SWITZERLAND Law and Practice Contributed by: Lukas Morscher and Lukas Staub, Lenz & Staehelin
in 2022. FINMA’s general enforcement actions in the fintech industry are described in 2.10 Signifi - cant Enforcement Actions . 12.3 Responsibility for Losses The liability of a financial services provider has to be assessed based on the specific contrac - tual arrangements it has in place with a given client. Generally speaking, under Swiss law a contractual counterparty becomes liable if it has breached its contract with the customer and has thereby caused the customer damage in a so- called adequately causal manner and provided that it cannot prove that no fault is attributable to it.
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