{"id":25708,"date":"2024-09-02T09:10:25","date_gmt":"2024-09-02T08:10:25","guid":{"rendered":"https:\/\/www.fbt-avocats.ch\/developpements-recents-sur-les-retrocessions-dans-le-mandat-de-conseil\/"},"modified":"2025-10-20T11:08:34","modified_gmt":"2025-10-20T10:08:34","slug":"developpements-recents-sur-les-retrocessions-dans-le-mandat-de-conseil","status":"publish","type":"post","link":"https:\/\/staging.fbt-avocats.ch\/en\/developpements-recents-sur-les-retrocessions-dans-le-mandat-de-conseil\/","title":{"rendered":"Recent developments on retrocessions in the advisory mandate"},"content":{"rendered":"<div  class='avia-slideshow av-lpqtcuam-76906b30aa535219bbd7e5abbadb45f0 avia-slideshow-featured_large av_slideshow avia-slide-slider  avia-builder-el-0  el_before_av_heading  avia-builder-el-first  av-slideshow-ui av-control-default av-slideshow-manual av-loop-once av-loop-manual-endless av-default-height-applied avia-slideshow-1' data-slideshow-options=\"{&quot;animation&quot;:&quot;slide&quot;,&quot;autoplay&quot;:false,&quot;loop_autoplay&quot;:&quot;once&quot;,&quot;interval&quot;:5,&quot;loop_manual&quot;:&quot;manual-endless&quot;,&quot;autoplay_stopper&quot;:false,&quot;noNavigation&quot;:false,&quot;bg_slider&quot;:false,&quot;keep_padding&quot;:false,&quot;hoverpause&quot;:false,&quot;show_slide_delay&quot;:0}\"  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><ul class='avia-slideshow-inner ' style='padding-bottom: 52.333333333333%;'><li  class='avia-slideshow-slide av-lpqtcuam-76906b30aa535219bbd7e5abbadb45f0__0  av-single-slide slide-1 slide-odd'><div data-rel='slideshow-1' class='avia-slide-wrap '   ><img fetchpriority=\"high\" class=\"wp-image-25701 avia-img-lazy-loading-not-25701\"  src='https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2024\/09\/Allnews_EN_Bensahel_retrocessions_mandat_conseil.png' width='1200' height='628' title='Allnews_EN_Bensahel_retrocessions_mandat_conseil' alt=''  itemprop=\"thumbnailUrl\"   \/><\/div><\/li><\/ul><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-698343742fc0d98b6fac87d2c680026e\">\n#top .av-special-heading.av-av_heading-698343742fc0d98b6fac87d2c680026e{\npadding-bottom:10px;\nfont-size:26px;\n}\nbody .av-special-heading.av-av_heading-698343742fc0d98b6fac87d2c680026e .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-av_heading-698343742fc0d98b6fac87d2c680026e .av-special-heading-tag{\nfont-size:26px;\n}\n.av-special-heading.av-av_heading-698343742fc0d98b6fac87d2c680026e .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-av_heading-698343742fc0d98b6fac87d2c680026e .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-av_heading-698343742fc0d98b6fac87d2c680026e .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-698343742fc0d98b6fac87d2c680026e av-special-heading-h1 blockquote modern-quote  avia-builder-el-1  el_after_av_slideshow  el_before_av_hr  av-inherit-size'><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Recent developments on retrocessions in the advisory mandate<\/h1><div class='av-subheading av-subheading_below'><p>Allnews &#8211; September 2024<br \/>\nFr\u00e9d\u00e9rique Bensahel<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-edf60761fad835755560d987abf79923\">\n#top .hr.hr-invisible.av-lpqthvln-edf60761fad835755560d987abf79923{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-edf60761fad835755560d987abf79923 hr-invisible  avia-builder-el-2  el_after_av_heading  el_before_av_button '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<div  class='avia-button-wrap av-lpqtm003-02cd97b4d07f369c5edad17241c9915d-wrap avia-button-left  avia-builder-el-3  el_after_av_hr  el_before_av_hr '><a href='https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2024\/09\/Allnews_Bensahel_retrocessions_mandat_conseil.pdf'  class='avia-button