CDBF – Centre de droit bancaire et financier

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xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24"><path d="M5 3l3.057-3 11.943 12-11.943 12-3.057-3 9-9z"/></svg> </span> </a> </div> </div> </section> <div class="container editorial py-5"> <div class="row"> <div class="col-lg-6"> <section id="commentaires"> <h2 class="hometitle" data-aos="fade-up"><a class="text-muted" href="https://cdbf.ch/commentaires/">Commentaires</a></h2> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h4 class="h6 card-subtitle mb-2"> <a href="https://cdbf.ch/1405/" target="_self" class="text-dark-grey">Rétrocessions</a> </h4> <h3 class="h4 card-title mb-3"> <a href="https://cdbf.ch/1405/" target="_self" class="">Renonciation valable selon le volume investi sur une base annuelle ?</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/nicolasollivier/"> <img alt="Nicolas Ollivier" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2024/07/nicolas-ollivier-face-hd-scaled-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/nicolasollivier/">Nicolas Ollivier</a>  — 28 mars 2025 </h6> <div class="text-left intro mb-2"> La Cour de Justice de Genève dans son arrêt ACJC/1653/2024 du 19 décembre 2024 juge valable, dans le cadre d’un mandat de gestion, une clause de renonciation aux rétrocessions indiquant des fourchettes de pourcentages du « volume investi sur une base annuelle » par catégorie de produits. La Cour de Justice débute son raisonnement par rappeler le principe selon lequel le mandataire ne doit être ni appauvri, ni enrichi par le mandat hors ses honoraires convenus. Se référant à l’arrêt 4A_266/2010 (commenté[...] </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/gestion-de-fortune/">Gestion de fortune</a> <a rel="category tag" href="https://cdbf.ch/category/remunerations/">Rémunérations</a> <a rel="category tag" href="https://cdbf.ch/category/retrocessions/">Rétrocessions</a> </h6> </div> </div> </article> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h4 class="h6 card-subtitle mb-2"> <a href="https://cdbf.ch/1404/" target="_self" class="text-dark-grey">Blanchiment d’argent</a> </h4> <h3 class="h4 card-title mb-3"> <a href="https://cdbf.ch/1404/" target="_self" class="">Entraide entre autorités et refus de mise sous scellés</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/katia-villard/"> <img alt="Katia Villard" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2024/09/thumbnail-img-8713-2-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/katia-villard/">Katia Villard</a>  — 26 mars 2025 </h6> <div class="text-left intro mb-2"> L’arrêt du Tribunal fédéral 7B_1158/2024 du 18 février 2025 (non destiné à publication) ne consacre pas de grandes nouveautés mais constitue un repaire supplémentaire dans les méandres des procédures de scellés, en particulier en cas de procédures parallèles et de transmission des informations entre autorités. A la suite d’une dénonciation de la FINMA, le DFF ouvre en mars 2021 une procédure pénale administrative pour violation de l’obligation de communiquer commise au sein d’une banque. Dans ce cadre, l’autorité administrative demande[...] </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/droit-penal/">Droit pénal</a> <a rel="category tag" href="https://cdbf.ch/category/finma/">FINMA</a> <a rel="category tag" href="https://cdbf.ch/category/procedure-2/">Procédure</a> </h6> </div> </div> </article> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h4 class="h6 card-subtitle mb-2"> <a href="https://cdbf.ch/1403/" target="_self" class="text-dark-grey">Procédure de scellés</a> </h4> <h3 class="h4 card-title mb-3"> <a href="https://cdbf.ch/1403/" target="_self" class="">Confirmation de la jurisprudence en matière de scellés et d’activités de l’avocat</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/lionel-jeanneret/"> <img alt="Lionel Jeanneret" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2024/05/2022-2-2-baer-karrer-08-jeanneret-lionel-0032-4-sterne-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/lionel-jeanneret/">Lionel Jeanneret</a>  — 18 mars 2025 </h6> <div class="text-left intro mb-2"> Dans l'arrêt 7B_691/2024 et 7B_796/2024 du 7 février 2025, rendu à cinq juges mais non destiné à la publication, le Tribunal fédéral (« TF ») confirme sa jurisprudence récente en