In Germany, the supervisory authority is exempt from liability. An individual market participant can neither – demand that the Federal Financial Supervisory Authority take appropriate measures (such as market timing), nor – claim damages in the event of errors by the supervisor. This is because the Federal Financial Supervisory Authority performs its duties in the public interest and not at the behest of individual market participants. In other countries (such as Italy), the supervisory authority is subject to such liability. – In Germany, too, legal literature demands that, in the event of misconduct by employees of the Federal Financial Supervisory Authority or the European Banking Authority, the authority itself (i.e., the state or the ECB) should be liable, and not the institutions to be supervised, which have to bear all the costs of supervision. – Cf. Annual Report 2003 of BaFin, p. 86 f.

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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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