av-lpqtm003-02cd97b4d07f369c5edad17241c9915d av-link-btn avia-icon_select-no avia-size-large avia-position-left avia-color-theme-color'  target=\"_blank\"  rel=\"noopener noreferrer\"  aria-label=\"Download pdf\"><span class='avia_iconbox_title' >Download pdf<\/span><\/a><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-edf60761fad835755560d987abf79923\">\n#top .hr.hr-invisible.av-lpqthvln-edf60761fad835755560d987abf79923{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-edf60761fad835755560d987abf79923 hr-invisible  avia-builder-el-4  el_after_av_button  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-lpqt34bs-e4937d6ee6fb8bf73eb238b3b32b6052 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p>Les r\u00e9trocessions, en particulier leur conservation par le mandataire, constituent une pr\u00e9occupation majeure pour les banques et autres prestataires de services financiers depuis l\u2019arr\u00eat de principe du Tribunal f\u00e9d\u00e9ral de 2006. Dans cette d\u00e9cision, suivie par un arr\u00eat de 2011, le Tribunal f\u00e9d\u00e9ral a jug\u00e9 que les r\u00e9trocessions doivent par principe \u00eatre restitu\u00e9es au client; celui-ci peut y renoncer de mani\u00e8re anticip\u00e9e s\u2019il est inform\u00e9 (i) des valeurs de r\u00e9f\u00e9rence des accords de r\u00e9trocession (param\u00e8tres de calcul) et (ii) de l&#8217;ordre de grandeur des r\u00e9trocessions attendues (fourchette exprim\u00e9e en pourcentage de la fortune g\u00e9r\u00e9e).<\/p>\n<p>Ces principes, d\u00e9velopp\u00e9s dans le cadre de la gestion de fortune puis int\u00e9gr\u00e9s dans la r\u00e9glementation financi\u00e8re, ont toujours suscit\u00e9 des difficult\u00e9s lorsqu\u2019ils sont appliqu\u00e9s \u00e0 d\u2019autres types de relations, soit le mandat de conseil ou la relation execution only.<\/p>\n<p>Dans un arr\u00eat du 24 mai 2024 (4A_574\/2023), le Tribunal f\u00e9d\u00e9ral a examin\u00e9 l\u2019\u00e9tendue de l\u2019information requise pour que la renonciation soit consid\u00e9r\u00e9e comme valable dans le cadre d\u2019une relation execution only. Dans cette affaire, l\u2019instance inf\u00e9rieure zurichoise avait admis la validit\u00e9 d\u2019une clause de renonciation aux r\u00e9trocessions figurant dans les conditions g\u00e9n\u00e9rales d\u2019une banque alors qu\u2019elle ne mentionnait que les param\u00e8tres de calcul des r\u00e9trocessions par classe de produits sous la forme de fourchettes (entre 0% et 0,75% des montants investis par exemple). Le tribunal zurichois consid\u00e9rait que ces indications permettaient au client de calculer l&#8217;ordre de grandeur des r\u00e9trocessions de mani\u00e8re suffisamment pr\u00e9cise dans une relation execution only.<\/p>\n<p>Se fondant sur la jurisprudence existante, le client a recouru devant le Tribunal f\u00e9d\u00e9ral en soutenant qu\u2019une renonciation aux r\u00e9trocessions n\u2019est valable que lorsque le client est inform\u00e9 cumulativement (i) des param\u00e8tres de calcul et (ii) de l\u2019ordre de grandeur des r\u00e9trocessions attendues \u2013 lequel faisait d\u00e9faut en l\u2019esp\u00e8ce. Le Tribunal f\u00e9d\u00e9ral r\u00e9pond clairement que \u00abcontrairement \u00e0 ce qui vaut pour la gestion de fortune, il n&#8217;existe pas, dans le cadre du conseil en placement ou de la relation execution only, de patrimoine g\u00e9r\u00e9 qui pourrait \u00eatre utilis\u00e9 comme valeur de base\u00bb (traduction libre). Le Tribunal f\u00e9d\u00e9ral ajoute que, \u00abpuisque le client prend lui-m\u00eame les d\u00e9cisions dans les relations de conseil et execution only, les principes pos\u00e9s pour la gestion de fortune ne peuvent pas \u00eatre transpos\u00e9s sans examen\u00bb (idem).