{"id":28317,"date":"2025-03-31T11:20:31","date_gmt":"2025-03-31T10:20:31","guid":{"rendered":"https:\/\/www.fbt-avocats.ch\/churning-objective-quelques-parametres-utiles\/"},"modified":"2026-02-06T10:41:22","modified_gmt":"2026-02-06T09:41:22","slug":"churning-objective-quelques-parametres-utiles","status":"publish","type":"post","link":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/","title":{"rendered":"Churning objectivity: some useful parameters"},"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-28308 avia-img-lazy-loading-not-28308\"  src='https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2025\/03\/Allnews_Frederique-Bensahel_citationEN.png' width='1200' height='628' title='Allnews_Frederique-Bensahel_citationEN' alt=''  itemprop=\"thumbnailUrl\"   \/><\/div><\/li><\/ul><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-m8wxar4g-c987ef63d3e07836f1be043fabb848f9\">\n#top .av-special-heading.av-m8wxar4g-c987ef63d3e07836f1be043fabb848f9{\npadding-bottom:10px;\nfont-size:26px;\n}\nbody .av-special-heading.av-m8wxar4g-c987ef63d3e07836f1be043fabb848f9 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-m8wxar4g-c987ef63d3e07836f1be043fabb848f9 .av-special-heading-tag{\nfont-size:26px;\n}\n.av-special-heading.av-m8wxar4g-c987ef63d3e07836f1be043fabb848f9 .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-m8wxar4g-c987ef63d3e07836f1be043fabb848f9 .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-m8wxar4g-c987ef63d3e07836f1be043fabb848f9 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-m8wxar4g-c987ef63d3e07836f1be043fabb848f9 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\"  >Churning objectivity: some useful parameters<\/h1><div class='av-subheading av-subheading_below'><p>Allnews &#8211; April 2025<br \/>\nFr\u00e9d\u00e9rique Bensahel and Aur\u00e9lie Moyal-Azra<\/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-lpqtm003-7dab01f0b85069e004143d235b935c0c-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\/2025\/03\/Allnews_Frederique-Bensahel_churning-objective-parametres-utiles.pdf'  class='avia-button av-lpqtm003-7dab01f0b85069e004143d235b935c0c 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>Le churning (ou barattage en fran\u00e7ais) consiste pour le g\u00e9rant de fortune \u00e0 r\u00e9investir fr\u00e9quemment et \u00e0 un rythme inappropri\u00e9 les avoirs confi\u00e9s, dans le but d\u2019augmenter sa r\u00e9mun\u00e9ration variable li\u00e9e au volume des transactions, et cela de mani\u00e8re contraire \u00e0 l\u2019int\u00e9r\u00eat du client. Un tel comportement viole le devoir de protection que le mandataire doit au mandant. Il est par ailleurs constitutif de l\u2019infraction p\u00e9nale de gestion d\u00e9loyale et est contraire aux obligations prudentielles du g\u00e9rant de fortune.<\/p>\n<p>En droit priv\u00e9, le churning n\u2019est pas un terme d\u00e9fini et la question de savoir dans quelles situations un g\u00e9rant de fortune adopte un comportement constitutif de churning d\u00e9pend de plusieurs facteurs. La pierre angulaire est toutefois \u2013 mais pas uniquement \u2013 celle du conflit d\u2019int\u00e9r\u00eats.<\/p>\n<p>Du point de vue r\u00e9glementaire, le churning est prohib\u00e9 par l\u2019article 27 lettre a de l\u2019Ordonnance sur les services financiers qui se r\u00e9f\u00e8re au comportement qui consiste \u00e0 \u00ab restructurer des d\u00e9p\u00f4ts de clients sans que ceux-ci y aient un int\u00e9r\u00eat \u00e9conomique. \u00bb Cette disposition s\u2019inscrit dans le chapitre li\u00e9 \u00e0 la gestion des conflits d\u2019int\u00e9r\u00eats entre ceux du prestataire de services financiers et ceux du client.