matière de scellés en application du nouveau droit (art. 264 al. 1 let. d cum 248 al. 1 1ère phrase CPP, cf. en particulier Villard, cdbf.ch/1368). Le Ministère Public de la Confédération (« MPC ») diligente une procédure pénale contre deux prévenus. Dans ce cadre, le MPC procède à une perquisition dans l'étude de[...] </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/droit-penal/">Droit pénal</a> </h6> </div> </div> </article> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h4 class="h6 card-subtitle mb-2"> <a href="https://cdbf.ch/1402/" target="_self" class="text-dark-grey">Prêt COVID-19</a> </h4> <h3 class="h4 card-title mb-3"> <a href="https://cdbf.ch/1402/" target="_self" class="">De la qualification pénale d’une obtention frauduleuse</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/katia-villard/"> <img alt="Katia Villard" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2024/09/thumbnail-img-8713-2-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/katia-villard/">Katia Villard</a>  — 17 mars 2025 </h6> <div class="text-left intro mb-2"> Dans un arrêt publié du 31 mai 2024, le Tribunal fédéral avait déjà confirmé que l’obtention frauduleuse d’un prêt « COVID-19 » était constitutive d’escroquerie (ATF 150 IV 169, commenté in Dupuis, cdbf.ch/1353). Sa jurisprudence était en revanche fluctuante s’agissant de la réalisation de l’infraction de faux dans les titres en lien avec la présentation, à la banque prêteuse, du formulaire de demande de crédit mensonger. L’arrêt 6B_95/2024 du 6 février 2025, destiné à publication, a apporté la réponse de tout juriste[...] </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/covid-19/">COVID-19</a> <a rel="category tag" href="https://cdbf.ch/category/credits/">Crédits</a> </h6> </div> </div> </article> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h4 class="h6 card-subtitle mb-2"> <a href="https://cdbf.ch/1401/" target="_self" class="text-dark-grey">La saga se ramifie</a> </h4> <h3 class="h4 card-title mb-3"> <a href="https://cdbf.ch/1401/" target="_self" class="">Refus de l’assistance administrative à la Russie</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/maria-ludwiczak/"> <img alt="Maria Ludwiczak Glassey" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2022/02/ludwiczak-glassey-e1644439676193-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/maria-ludwiczak/">Maria Ludwiczak Glassey</a>  — 6 mars 2025 </h6> <div class="text-left intro mb-2"> Dans un arrêt 2C_219/2022 du 30 janvier 2025, destiné à la publication, le Tribunal fédéral (TF) rejette une demande d’assistance administrative en matière fiscale présentée par la Russie. La procédure devant le TF était suspendue depuis 2022. La Russie avait adressé une demande d’assistance à l’Administration fédérale des contributions (AFC) en 2018 afin d’identifier les bénéficiaires économiques de dividendes versés à des sociétés chypriotes sur trois comptes bancaires ouverts en Suisse et, le cas échéant, de réévaluer le montant d’impôt[...] </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/entraide-internationale/">Entraide internationale</a> </h6> </div> </div> </article> <a class="btn btn-secondary" href="https://cdbf.ch/commentaires/">Tous les commentaires</a> </section> </div> <div class="col-lg-6"> <section id="agenda"> <h2 class="hometitle" data-aos="fade-up"><a class="text-muted" href="https://cdbf.ch/agenda/">Agenda</a></h2> <article class="item mb-5" data-aos="fade-up"> <div class="row"> <div class="col-lg-3 mb-3 mb-lg-0"> <nav class="bg-light-grey text-dark-grey nav flex-column align-items-center px-2 py-3"> <h2 class="number display-4 font-strong my-0">14</h2> <h4 class="month font-light text-uppercase my-0">Avr</h4> <h6 class="small hour font-light my-0"> 12:15 - 13:45 </h6> </nav> </div> <div class="col-lg-9"> <h3 class="h4 card-title mb-3"> <a href="https://cdbf.ch/event/rapport-de-la-cep-sur-la-debacle-de-credit-suisse/" class="">Rapport de la CEP sur la débâcle de Credit Suisse</a> </h3> <div class="text-left intro mb-2"> Le dimanche 19 mars 2023, le Conseil fédéral annonçait la reprise de Credit Suisse par UBS. L'importance historique de la[...] </div> </div> </div> </article> <article class="item mb-5" data-aos="fade-up"> <div class="row"> <div class="col-lg-3 mb-3 mb-lg-0"> <nav class="bg-light-grey text-dark-grey nav