DiKE Verhaltensregeln für Effektenhändler

The first part of the Federal Act on Stock Exchanges and Securities Trading (SESTA) entered into force on 1 February 1997. Art.11 SESTA obliges securities dealers, when executing securities transactions for clients, to inform them of the associated risks (duty of information), to execute the orders carefully (duty of care) and to ensure that any conflicts of interest do not adversely affect the client's interests (duty of loyalty). These rules of conduct under stock exchange law in the form of ancillary duties were concretised by the Swiss Bankers Association in a directive. With regard to the catalogue of duties in Art. 11 SESTA, a discussion has flared up as to whether, and if so to what extent, the rules of conduct under stock exchange law have an independent significance in Swiss financial market law. In the first part of the paper, the author examines, among other things, the legal nature of Art.11 SESTA, its scope of application and the interaction between the law and the code of conduct. In the second part of the work, the material content of the individual rules of conduct is presented separately. Particular attention is paid to the question of whether the rules of conduct must be complied with at all times without restriction.