<\/p>\n<p>En droit p\u00e9nal, l\u2019infraction de gestion d\u00e9loyale peut \u00eatre retenue en raison du fait que le g\u00e9rant, qui est tenu de prot\u00e9ger les int\u00e9r\u00eats du client, y porte atteinte (en g\u00e9n\u00e9ral \u00e0 son b\u00e9n\u00e9fice). Il est important de souligner que m\u00eame lorsque les op\u00e9rations trop nombreuses trouvent une justification, en raison par exemple de la volatilit\u00e9 des march\u00e9s, l\u2019infraction peut \u00eatre consomm\u00e9e. Dans de telles circonstances, le Tribunal f\u00e9d\u00e9ral retenait dans un arr\u00eat de 2014 que le g\u00e9rant de fortune n\u2019avait pas adapt\u00e9 son syst\u00e8me de commissionnement aux conditions de march\u00e9, ce qui \u00ab entrainait des commissions excessives et emp\u00eachait donc pratiquement toute fructification du capital. \u00bb<\/p>\n<p>Si des jurisprudences plus anciennes donnent quelques pistes de d\u00e9termination d\u2019un comportement constitutif de churning, un arr\u00eat du Tribunal f\u00e9d\u00e9ral de 2024 vient apporter des \u00e9l\u00e9ments objectifs tir\u00e9s de la jurisprudence am\u00e9ricaine. Ces derniers doivent toutefois \u00eatre appr\u00e9ci\u00e9s non pas comme des \u00e9l\u00e9ments constitutifs du churning mais comme des indices d\u2019un tel comportement pathologique. Dans l\u2019arr\u00eat de 2024, rendu dans le contexte d\u2019une affaire p\u00e9nale, le Tribunal f\u00e9d\u00e9ral s\u2019est r\u00e9f\u00e9r\u00e9 \u00e0 trois indices qui permettent de v\u00e9rifier si un comportement r\u00e9pond \u00e0 la qualification de churning. La jurisprudence pr\u00e9cise bien que ces indices ont une valeur indicative tant il est vrai que de nombreux \u00e9l\u00e9ments li\u00e9s \u00e0 la nature du mandat qui lie le g\u00e9rant de fortune \u00e0 son client peuvent influer la pertinence et la fr\u00e9quence des transactions op\u00e9r\u00e9es, en particulier la strat\u00e9gie de placement convenue avec le client. Toutefois, plus les taux et ratios pertinents dans un cas d\u2019esp\u00e8ce s\u2019\u00e9loignent d\u2019une certaine norme, plus le juge aura tendance \u00e0 consid\u00e9rer qu\u2019une gestion donn\u00e9e pr\u00e9sente les caract\u00e9ristiques du churning.<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-0bd54966aed560559f146cba8eca7ba1\">\n#top .av-special-heading.av-av_heading-0bd54966aed560559f146cba8eca7ba1{\npadding-bottom:10px;\nfont-size:25px;\n}\nbody .av-special-heading.av-av_heading-0bd54966aed560559f146cba8eca7ba1 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-av_heading-0bd54966aed560559f146cba8eca7ba1 .av-special-heading-tag{\nfont-size:25px;\n}\n.av-special-heading.av-av_heading-0bd54966aed560559f146cba8eca7ba1 .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-0bd54966aed560559f146cba8eca7ba1 .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-0bd54966aed560559f146cba8eca7ba1 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-0bd54966aed560559f146cba8eca7ba1 av-special-heading-h2 blockquote classic-quote  avia-builder-el-6  el_after_av_textblock  el_before_av_hr  av-inherit-size'><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Le monitoring des Turn-Over-Rate et Cost-to-Equity-Ratio s\u2019impose au g\u00e9rant de fortune pour \u00e9viter les cons\u00e9quences civiles, p\u00e9nales et prudentielles qui d\u00e9coulent de la qualification de churning.<\/h2><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-7  el_after_av_heading  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>Le premier indice est le taux de rotation ou Turn-Over-Rate (TOR). Il d\u00e9signe la fr\u00e9quence des transactions par rapport aux actifs sous gestion. Il est d\u00e9termin\u00e9 en divisant la valeur totale des op\u00e9rations par la valeur moyenne du portefeuille sur une m\u00eame p\u00e9riode, annuelle lorsque la relation a dur\u00e9 en tous cas un an. Dans le cadre d\u2019une strat\u00e9gie de placement conservatrice, un Turn-Over-Rate annualis\u00e9 de 2 peut \u00e9tayer l\u2019hypoth\u00e8se de churning, de 4 le laisse supposer et de 6 fonde le soup\u00e7on d\u2019un remaniement excessif du portefeuille. Ainsi, un Turn-Over-Rate annualis\u00e9 sup\u00e9rieur \u00e0 6 est g\u00e9n\u00e9ralement un indice d\u00e9cisif d\u2019une activit\u00e9 de churning. Toutefois, et la jurisprudence le pr\u00e9cise \u00e9galement, un taux plus faible peut constituer un indice s\u00e9rieux de churning dans un portefeuille conservateur et un taux plus \u00e9lev\u00e9 peut \u00eatre admis dans le cadre d\u2019une gestion sp\u00e9culative.