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Banking & Financial Services

27 September 2019
Stephan Schmalzl Credit insurance – void assignment for breach of banking secrecy

Austria - Schima Mayer Starlinger

The Supreme Court recently extended to credit insurers its established jurisprudence that banking secrecy may prevent a statutory transfer of credit claims on fulfilment of such claims by a third party. Further, the court affirmed its view that the purpose of making a credit claim recoverable does not constitute an overriding interest that could breach banking secrecy.

Author: Stephan Schmalzl
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Alexander Vogel FDF proposes key changes to FinSO and FinlO

Switzerland - Meyerlustenberger Lachenal

The Federal Department of Finance has proposed changes to the draft Financial Services Ordinance (FinSO) and Financial Institutions Ordinance. A significant and welcome change in the draft FinSO is that key information documents for collective investment schemes can be written in English. The Federal Council will make the final decision on the wording of the ordinances and their entry into force in November 2019.

Authors: Alexander Vogel, Reto Luthiger
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Mexico - Hogan Lovells BSTL SC

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