In the case of banks, the examination of – the political and economic environment, including the state of the financial markets (global analysis) and – the industry and the company (industry analysis) in order to draw up a corresponding recommendation for customers in general or for individual investors. Banks and insurance companies often have their own departments for this purpose. – In addition, there are individuals who practice the profession of analyst – in some cases also as a financial journalist for a newspaper or broadcaster; these must register with the Federal Financial Supervisory Authority and are generally monitored. – See investment, innovative, analysis, technical, analyst, stockbroker, Fibonacci sequence, financial engineering, financial analyst, financial analysis regulation, journalist’s privilege. – Cf. 2004 BaFin Annual Report, p. 107, p. 126 f. (obligations for independent analysts under the Financial Analysis Ordinance, which entered into force in 2004), 2005 BaFin Annual Report, p. 134 ff (separation of facts and opinions; interpretative letter on § 34b WpHG), 2006 BaFin Annual Report, p. 138 (rules of conduct), p. 139 (independent analysts), p. 141 (transparency obligations in the dissemination of financial analyses), BaFin Annual Report 2007, p. 149 (legal provisions must be complied with in the event of outsourcing of the research department or purchase of analyses), BaFin Annual Report 2009, p. 170 f. (rules of conduct), and the respective BaFin Annual Report, chapter “Supervision of Banks, Financial Service Providers and Payment Institutions.”
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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