The Swiss Federal Tribunal has confirmed that banks in Switzerland that provide asset management services are obliged to declare to their clients any retrocessions received, as a result of its decision against UBS released last Thursday (01/11/2012).

The Tribunal dismissed an appeal launched by UBS in response to a high court judgement against the bank in the canton of Zurich and in so doing, confirmed that banks are subject to the same obligation as independent asset managers, namely to be transparent in declaring retrocessions.

Thursday's decision underscores a similar decision by the Tribunal in 2006 that ...