As defined by the supervisory authorities, the provision of personal recommendations to a client either at the client’s request or on the initiative of the investment firm, relating to one or more transactions in financial instruments. In Germany, such service providers require a license and are subject to supervision by the Federal Financial Supervisory Authority; it is classified as a securities service. – See investment recommendation, investment limit, investment risk, analysis, technical, analyst, complaint accumulation, blog, stock market letters, direct brokerage, daimonion, domicile concealment, financial analysis, financial analysis ordinance, financial advisor, financial company, frontrunning, secret tip, information sheets for financial instruments, InternetForums, investment firm, journalist privilege, fee-based advisor, KWG brokerage ordinance, managed account, market abuse directive, employee registry, evidence mongering, private banking, portal service, pump and dump, risk-return principle, talent shortage, Twitter, consumer complaints. – Cf. BaFin’s 2003 Annual Report, p. 34 f., BaFin Annual Report 2004, p. 124 f. (with reference to the Financial Analysis Ordinance, which came into force at the end of 2004, and also to § 34b WpHG), BaFin Annual Report 2005, p. 133 ff. (presentation of rules of conduct), BaFin Annual Report 2006, p. 143 (advice and brokerage of fund units remain license-free), BaFin Annual Report 2007, p. 107 (leaflet issued), pp. 139 f. (new legal situation; applications for licenses), BaFin Annual Report 2010, p. 180 (increased scrutiny of investment advice in all sectors), BaFin Annual Report 2011, pp. 138 f. (in addition to investment advisors, must also
Sales representatives must provide evidence of their expertise and reliability; the WpHG Employee Notification Ordinance [WpHGMaAnzV] came into force at the end of 2011: employee registers must be filed with BaFin) and the respective annual report of BaFin, chapter „Supervision of Banks, Financial Service Providers and Payment Institutions“.

Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent!
University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

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