In the case of sales prospectuses for non-securities investment prospectuses, the supervisory authority has recently criticized not only – the inadequate presentation of risk, but in particular – the incomplete disclosure of the costs associated with the acquisition of the asset, – the total amount of commissions paid, and – insufficient information regarding the total remuneration of the founding partners and the management. In these cases, the German Federal Financial Supervisory Authority prohibits the publication of the prospectus. – See Prospectus Database, Prospectus Obligation, Prospectus Legislation of the EU, Register for Qualified Investors, Securities (Sales) Prospectus Act. – Cf. BaFin Annual Report 2007, p. 161 (list of deficiencies) BaFin Annual Report 2009, p. 180 f. (gap regarding over-the-counter securities is closed) as well as the respective BaFin Annual Report, chapter “Supervision of securities trading and investment business”.
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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
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