flex-column align-items-center px-2 py-3"> <h2 class="number display-4 font-strong my-0">27</h2> <h4 class="month font-light text-uppercase my-0">Nov</h4> <h6 class="small hour font-light my-0"> 08:15 - 16:00 </h6> </nav> </div> <div class="col-lg-9"> <h3 class="h4 card-title mb-3"> <a class="badge bg-red text-white text-uppercase small font-light" href="https://cdbf.ch/event/jdbf2025/?download=ics">Save the date</a> <a href="https://cdbf.ch/event/jdbf2025/" class="">Journée 2025 de droit bancaire et financier</a> </h3> </div> </div> </article> <a class="btn btn-secondary" href="https://cdbf.ch/agenda/">Tout l'agenda</a> <hr class="my-5" data-aos="fade-up"/> </section> <section id="reperages"> <h2 class="hometitle nav justify-content-between" data-aos="fade-up"> <a class="text-muted" href="https://cdbf.ch/reperages/">Repérages</a> <a class="" data-toggle="tooltip" title="Proposer un repérage" href="https://cdbf.ch/reperer/"><i class="text-dark-grey display-4 im im-edit"></i> </a> </h2> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="https://www.finma.ch/fr/news/2025/04/20250401-mm-roadmap/" target="_blank" class="">Evolutions dans l’organigramme de la FINMA</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/fischer/"> <img alt="Philipp Fischer" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2019/10/PFI-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/fischer/">Philipp Fischer</a>  — 2 avril 2025 </h6> <div class="text-left intro mb-2"> <p style="text-align: justify;">La FINMA annonce qu’elle fait évoluer son organigramme à compter du 1er avril 2025 en créant une nouvelle division transversale « Expertise intégrée des risques ». Cette division centralisera (i) les fonctions liées aux risques et (ii) les thèmes transversaux (notamment liquidités, capital et tests de résistance, risques de crédit, blanchiment d’argent ou finance durable), ainsi que les contrôles sur place. Par ailleurs, les divisions « Marchés » et « Asset Management » sont désormais regroupées.</p> </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/finma/">FINMA</a> </h6> </div> </div> </article> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="https://cdbf.ch/wp-content/uploads/2025/04/obligation-de-signaler-les-cyberattaques-entree-en-vigueur-de-la-nouvelle-reglementation-revision-de-la-loi-sur-la-securite-de-linformation-et-ordonnance-sur-la-cybersecurite.pdf" target="_blank" class="">Entrée en vigueur des nouvelles obligations de signalement des cyberattaques</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/adrien-alberini/"> <img alt="Adrien Alberini" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2024/09/401-adrien-alberini-backdrop-copie-1-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/adrien-alberini/">Adrien Alberini</a>  — 1 avril 2025 </h6> <div class="text-left intro mb-2"> <p style="text-align: justify;">Ce 1<sup>er</sup> avril 2025, les nouvelles dispositions en matière d’obligation de signaler les cyberattaques prévues aux <a href="https://www.fedlex.admin.ch/eli/cc/2022/232/fr#chap_5/sec_2" target="_blank" rel="noopener">art. 74<em>a</em> ss LSI</a> sont entrées en vigueur. Est également entrée en vigueur l’<a href="https://www.fedlex.admin.ch/eli/cc/2025/169/fr" target="_blank" rel="noopener">OCyS</a>, dont les <a href="https://www.fedlex.admin.ch/eli/cc/2025/169/fr#sec_5" target="_blank" rel="noopener">art. 12 ss</a> précisent divers aspects de l’obligation de signaler. On <a href="https://cdbf.ch/1351/">rappellera</a> que les banques, les assurances et les infrastructures des marchés financiers, de même que les prestataires de services cloud avec siège en Suisse et, à certaines conditions, les fabricants de matériel informatique ou de logiciels dont les produits sont utilisés par des infrastructures critiques, sont soumis à l’obligation de signalement.