François Rayroux

Lenz & Staehelin

Geneva www.lenzstaehelin.com

francois.rayroux@lenzstaehelin.com Tel: +41 58 450 70 00

Biography

Dr. François Rayroux is the head of the investment management group at Lenz & Staehelin, Geneva. He advises Swiss and international financial institutions in all banking, asset management and regulatory matters. Consistently nominated as an expert in those fields by major directories, François Rayroux is also actively involved with the International Bar Association's asset management and investment funds committee, for which he acted as co-chairman in 2019 and 2020.

What do you enjoy most working as a banking lawyer?

The most interesting aspect of working as a lawyer in the banking sector is the parallel evolution of legal and regulatory issues with the financial and business actuality. This requires, from any banking lawyer, the capacity of following permanently the most recent economic and market issues in order to answer the client's needs and new upcoming legal and regulatory questions.

What did you find most challenging about entering the banking field?

The most challenging was learning the capacity to understand the client's needs and, while being a rigorous lawyer and not taking any undue regulatory and legal risks, finding solutions that are both creative and tailored to the clients’ requests. Again, banking is a sector that is regulatory and legal risk adverse, but still needs flexibility.

How has your prior co-chairmanship at the IBA enhanced your practice?

My co-chairmanship of the asset management and investment funds committee of the IBA strengthened my international connections and, in particular, as a result of the organisation of and participation in conferences and panels, my understanding of international legal issues.

What recent regulatory developments have had the most impact on your clients? How have you adapted your practice accordingly?

The most recent regulatory developments clearly have an impact on the risk awareness and, from a governance and HR perspective, on the substance of our clients. As our firm was always committed to reduce regulatory risks, while being flexible, the evolution has not much changed our approach and practice as we believe it was already in line with the most recent regulatory developments (except for issues linked to digital assets, which require an understanding of technical novelties).

To what extent are you seeing cryptocurrency becoming part of your practice?

Our firm has a strong team specialised in digital assets. My team being in the regulatory sector is strongly involved when the digital world meets the regulatory world, i.e. in the interface between the regulatory entities, such as exchanges or platforms offering digital assets, including cryptocurrencies. This has become an ongoing element of our practice.

In which direction do you foresee the banking field heading towards over 2023-2024?

The banking sector will clearly be marked by ESG issues over 2023 to 2024. ESG is not only a regulatory issue, but implies mostly operational changes. This being said, the governance issues as well as the compliance of regulatory processes with the new ESG requirements is an ongoing challenge for law firms in a context that lacks as of today a systematic and harmonised approach across industries and jurisdictions.

If you could introduce one reform to banking in your jurisdiction, what would it be?

Switzerland is a relatively flexible market, but is, as a “third country” from an EU perspective, rather isolated for outbound cross-border activities (while being extremely open for inbound cross-border financial services). As Switzerland heavily relies on international inbound crossborder services, I would even facilitate the establishment of foreign banking and asset management houses in Switzerland and insist on concluding bilateral agreements with major third countries, such as the UK (noting that there is no market access for Swiss institutions to the EU and the US at this stage).

In your opinion, should younger lawyers specialise or keep a broad practice when starting out in their career?

As a young lawyer, it is important to have a sound and broad background in order to have the sensibility not only for banking issues, but also M&A, litigation and/or arbitration experience. This being said, a young lawyer should have a clear “branding” or profile and be recognised by the market as a specialist in a certain field. A profile that is too generalist does not help developing one's own personal practice.

WWL says: François Rayroux is deemed “a mastermind in the banking sector” where he advises a plethora of domestic and international clients in all matters relating to asset management and regulation.