<\/p>\n<p>Sur la base de cet arr\u00eat et d\u2019un arr\u00eat pr\u00e9c\u00e9dent (du 27 f\u00e9vrier 2024, 4A_496\/2023), il para\u00eet acquis que dans une relation execution only, une clause de renonciation aux r\u00e9trocessions produit ses effets alors m\u00eame qu\u2019elle n\u2019indique pas d\u2019ordre de grandeur des r\u00e9trocessions attendues.<\/p>\n<p>En mati\u00e8re de conseil en placement, les d\u00e9fis li\u00e9s au calcul des r\u00e9trocessions varient selon qu\u2019il s\u2019agit de conseil en placement dit global ou de conseil transactionnel\/ponctuel. Dans les deux cas, le client prend la d\u00e9cision d\u2019investissement, ce qui complique le calcul par le mandataire de l\u2019ordre de grandeur des r\u00e9trocessions par rapport \u00e0 la valeur du portefeuille. Le mandataire ne ma\u00eetrise pas toute l\u2019information n\u00e9cessaire \u00e0 ce calcul puisqu\u2019il ne sait pas quels investissements seront effectu\u00e9s par le client, m\u00eame si en pratique, il arrive souvent que les clients sous mandat de conseil global suivent la plupart des recommandations du prestataire de services. Si le Tribunal f\u00e9d\u00e9ral ne s\u2019est pas prononc\u00e9 explicitement sur la validit\u00e9 de la renonciation dans le cadre du mandat de conseil, il para\u00eet probable qu\u2019il n\u2019exigera pas d\u2019ordre de grandeur pour le conseil ponctuel, \u00e0 l\u2019instar de ce qu\u2019il a d\u00e9cid\u00e9 pour les relations execution only.<\/p>\n<p>Dans son projet de circulaire sur les r\u00e8gles de comportement selon la Loi sur les services financiers (LSFin), dont l&#8217;entr\u00e9e en vigueur est attendue en 2025, la Finma pr\u00e9voit que le prestataire communique \u00e0 son client \u00ab(i) une fourchette concernant les r\u00e9mun\u00e9rations compte tenu des diff\u00e9rentes cat\u00e9gories de produits; (ii) des informations additionnelles sur la fourchette de la r\u00e9mun\u00e9ration en fonction de la valeur du portefeuille et de la strat\u00e9gie de placement convenue. Ce qui pr\u00e9c\u00e8de s\u2019applique \u00e0 la gestion de fortune et au conseil en placement pour le portefeuille\u00bb.<\/p>\n<p>Ainsi, dans les relations de conseil en placement portant sur l\u2019ensemble du portefeuille (par opposition au conseil ponctuel), la Finma attend la communication d\u2019un ordre de grandeur des r\u00e9trocessions dont on sait la difficult\u00e9 de l\u2019estimer.<\/p>\n<p>En conclusion, sur la base de l\u2019arr\u00eat du Tribunal f\u00e9d\u00e9ral susmentionn\u00e9, il para\u00eet acquis qu\u2019un client execution only peut valablement renoncer aux r\u00e9trocessions lorsqu\u2019il n\u2019est inform\u00e9 que des param\u00e8tres de calcul des r\u00e9trocessions (fourchettes par type de produits). En mati\u00e8re de conseil en placement, la situation est plus complexe : le Tribunal f\u00e9d\u00e9ral semble appliquer le m\u00eame r\u00e9gime que pour l\u2019execution only mais la Finma entend imposer la communication d\u2019un ordre de grandeur pour le mandat de conseil global. En d\u00e9finitive et pour autant que le projet de circulaire de la Finma soit adopt\u00e9 dans son \u00e9tat actuel, la prudence commande que le prestataire de conseils en placement portant sur le portefeuille communique \u00e0 son client un ordre de grandeur calcul\u00e9 en fonction de la valeur du portefeuille, en faisant l\u2019hypoth\u00e8se que le client suivra les conseils prodigu\u00e9s dans le cadre de la strat\u00e9gie convenue.<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-27e3d4689132014f1425f973d38a9921\">\n#top .hr.hr-invisible.av-lpqthvln-27e3d4689132014f1425f973d38a9921{\nheight:10px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-27e3d4689132014f1425f973d38a9921 hr-invisible  avia-builder-el-6  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-m7kpi60q-f348ff8f6a87747e28e172cc9ea08a42 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