    Quick Reads

  • Recognising financial abuse in a relationship

    Vanessa Duff

    Quick Reads

  • Trading insolvently or trading out of difficulty? Are we being naughty or did we have the best intentions? Part 2

    Claudine Morgan

    Insights

  • Conflicts of Interest in International Commercial Arbitration

    Dalal Alhouti

    Insights

  • UAE and the Grey List: Brief Update

    Karl Masi

    Insights

  • Sally Ashford and Oliver Auld write for International Adviser on the role of a trustee in a family trust

    Sally Ashford

    In the Press

  • Charles Russell Speechlys welcomes Head of International Arbitration in Dubai

    Thomas R. Snider

    News

  • Trading insolvently or trading out of difficulty? Part 1

    Claudine Morgan

    Insights

  • Has the Orpéa plan impaired shareholder's consent? - Le plan de sauvegarde d'Orpéa n'a-t-il pas vicié le consentement des actionnaires historiques ?

    Dimitri-André Sonier

    Quick Reads

  • The Athletic quotes Daniel McDonagh on multi-club ownership regulations

    Daniel McDonagh

    In the Press

  • Michael Wells-Greco writes for Wealth Briefing on domestic surrogacy law reform

    Michael Wells-Greco

    In the Press

  • Don’t push it… Quincecare duty clarified

    Caroline Greenwell

    Quick Reads

  • Pandora Papers: HMRC nudge taxpayers to come out of their box

    Hugh Gunson

    Quick Reads

  • DIAC Issues First Annual Report

    Georgia Fullarton

    Quick Reads

  • Dispute Resolution: The Case for Mediation

    Marjan Mirrezaei

    Quick Reads

  • Machinery Regulations respond to the rise of AI

    Jamie Cartwright

    Quick Reads

  • Delay could bar your probate claim

    Katelyn Silver

    Quick Reads

  • Saudi Center for Commercial Arbitration publishes new Arbitration Rules

    Peter Smith

    Quick Reads

  • From Farm to Fork: The Vital Role of Traceability in Meeting the UK's Sustainable Food Demands and Fighting Food Fraud

    Jamie Cartwright

    Quick Reads

  • UK immigration and international surrogacy update – will the Law Commission report change an aged system?

    Paul McCarthy

    Quick Reads

  • Latest drama in UK’s Succession-style family feud over estate of self-made millionaire, Kevin Patrick Reeves

    Jessica Davies

    Quick Reads

  • ESG Litigation - new laws, same procedures?

    Jamie Cartwright

    Quick Reads

  • Greenwashing Guidance Gathers Momentum: the Crackdown is Nigh

    Peter Carlyon

    Quick Reads

  • Dubai announces its plan to streamline the enforcement of civil judgments and arbitral awards

    Peter Smith

    Quick Reads

  • Better, Faster, Leaner – Bahrain unveils blueprint for improved justice system

    Simone Sancandi

    Quick Reads

Back to top