Investing ideas: What is legal to share and what is not?


I had no idea about swiss laws or how this internationally work when it comes to sharing investment „opinions“. For example, what is the rule if someone living in Switzerland, investing American stocks and ETFs with IB, shares his opinions about VT or APPL?

Okay maybe it is not illegal to introduce the business, showing financials and commenting the past, but how about future predictions or stock valuations?

Hello Bili,
Why would it be illegal to share personal opinions about futur profitability of a business and/or stock price? Banks, experts, friends at the coffee break or anyone do that everyday. The only thing that someone risks when asserting futur stock price with too much confidence is to be taken for a fool.
What is illegal from what I know of and between other things is market manipulation and insider trading, but those are different things.


Don’t lie, don’t libel.
Don’t trade on insider information or to manipulate the market.
I think that should basically cover the

There’s many thousands of people (and corporations) doing that for a living.
Some print their opinion in a paper or go on television with it.
It’s protected by free speech.

I just like the stock?!


I guess you’re referring to the “I’m not a financial professional, this is not investment advice” bullshit disclaimers. This is Switzerland where some basic common sense is expected, nobody is going to sue you for telling them to buy VT.


This is a website and people from all over the world may read it. Under their jurisdiction it might be illegal to provide advice without being certified for that particular country. Why do you think fund managers make you choose your jurisdiction before letting you enter their websites? It is safer to stay on the side of “I’m not giving advice, this is how I invest and it’s my personal opinion”, even if it involves a bs disclaimer, as @MrCheese puts it.

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Thank you for your answers, appreciated. made a good point because when I read the law about manipulation in my country, it made me confused because it involves „making comments“ or „affecting the decisions of other investors“.

Those who give false, wrong or deceptive information, tell rumors, give notices, make comments or prepare reports or distribute them in order to affect the prices of capital market instruments, their values or the decisions of investors, shall be sentenced to imprisonment from two years up to five years and be punished with given a judicial fine up to five thousand days.

And seeing above mentioned kind of disclaimers everywhere made me wonder what is safe and what not. I did now a bit further research and it should be more or less as you guys described. Maybe penny stocks can be a danger zone but it is not easy to drive VT‘s value :grinning_face_with_smiling_eyes:

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Being a swiss attorney-at-law working in the banking/it sector: in Switzerland, you don‘t need those disclaimers. Even if sbdy from a different jurisdiction may read it and then believes he has a claim against you.

Companies in the finance sector have usually regulatory requirements to publish a website with certain data/information (for example: best execution under MiFid II). But this has nothing to do with you becoming potentially liable to somebody following your investment advice, as long as you don‘t have an investment advisory mandate with them.

Two things that may help you to sleep better at night:

  1. Financial loss is not pe se claimable. The loss must fulfill the critieria of a liability provision of swiss law to become claimable.
  2. Claims for damages based on Art. 41 Code of Obligation (tort; extracontractual damage) are very, very hard to win in court.

What refers to are cross-border rules. You don‘t need to worry about those if you are an individual, i.e. non-regulated entity.