<\/p>\n<p>Le second indice est le Cost-to-Equity-Ratio (ou break-even-ratio) qui correspond au rapport entre leco\u00fbt annuel de la gestion et la valeur nette moyenne des actifs. Le test permet de d\u00e9terminer le rendement n\u00e9cessaire du portefeuille pour r\u00e9aliser un b\u00e9n\u00e9fice (breakeven), compte tenu des co\u00fbts. Il est d\u00e9termin\u00e9 par la division du total des frais li\u00e9s au portefeuille par la valeur moyenne des actifs nets. Un Cost-to-Equity-Ratio de 4 peut \u00e9tayer une hypoth\u00e8se de churning pour une gestion conservatrice, un ratio de 8 le laisse supposer et un ratio de 12 permet de conclure \u00e0 un soup\u00e7on fond\u00e9 de churning. D\u00e8s lors, un Cost-to-Equity-Ratio sup\u00e9rieur \u00e0 12 est g\u00e9n\u00e9ralement l\u2019indicateur de churning. \u00c0 l\u2019instar de ce qui pr\u00e9vaut pour le Turn-Over-Rate, les ratios admissibles dans le cadre d\u2019une gestion sp\u00e9culative peuvent \u00eatre plus \u00e9lev\u00e9s.<\/p>\n<p>Un troisi\u00e8me indice, utilis\u00e9 en cas d\u2019op\u00e9rations \u00e0 terme mais non en cas d\u2019op\u00e9rations surtitres, est le Commission-to-Equity-Ratio qui analyse le rapport entre le co\u00fbt et l\u2019actif immobilis\u00e9 moyen sur toute la p\u00e9riode de n\u00e9goce. Il se calcule en additionnant le total des frais li\u00e9s aux transactions que l\u2019on divise par le capital initialement investi. Pour \u00e9viter la qualification de churning, le Commission-to-Equity-Ratio ne devrait pas d\u00e9passer 11,8%. La jurisprudence qualifie toutefois cet indice de secondaire.<\/p>\n<p>Les d\u00e9veloppements jurisprudentiels qui pr\u00e9c\u00e8dent peuvent offrir aux g\u00e9rants de fortune un outil de gestion des risques leur permettant un contr\u00f4le de leur activit\u00e9. La port\u00e9e des indices retenus par la jurisprudence peut para\u00eetre limit\u00e9e. D\u2019une part, les valeurs d\u00e9finies dans la jurisprudence l\u2019ont \u00e9t\u00e9 dans le cadre d\u2019une strat\u00e9gie de placement conservatrice et les indices n\u2019ont pas \u00e9t\u00e9 chiffr\u00e9s pour d\u2019autres strat\u00e9gies de placement. D\u2019autre part, la jurisprudence pr\u00e9cise qu\u2019il ne s\u2019agit que d\u2019indices qui permettent, lorsqu\u2019ils sont mis en relation les uns avec les autres cumulativement ou parfois alternativement et apr\u00e8s \u00e9valuation des circonstances concr\u00e8tes du cas d\u2019esp\u00e8ce, de conclure \u00e0 une activit\u00e9 de churning, de sorte qu\u2019ils laissent la place \u00e0 un certain pouvoir d\u2019appr\u00e9ciation de l\u2019autorit\u00e9. Cela \u00e9tant, ces d\u00e9veloppements pourraient amener tant les plaideurs que les autorit\u00e9s judiciaires et de poursuite p\u00e9nale ou le r\u00e9gulateur \u00e0 se raccrocher \u00e0 des \u00e9l\u00e9ments objectifs, relativement simples \u00e0 \u00e9tablir, pour \u00e9tayer leurs griefs.<\/p>\n<p>Si les taux limites risquent d\u2019\u00eatre atteints, le g\u00e9rant de fortune devra r\u00e9\u00e9valuer la pertinence des op\u00e9rations et se poser la question de savoir si sa gestion est bien adapt\u00e9e aux co\u00fbts qu\u2019elle engendre, quelles que soient les conditions de march\u00e9. Si tel n\u2019est pas le cas, il est attendu du g\u00e9rant de fortune qu\u2019il adapte sa r\u00e9mun\u00e9ration de mani\u00e8re \u00e0 ne pas rendre toute performance du portefeuille inatteignable.<\/p>\n<p>En conclusion, le monitoring des Turn-Over-Rate et Cost-to-Equity-Ratio s\u2019impose au g\u00e9rant de fortune pour \u00e9viter les cons\u00e9quences civiles, p\u00e9nales et prudentielles qui d\u00e9coulent de la qualification de churning.<\/p>\n<\/div><\/section>\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-9  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-m7kkz4pz-84aa1c405c73313048d6329b4cf920bf '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p style=\"text-align: right;\"><a href=\"https:\/\/staging.fbt-avocats.ch\/en\/portfolio-item\/frederique-bensahel\/\">Fr\u00e9d\u00e9rique Bensahel<\/a><br \/>\nAssoci\u00e9e, Gen\u00e8ve<\/p>\n<p style=\"text-align: right;\">et<\/p>\n<p style=\"text-align: right;\"><a href=\"https:\/\/staging.fbt-avocats.ch\/en\/portfolio-item\/aurelie-moyal-azra\/\">Aur\u00e9lie Moyal-Azra<\/a><br \/>\nAvocate, Gen\u00e8ve<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-214293ecc75803cef32ca5a4ec32f750\">\n#top .av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750{\npadding-bottom:10px;\nfont-size:20px;\n}\nbody .av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750 .av-special-heading-tag{\nfont-size:20px;\n}\n.av-special-heading.av-av_heading-214293ecc75803cef32ca5a4ec32f750 .