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Commentary on the Swiss Federal Supreme Court's New Leading Decision on Retrocessions
Publications
23 April 2026
In its leading decision of 12 January 2026, the Swiss Federal Supreme Court denied the obligation to pass on retrocessions to the client in an execution-only relationship (4A_149/2025). In her commentary published in Aktuelle Juristische Praxis (AJP), Martina Reber situates this decision within the Federal Supreme Court’s existing jurisprudence on retrocessions and, in particular, examines whether it entails a general change in practice regarding distribution fees (Vertriebsentschädigungen). Furthermore, Martina Reber assesses the decision from a methodological perspective and comments on its significance for supervisory law.
Download the first two pages of the article here:
An article by Martina Reber
