Denise KrislDie Schutzgesetzeigenschaft der Wohlverhaltenspflichten nach den §§ 31 ff. WpHG

About this book deutschenglish

The book deals with the interaction between regulatory rules implemented in German Law due to The Market in Financial Instruments Directive (MiFID) and the information and counseling duties developed by national jurisdiction, especially by the “Bond” and “Kick-Back” decisions of the Supreme Court (BGH). Investment firms that infringe MiFID rules are subject to possible administrative sanctions by the supervisory authority (BaFin). In literature and legislation it is disputed about the question if MiFID aims to harmonize also civil conduct standards. The author shows that the directive does not deal with the civil liability of investment firms towards clients in cases where infringement of MiFID rules causes damage. Due to regulatory differences between administrative and civil obligations in the course of providing investment services the author comes to the conclusion that introducing a principle of tort liability would be essential for ensuring a sufficient level of investor protection. Therefore a system of tort liability as it is provided by the German § 823 Abs. 2 BGB should especially apply in areas where specific obligations concerning the relationship between firms and clients are foreseen.

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