</p> </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/cyberrisques/">Cyberrisques</a> <a rel="category tag" href="https://cdbf.ch/category/reglementation/">Réglementation</a> </h6> </div> </div> </article> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="https://www.finma.ch/fr/news/2025/03/20250318-mm-dlt-handelssystem/" target="_blank" class="">La FINMA ouvre la voie aux systèmes de négociation sur la blockchain</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/arthur-idiart/"> <img alt="Arthur Idiart" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2025/03/arthur-idiart-4542-sq-2000-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/arthur-idiart/">Arthur Idiart</a>  — 18 mars 2025 </h6> <div class="text-left intro mb-2"> <p style="text-align: justify;" data-pm-slice="1 1 []">La FINMA a autorisé BX Digital SA à exploiter <a href="https://www.finma.ch/fr/~/media/finma/dokumente/dokumentencenter/8news/medienmitteilungen/2025/03/20250318-mm-dlt-handelssystem.pdf?sc_lang=fr&hash=1D2E4127030B2E08B1D48060C142D760" target="_blank" rel="noopener">le premier système de négociation fondé sur la technologie des registres distribués</a> (TRD) en Suisse. Ce système permet la négociation de valeurs mobilières sur une blockchain publique et leur règlement via le système SIC. L’autorisation est soumise à la <a href="https://www.fedlex.admin.ch/eli/cc/2015/853/fr#:~:text=Art.%2073a%20D%C3%A9finitions" target="_blank" rel="noopener">LIMF</a> et bénéficie d’allègements prévus par <a href="https://www.fedlex.admin.ch/eli/cc/2015/854/fr" target="_blank" rel="noopener">l’OIMF</a>. Réservé aux institutions financières, ce projet marque une avancée pour l’intégration de la blockchain dans les marchés financiers suisses.</p> </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/cryptoactifs/">Cryptoactifs</a> <a rel="category tag" href="https://cdbf.ch/category/finma/">FINMA</a> </h6> </div> </div> </article> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="https://www.admin.ch/gov/fr/accueil/documentation/communiques.msg-id-104413.html" target="_blank" class="">Modèle FATCA : mise en consultation d’un nouvel accord</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/valentine-delaloye/"> <img alt="Valentine Delaloye" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2022/10/valentine-delaloye-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/valentine-delaloye/">Valentine Delaloye</a>  — 7 mars 2025 </h6> <div class="text-left intro mb-2"> <p style="text-align: justify;">Le <a href="https://www.admin.ch/gov/fr/accueil/documentation/communiques.msg-id-101674.html" target="_blank" rel="noopener">nouvel accord FATCA</a>, négocié avec les USA en juin 2024 et visant à faire basculer la Suisse du modèle 2 au modèle 1, est désormais en consultation jusqu’au 14 juin 2025. Ce changement de catégorie, prévu au plus tôt pour le 1er janvier 2027, entraînerait l’instauration de l’échange <em>automatique</em> de renseignements sur les comptes financiers des clients (<a href="https://www.sif.admin.ch/fr/echange-automatique-renseignements-ear" target="_blank" rel="noopener">EAR</a>) et pour la première fois, sur une base <em>réciproque</em> entre les autorités fiscales suisses et états-uniennes. Sauf revirement de situation.</p> </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/echange-automatique-de-renseignements-fiscaux/">Echange automatique de renseignements fiscaux</a> </h6> </div> </div> </article> <nav class="nav flex-column align-items-start"> <a class="btn btn-secondary" href="https://cdbf.ch/reperages/">Tous les repérages</a> <a class="mt-4 btn btn-secondary" href="https://cdbf.ch/reperer/">Proposer un repérage</a> </nav> <hr class="mobile-only my-5" data-aos="fade-up"/> </section> </div> </div> </div> <div class="container editorial pb-5"> <hr class="my-5" data-aos="fade-up"/> <section id="publications"> <h2 class="hometitle" data-aos="fade-up"><a class="text-muted" href="https://cdbf.ch/publications/">Publications</a></h2> <div class="row"> <div class="col-lg-6"> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="#publication_detail_37167" data-toggle="collapse" class="">Droit pénal économique : Eléments de droit suisse et transnational</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/katia-villard/"> <img alt="Katia Villard" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2024/09/thumbnail-img-8713-2-150x150.jpg"/> </a> <a class="bubble" href="https://cdbf.ch/author/cassani/"> <img alt="Ursula Cassani" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2020/01/dsc6587-modifier-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/katia-villard/">Katia Villard</a> <span class='text-black'>, </span> <a class="text-black" href="https://cdbf.ch/author/cassani/">Ursula Cassani</a>  — 7 mars 2025 </h6> <div class="text-left intro mb-2"> <div