A (securities) financial services provider does not hold the funds received in the customer business separately according to individual principals, but – possibly even with other items of the company – in only one account. In Germany, this accounting practice is prohibited under Section 34a, Paragraph 1 of the German Securities Trading Act (WpHG). – See Aberdepot, Depotbank, Depotgesetz, Pooling, Verwahrstelle, Zentralverwahrer, Zwischenverwahrung. – Cf. BaFin Annual Report 2002, p. 86 f.
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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
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/