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-214293ecc75803cef32ca5a4ec32f750 .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-214293ecc75803cef32ca5a4ec32f750 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-214293ecc75803cef32ca5a4ec32f750 av-special-heading-h3 blockquote modern-quote modern-centered  avia-builder-el-11  el_after_av_textblock  el_before_av_hr  av-inherit-size'><h3 class='av-special-heading-tag '  itemprop=\"headline\"  >Partager sur LinkedIn<\/h3><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-2e2fa36faa97a09467bbe73150a11a71\">\n#top .hr.hr-invisible.av-lpqthvln-2e2fa36faa97a09467bbe73150a11a71{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-2e2fa36faa97a09467bbe73150a11a71 hr-invisible  avia-builder-el-12  el_after_av_heading  el_before_av_one_fifth '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2il6c92-659475ef011a8f768eb623e80e9b4c1f\">\n.flex_column.av-2il6c92-659475ef011a8f768eb623e80e9b4c1f{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-2il6c92-659475ef011a8f768eb623e80e9b4c1f av_one_fifth  avia-builder-el-13  el_after_av_hr  el_before_av_one_fifth  first flex_column_div av-zero-column-padding  '     ><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-29oszmu-714d6f38bd5b8e6f4196d6365a8ad9d0\">\n.flex_column.av-29oszmu-714d6f38bd5b8e6f4196d6365a8ad9d0{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-29oszmu-714d6f38bd5b8e6f4196d6365a8ad9d0 av_one_fifth  avia-builder-el-14  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div av-zero-column-padding  '     ><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1g3uxvq-432a17fb372e62d71cd14c3123628a44\">\n.flex_column.av-1g3uxvq-432a17fb372e62d71cd14c3123628a44{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-1g3uxvq-432a17fb372e62d71cd14c3123628a44 av_one_fifth  avia-builder-el-15  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div av-zero-column-padding  '     ><div  class='av-social-sharing-box av-lpqum02u-bc0494c5c39e8aaf1b0cc89c664ccf98 av-social-sharing-box-default  avia-builder-el-16  avia-builder-el-no-sibling  av-social-sharing-box-fullwidth'><div class=\"av-share-box\"><ul class=\"av-share-box-list noLightbox\"><li class='av-share-link av-social-link-linkedin avia_social_iconfont' ><a target=\"_blank\" aria-label=\"Share on LinkedIn\" href='https:\/\/linkedin.com\/shareArticle?mini=true&#038;title=Churning%20objectivity%3A%20some%20useful%20parameters&#038;url=https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/' data-av_icon='\ue8fc' data-av_iconfont='entypo-fontello'  title='' data-avia-related-tooltip='Share on LinkedIn'><span class='avia_hidden_link_text'>Share on LinkedIn<\/span><\/a><\/li><\/ul><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-16odkqu-0047da59c041e4b090215877c632a064\">\n.flex_column.av-16odkqu-0047da59c041e4b090215877c632a064{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-16odkqu-0047da59c041e4b090215877c632a064 av_one_fifth  avia-builder-el-17  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div av-zero-column-padding  '     ><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-t9666e-093950a8b679803810638c99153bc64c\">\n.flex_column.av-t9666e-093950a8b679803810638c99153bc64c{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-t9666e-093950a8b679803810638c99153bc64c av_one_fifth  avia-builder-el-18  el_after_av_one_fifth  el_before_av_hr  flex_column_div av-zero-column-padding  '     ><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-2e2fa36faa97a09467bbe73150a11a71\">\n#top .hr.hr-invisible.av-lpqthvln-2e2fa36faa97a09467bbe73150a11a71{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-2e2fa36faa97a09467bbe73150a11a71 hr-invisible  avia-builder-el-19  el_after_av_one_fifth  avia-builder-el-last '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In private law, churning is not a defined term, and the question of when an asset manager engages in behaviour that constitutes churning depends on several factors.