In the financial market in general, the duty of the respective provider to provide information that is prescribed by law or ordered by instructions of the supervisory authority. In addition, case law has also recognized a so-called “spontaneous information obligation” (duty). This consists above all in the fact that a bank must determine with careful attention that a certain danger was not recognized or perceived on the part of the customer. – In the case of offers made by means of distance communication in particular, the provisions as set out in detail in the Ordinance on Information Duties (BGB-InfoVO) also apply. Eight additional information duties are specified here for financial service providers in § 1, Para. 2 BGB-InfoVO. – In Germany, Section 24c of the German Banking Act (KWG) requires banks to keep all customer master data and transaction data available for automated retrieval. Under the Interest Information Regulation (Zinsinformationsverordnung, ZIV), which came into force in 2005, banks are also required to provide control notifications on interest income to the Federal Central Tax Office (Bundeszentralamt für Steuern, BZSt) in Bonn. – See Investor Information Obligation, Clarification Obligation, Authentication Requirement, Derivatives Transactions-.
Clearing obligation, derivatives transaction reporting obligation, derivatives information obligation, edition requirement, identity verification obligation, information, information overload, account disclosure, customer data information obligation, freestyle section, payment transactions ordinance, secondary statement. – Cf. 2010 Annual Report of BaFin, pp. 208 et seq. (Basic Principles and Supervisory Practice) and the respective Annual Report of BaFin, 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.
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