class="collapse" id="publication_detail_37167"> <p>La 2e édition de cet ouvrage livre une analyse approfondie et précise des notions fondamentales du DPE en vigueur au 30 novembre 2024 (compétence du juge suisse, application territoriale du DPE, responsabilité de l’entreprise et de ses personnes physiques, etc.). Le précis traite en outre d’une sélection d’infractions au premier plan de la lutte contre la criminalité économique et financière (blanchiment d’argent, défaut de vigilance en matière d’opérations financières, crime organisé, corruption, etc.). S’y ajoutent l’analyse du volet de prévention du blanchiment d’argent, y compris ses réformes successives ainsi que la protection des whistleblowers.</p> <p>L’ouvrage intègre les récentes évolutions législatives (not. la révision en cours du régime de lutte contre le blanchiment d’argent et du droit de l’UE en la matière, le projet LTPM et les derniers développements en matière de lutte contre le terrorisme et le crime organisé).</p> <a class="my-3 btn btn-outline-dark" href="https://www.helbing.ch/fr/detail/ISBN-9783719047115/Droit-p%C3%A9nal-%C3%A9conomique" target="_blank">Consulter</a> </div> </div> <h6 class="card-subtitle font-light mb-3"> <a href="#publication_detail_37167" data-toggle="collapse" class="text-dark-grey">2e édition. - Bâle : Helbing Lichtenhahn, 2025. – 448 pages. – ISBN 978-3-7190-4711-5</a> </h6> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/criminalite-economique/">Criminalité économique</a> <a rel="category tag" href="https://cdbf.ch/category/droit-penal/">Droit pénal</a> </h6> </div> </div> </article> </div> <div class="col-lg-6"> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="#publication_detail_36954" data-toggle="collapse" class="">Systèmes d’intelligence artificielle et Loi sur les services financiers (LSFin) : entre analyse financière et conseil en placement</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/yannick-caballero-cuevas/"> <img alt="Yannick Caballero Cuevas" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2021/06/yannick-caballero-150x150.jpeg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/yannick-caballero-cuevas/">Yannick Caballero Cuevas</a>  — 15 janvier 2025 </h6> <div class="text-left intro mb-2"> <div class="collapse" id="publication_detail_36954"> <p>In the financial sector, artificial intelligence (AI) is a major asset capable of transforming the services provided to clients, particularly by improving investment advice. Conversational agents have been deployed by some fintech companies and presented as investment assistants. However, the responses generated by these AI systems raise the question of their classification under financial regulation. Are they financial analyses ? Or are they rather personalized recommendations or advertising ? This contribution explores these different classifications, proposes criteria to delineate these concepts, and offers a classification based on the analysis of results generated by a sample of conversational agents, while also examining the potential regulatory implications.</p> <a class="my-3 btn btn-outline-dark" href="https://archive-ouverte.unige.ch/unige:182550" target="_blank">Consulter</a> </div> </div> <h6 class="card-subtitle font-light mb-3"> <a href="#publication_detail_36954" data-toggle="collapse" class="text-dark-grey">Revue suisse de droit des affaires et du marché financier, 2024, vol. 96, n° 6, p. 642-653</a> </h6> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/conseil-en-placement/">Conseil en placement</a> <a rel="category tag" href="https://cdbf.ch/category/droit-a-linformation/">Information des investisseurs</a> <a rel="category tag" href="https://cdbf.ch/category/intelligence-artificielle/">Intelligence artificielle</a> </h6> </div> </div> </article> </div> <div class="col-lg-6"> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="#publication_detail_36952" data-toggle="collapse" class="">Algorithmes contre algorithmes : de l’erreur humaine au dysfonctionnement de systèmes automatisés</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/liegeois/"> <img alt="Fabien Liégeois" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2020/06/liegeois_neu_2017_etmiddle-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/liegeois/">Fabien Liégeois</a>  — 15 janvier 2025 </h6> <div class="text-left intro