<\/p>\n","protected":false},"author":26,"featured_media":25510,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,655],"tags":[560],"datespeciale":[],"class_list":["post-28317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-and-news","category-news","tag-allnews-en","competences-banking-and-finance","competences-white-collar-crime","auteurs-aurelie-moyal-azra-en","auteurs-frederique-bensahel-en","date-publication-2025-en","diffusion-groupe-bancaire-en","diffusion-groupe-white-collar-crime","diffusion-medias-en","diffusion-news-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Churning objectivity: some useful parameters<\/title>\n<meta name=\"description\" content=\"Le monitoring des Turn-Over-Rate et Cost-to-Equity-Ratio s\u2019impose au g\u00e9rant de fortune pour \u00e9viter les cons\u00e9quences civiles, p\u00e9nales et prudentielles qui d\u00e9coulent de la qualification de churning.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Churning objectivity: some useful parameters\" \/>\n<meta property=\"og:description\" content=\"In private law, churning is not a defined term, and the question of when an asset manager engages in behaviour that constitutes churning depends on several factors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/\" \/>\n<meta property=\"og:site_name\" content=\"FBT Avocats SA\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-31T10:20:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-06T09:41:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2025\/03\/Allnews_Frederique-Bensahel_OGEN.png\" \/>\n<meta name=\"author\" content=\"Yann Bellini\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Churning objectivity: some useful parameters\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yann Bellini\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/\"},\"author\":{\"name\":\"Yann Bellini\",\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/#\\\/schema\\\/person\\\/53faa592d1d545188ce0efaa23e0b547\"},\"headline\":\"Churning objectivity: some useful parameters\",\"datePublished\":\"2025-03-31T10:20:31+00:00\",\"dateModified\":\"2026-02-06T09:41:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/\"},\"wordCount\":2273,\"image\":{\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/OG-EN-2.png\",\"keywords\":[\"Allnews\"],\"articleSection\":[\"Media and News\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/\",\"url\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/\",\"name\":\"Churning objectivity: some useful parameters\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/OG-EN-2.png\",\"datePublished\":\"2025-03-31T10:20:31+00:00\",\"dateModified\":\"2026-02-06T09:41:22+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/#\\\/schema\\\/person\\\/53faa592d1d545188ce0efaa23e0b547\"},\"description\":\"Le monitoring des Turn-Over-Rate et Cost-to-Equity-Ratio s\u2019impose au g\u00e9rant de fortune pour \u00e9viter les cons\u00e9quences civiles, p\u00e9nales et prudentielles qui d\u00e9coulent de la qualification de churning.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/#primaryimage\",\"url\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/OG-EN-2.png\",\"contentUrl\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/OG-EN-2.png\",\"width\":1200,\"height\":628},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/churning-objective-quelques-parametres-utiles\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Churning objectivity: some useful parameters\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/\",\"name\":\"FBT Avocats SA\",\"description\":\"Etudes bas\u00e9es \u00e0 Gen\u00e8ve et Paris\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/staging.fbt-avocats.ch\\\/en\\\/#\\\/schema\\\/person\\\/53faa592d1d545188ce0efaa23e0b547\",\"name\":\"Yann Bellini\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Churning objectivity: some useful parameters","description":"Le monitoring des Turn-Over-Rate et Cost-to-Equity-Ratio s\u2019impose au g\u00e9rant de fortune pour \u00e9viter les cons\u00e9quences