The Federal Financial Supervisory Authority (BaFin) celebrates a decision of the Administrative Court of Minden (decision of 17.12.2010, ref. 10 L 690/10) as a triumph – however, it is probably rather an admission of hopeless overstrain? Defrauded investors should not under any circumstances hope for financial supervision – it protects the existence of financial institutions, […]
The latest decision of the European Court of Justice (ECJ) of 03.10.2006 (Ref. C-452/04) underlines the importance of the European Constitution for the internal market. Switzerland is not part of the internal market: therefore, according to the ECJ, BaFin may also prohibit commercial lending by companies established in third countries. Legal basis Pursuant to Section […]
*by Johannes Fiala, lawyer (Munich), MBA Financial Services (Univ.Wales), MM (Univ.), certified financial and investment advisor (A.F.A.), banker (www.fiala.de) For initiators and distributors it is of crucial importance that all necessary permits are available ? including audited prospectuses. However, there are always initiators who are badly advised or not advised at all. So it comes […]
*by Johannes Fiala, Lawyer (Munich), MBA Financial Services (Univ.Wales), MM (Univ.), Certified Financial and Investment Advisor (A.F.A.), EC Expert (C.I.F.E.), Lecturer (Univ. of Cooperative Education), Banker (www.fiala.de) He who knows nothing must believe everything.” (Marie von Ebner-Eschenbach) For the financial service provider, the BGH stipulated in its ruling of 13.01.2000 (Ref. III ZR 62/99) that […]
*by Johannes Fiala, lawyer (Munich), MBA Financial Services (Univ.Wales), MM (Univ.), certified financial and investment advisor (A.F.A.), banker (www.fiala.de) and Dipl.-Math. Peter A. Schramm, actuary DAV (Diethardt), actuarial expert (www.pkv-gutachter.de) For initiators and distributors it is of crucial importance that all necessary permits are available ? including audited prospectuses. However, there are always initiators who […]
*by Johannes Fiala, Attorney at Law (Munich), MBA Financial Services (Univ.Wales), MM (Univ.), Chartered Financial and Investment Adviser (A.F.A.), Banker (www.fiala.de) For initiators and distributors it is of crucial importance that all necessary permits are available ? included tested Brochures. However, there are always initiators who are poor or even are not advised. And so […]
The Hessian Administrative Court puts BaFin in its place. Comment by attorney Johannes Fiala: BaFin loses at the Hessian Administrative Court: No intervention against financial service providers based outside the EU? The Limited: As is well known, the limited liability of a GmbH is as full of holes as a Swiss cheese, so […]
If providers of group insurance contracts, such as associations and companies, pursue their own monetary interest with their offer, they may require registration as insurance intermediaries. How group insurance policies can be designed and, if necessary, alternatives can be created, even if the intermediary license according to § 34 GeWo is missing. Insurance company […]
– When sellers, intermediaries and advisors are themselves in the fire in the case of insolvent investments – A well-known structural distributor was ordered to pay damages by judgment of 31.07.2014 (LG Frankfurt/Main, Case No. 2-32 O 154/13) because an investment advisor insufficiently informed about risks of a real estate fund. Structural distributors and […]
– Opportunities and risks for policyholders and their insurance brokers – Foreign insurance companies, especially those from the European Economic Area (EEA) and the European Union (EU), are increasingly competing with domestic suppliers. For insurance intermediaries and insurance customers, this creates risks, but also opportunities. Regular notification procedure EEA and EU insurers must […]
