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Retrocession (kickback)
In the Swiss finance industry retrocessions are kickback commissions that banks, asset managers, trustees and financial service providers receive after purchasing financial products such as funds, obligations, structured products, etc. from the distributors of the products. Retrocessions have been heavily criticized, due to a possible conflict of interest and a lack of transparency in the past. The Swiss federal tribunal has stated on various occasions that commissions create a conflict of interest as a bank is incentivised to acquire a certain product, whereas the operation is not justified with regards to the interest of the client. In the European Union a major transformation of the financial market has led to a number of regulations that intend to make the financial industry more transparent and accountable. Retrocessions are a type of inducement that are considered non-transparent and therefore regulators have sought a way to drastically reduce them or even ban them complete ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Switzerland
). Swiss law does not designate a ''capital'' as such, but the federal parliament and government are installed in Bern, while other federal institutions, such as the federal courts, are in other cities (Bellinzona, Lausanne, Luzern, Neuchâtel, St. Gallen a.o.). , coordinates = , largest_city = Zürich , official_languages = , englishmotto = "One for all, all for one" , religion_year = 2020 , religion_ref = , religion = , demonym = , german: Schweizer/Schweizerin, french: Suisse/Suissesse, it, svizzero/svizzera or , rm, Svizzer/Svizra , government_type = Federalism, Federal assembly-independent Directorial system, directorial republic with elements of a direct democracy , leader_title1 = Federal Council (Switzerland), Federal Council , leader_name1 = , leader_title2 = , leader_name2 = Walter Thurnherr , legislature = Fe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kickback (bribery)
A kickback is a form of negotiated bribery in which a commission is paid to the bribe-taker in exchange for services rendered. Generally speaking, the remuneration (money, goods, or services handed over) is negotiated ahead of time. The kickback varies from other kinds of bribes in that there is implied collusion between agents of the two parties, rather than one party extorting the bribe from the other.Wrage, Alexandra Addison. ''Bribery and Extortion: Undermining Business, Governments, and Security.'' Westport, Conn.: Praeger Security International, 2007. p. 14. The purpose of the kickback is usually to encourage the other party to cooperate in the scheme.Kranacher, Riley, and Wells, p. 387. The term "kickback" comes from colloquial English language, and describes the way a recipient of illegal gain "kicks back" a portion of it to another person for that person's assistance in obtaining it.Campos, p. 299. Types and methods The most common form of kickback involves a vendor sub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Supreme Court Of Switzerland
The Federal Supreme Court of Switzerland (german: Bundesgericht, french: Tribunal fédéral, it, Tribunale federale, rm, ) is the supreme court of the Swiss Confederation and at the head of the Swiss judiciary. The Federal Supreme Court is headquartered in the Federal Courthouse in Lausanne in the canton of Vaud. The two social security divisions of the Federal Supreme Court (formerly Federal Insurance Court, as an organizationally independent unit of the Federal Supreme Court), are located in Lucerne. The Federal Assembly elects 38 justices to the Federal Supreme Court. The current president of the court is Martha Niquille. Functions The Federal Supreme Court is the final arbiter on disputes in the field of civil law (citizens-citizens), the public arena (citizen-state), as well as in disputes between cantons or between cantons and the Confederation. The Supreme Court's decisions in the field of human rights violations can be appealed to the European Court of Human Rig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |