Die Dokumentationspflichten von Wertpapierdienstleistungsunternehmen im Rahmen der Anlageberatung

The book focuses on section 34 of the Securities Trading Act (Wertpapierhandelsgesetz) pursuant to which investment services enterprises have to keep records of provided investment advice. Special emphasis is placed on paragraphs 2a and 2b which contain the obligation to prepare written minutes when advising retail clients. Besides discussing the legal requirements for the record keeping and illustrating the applicability of section 34 in the event of cross-border advisory service, the author scrutinises the impact of the duty to prepare written minutes on the enforceability of claims for damages in case of wrongful investment advice. In addition, the legal consequences of a violation of section 34 are described. As a conclusion the author proposes several amendments to the current law.