civiles, p\u00e9nales et prudentielles qui d\u00e9coulent de la qualification de churning.","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"Churning objectivity: some useful parameters","og_description":"In private law, churning is not a defined term, and the question of when an asset manager engages in behaviour that constitutes churning depends on several factors.","og_url":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/","og_site_name":"FBT Avocats SA","article_published_time":"2025-03-31T10:20:31+00:00","article_modified_time":"2026-02-06T09:41:22+00:00","og_image":[{"url":"https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2025\/03\/Allnews_Frederique-Bensahel_OGEN.png","type":"","width":"","height":""}],"author":"Yann Bellini","twitter_card":"summary_large_image","twitter_title":"Churning objectivity: some useful parameters","twitter_misc":{"Written by":"Yann Bellini","Est. reading time":"13 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/#article","isPartOf":{"@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/"},"author":{"name":"Yann Bellini","@id":"https:\/\/staging.fbt-avocats.ch\/en\/#\/schema\/person\/53faa592d1d545188ce0efaa23e0b547"},"headline":"Churning objectivity: some useful parameters","datePublished":"2025-03-31T10:20:31+00:00","dateModified":"2026-02-06T09:41:22+00:00","mainEntityOfPage":{"@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/"},"wordCount":2273,"image":{"@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2024\/08\/OG-EN-2.png","keywords":["Allnews"],"articleSection":["Media and News","News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/","url":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/","name":"Churning objectivity: some useful parameters","isPartOf":{"@id":"https:\/\/staging.fbt-avocats.ch\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/#primaryimage"},"image":{"@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2024\/08\/OG-EN-2.png","datePublished":"2025-03-31T10:20:31+00:00","dateModified":"2026-02-06T09:41:22+00:00","author":{"@id":"https:\/\/staging.fbt-avocats.ch\/en\/#\/schema\/person\/53faa592d1d545188ce0efaa23e0b547"},"description":"Le monitoring des Turn-Over-Rate et Cost-to-Equity-Ratio s\u2019impose au g\u00e9rant de fortune pour \u00e9viter les cons\u00e9quences civiles, p\u00e9nales et prudentielles qui d\u00e9coulent de la qualification de churning.","breadcrumb":{"@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/#primaryimage","url":"https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2024\/08\/OG-EN-2.png","contentUrl":"https:\/\/staging.fbt-avocats.ch\/wp-content\/uploads\/2024\/08\/OG-EN-2.png","width":1200,"height":628},{"@type":"BreadcrumbList","@id":"https:\/\/staging.fbt-avocats.ch\/en\/churning-objective-quelques-parametres-utiles\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/staging.fbt-avocats.ch\/en\/"},{"@type":"ListItem","position":2,"name":"Churning objectivity: some useful parameters"}]},{"@type":"WebSite","@id":"https:\/\/staging.fbt-avocats.ch\/en\/#website","url":"https:\/\/staging.fbt-avocats.ch\/en\/","name":"FBT Avocats SA","description":"Etudes bas\u00e9es \u00e0 Gen\u00e8ve et Paris","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/staging.fbt-avocats.ch\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/staging.fbt-avocats.ch\/en\/#\/schema\/person\/53faa592d1d545188ce0efaa23e0b547","name":"Yann Bellini"}]}},"_links":{"self":[{"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts\/28317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/comments?post=28317"}],"version-history":[{"count":0,"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts\/28317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/media\/25510"}],"wp:attachment":[{"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/media?parent=28317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/categories?post=28317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/tags?post=28317"},{"taxonomy":"datespeciale","embeddable":true,"href":"https:\/\/staging.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/datespeciale?post=28317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}