Retrocessions in advisory and execution-only relationships: the rules are becoming clearer

Our times, and consequently our legislators, attach great importance to managing conflicts of interest. Transparency obligations are implemented to make conflicts of interest visible. The legislator starts from the idea that a disclosed conflict of interest can be managed. These transparency obligations have been introduced in a wide range of fields. For example, members of boards of directors must disclose their conflicts of interest to the board (Art.717a of the Code of Obligations); members of the Swiss parliament must disclose their interests in full (Art. 11 of the Federal Parliament Act).