mb-2"> <div class="collapse" id="publication_detail_36952"> <p>The banking and finance industry was ahead of the curve in reducing human intervention in its operations. As early as the 1970s, communication technologies prepared for the rise of algorithmic trading. Back to the future, machine learning systems differ from rule-based (or symbolic) systems where logic dominates. They rely on data, analyse trends and inferences to generate plausible, but not exact, results. From a legal perspective, the shift from deterministic systems to systems making decisions on a fully or partially autonomous basis raises new interpretative questions. Since our legal system continues to hold users accountable for machine acts or omissions, this contribution emphasizes the leverage effect triggered by the combination of digitization and automation in the case of a mistake. To support our line of reasoning, we will identify three scenarios : contracts concluded between individuals in person, contracts facilitated through a simple digital intermediary, and contracts entered into entirely without human intervention.</p> <a class="my-3 btn btn-outline-dark" href="https://archive-ouverte.unige.ch/unige:182549" target="_blank">Consulter</a> </div> </div> <h6 class="card-subtitle font-light mb-3"> <a href="#publication_detail_36952" data-toggle="collapse" class="text-dark-grey">Revue suisse de droit des affaires et du marché financier, 2024, vol. 96, n° 6, p. 654-668</a> </h6> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/intelligence-artificielle/">Intelligence artificielle</a> <a rel="category tag" href="https://cdbf.ch/category/responsabilite/">Responsabilité</a> </h6> </div> </div> </article> </div> <div class="col-lg-6"> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="#publication_detail_36420" data-toggle="collapse" class="">The Restriction on Trust Services : A New Sanction in Need of Improvement</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/thevenoz/"> <img alt="Luc Thévenoz" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2019/12/thevenoz-cdbf-hidef-scaled-e1593411646555-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/thevenoz/">Luc Thévenoz</a>  — 24 octobre 2024 </h6> <div class="text-left intro mb-2"> <div class="collapse" id="publication_detail_36420"> <p class="abstract ng-star-inserted">The sanctions regime developed by the European Union in response to the second war waged by Russia against Ukraine since February 2022 includes, for the first time to the author’s knowledge, an explicit prohibition to provide trust services to persons connected with Russia. This chapter will reflect on the optimal design of the measure through a comparative analysis of the EU and the UK regimes.</p> <a class="my-3 btn btn-outline-dark" href="https://archive-ouverte.unige.ch/unige:180945" target="_blank">Consulter</a> </div> </div> <h6 class="card-subtitle font-light mb-3"> <a href="#publication_detail_36420" data-toggle="collapse" class="text-dark-grey">in: Chiara Zilioli, Régis Bismuth, Luc Thévenoz (eds), International Sanctions : Monetary and Financial Law Perspectives. - Leiden/Boston : Brill/Nijhoff, 2024. - p. 364-382</a> </h6> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/trusts/">Trusts</a> <a rel="category tag" href="https://cdbf.ch/category/trusts/">Trusts</a> <a rel="category tag" href="https://cdbf.ch/category/trusts/">Trusts</a> <a rel="category tag" href="https://cdbf.ch/category/trusts/">Trusts</a> </h6> </div> </div> </article> </div> <div class="col-lg-6"> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="#publication_detail_36200" data-toggle="collapse" class="">Le devoir d’informer de l’avocat lors d’une violation de la sécurité des données</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/celianhirsch/"> <img alt="Célian Hirsch" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2019/12/191021152736_1450-scaled-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/celianhirsch/">Célian Hirsch</a>  — 11 septembre 2024 </h6> <div class="text-left intro mb-2"> <div class="collapse" id="publication_detail_36200"> <p class="abstract ng-star-inserted">Si l’avocat subit une violation de la sécurité des données – laquelle est une notion très large –, il doit examiner s’il est soumis à un devoir d’informer le PFPDT ou les personnes concernées de cette violation. La présente contribution présente la notion de violation de la sécurité des données et expose l’examen auquel doit procéder l’avocat afin de déterminer s’il est soumis à un tel devoir d’informer. Elle analyse ensuite la limite du devoir d’informer en raison du secret professionnel de l’avocat et conclut que cette limite est relative.</p> <a class="my-3 btn btn-outline-dark" href="https://archive-ouverte.unige.ch/unige:179732" target="_blank">Consulter</a> </div> </div> <h6 class="card-subtitle font-light mb-3"> <a href="#publication_detail_36200" data-toggle="collapse" class="text-dark-grey">Anwaltsrevue = Revue de l'avocat, 2024, no. 8, p. 323-327 </a> </h6> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/cyberrisques/">Cyberrisques</a> <a rel="category tag" href="https://cdbf.ch/category/protection-des-donnees/">Protection des données</a> </h6> </div> </div> </article> </div> <div class="col-lg-6"> <article class="item mb-5 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h3 class="h4 card-title mb-3"> <a href="#publication_detail_35205" data-toggle="collapse" class="">Indemnité pour résiliation anticipée d’un prêt hypothécaire à taux fixe</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/liegeois/"> <img alt="Fabien Liégeois" class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2020/06/liegeois_neu_2017_etmiddle-150x150.jpg"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/liegeois/">Fabien Liégeois</a>  — 9 septembre 2024 </h6> <div class="text-left intro mb-2"> <div class="collapse" id="publication_detail_35205"> <p><span class="ng-star-inserted">La banque réserve un droit de sortie au client d’un prêt hypothécaire à taux fixe : celui-ci peut résilier le contrat avant l’échéance en échange du paiement d’une indemnité. Le Tribunal fédéral se montre réservé à l’idée de réduire cette peine conventionnelle dès lors que la stipulation place le client dans une position plus favorable que le régime légal. Pourtant, le client que les aléas de la vie poussent à céder son logement se trouve dans une situation fort différente de celui qui profite de la conjoncture. Selon nous, le juge doit ainsi reconnaître le caractère excessif de l’indemnité à chaque fois que les circonstances l’exigent. Outre les aspects civils, le paiement de l’indemnité entraîne des conséquences fiscales que nous abordons de manière critique.</span></p> <a class="my-3 btn btn-outline-dark" href="https://archive-ouverte.unige.ch/unige:179597" target="_blank">Consulter</a> </div> </div> <h6 class="card-subtitle font-light mb-3"> <a href="#publication_detail_35205" data-toggle="collapse" class="text-dark-grey">Schweizerische Juristen-Zeitung = Revue suisse de jurisprudence (RSJ), 2024, n° 16-17, p. 801-810</a> </h6> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" href="https://cdbf.ch/category/contrats-bancaires/">Contrats bancaires</a> <a rel="category tag" href="https://cdbf.ch/category/loi-sur-les-services-financiers/">Services financiers</a> </h6> </div> </div> </article> </div> </div> <a class="btn btn-secondary" href="https://cdbf.ch/publications/">Toutes les publications</a> </section> </div> </div> <footer id="footer" class="py-5"> <div class="container"> <div class="row"> <div class="col-lg-2 mb-4 mb-lg-0 text-center text-lg-left"> <img class="img-fluid" alt="Unige" src="https://cdbf.ch/wp-content/themes/cdbf/img/unige.png"> </div> <div class="col-lg-6"> </div> <div class="col-lg-4"> <nav class="nav flex-column align-items-center align-items-lg-end text-right"> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/impressum/">Impressum</a> <a class="nav-link text-white font-sans-serif small" href="mailto:webmaster@cdbf.ch">Webmestre</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/charte-editoriale/">Charte éditoriale</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/politique-dutilisation-des-cookies/">Politique d’utilisation des cookies</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/le-centre/contact/">Contact</a> </nav> </div> </div> </div> </footer> <div id="cookiebar" class="fixed-bottom w-100 text-light py-3" style="display:none;"> <div class="container"> <div class="row"> <div class="col-md-10 small"> Ce site utilise des cookies à des fins de statistiques, d’optimisation et de marketing ciblé. 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