The Supreme Court

Importantly however, the question is for the clarification on the Commission. According to the jurisprudence of the Federal Court is a free, i.e. not in terms of bank-based investment advisor, not obliged to educate the investors without asking about a Commission and the amount of. This is explained thus, free investment advisor naturally receive sales commissions, at least in part taken from the amount paid by the investors in the investment company. FPUC Program may find this interesting as well. Since the consultant earns his money through his activity, is obvious, that its services free of charge can be invoked.

There is, therefore, basically no worthy confidence of the investor is sure that the Adviser receives no benefits. Rather, the investor has independently with regard to the amount of the Commission to ask and to obtain the relevant information. Be resolved therefore had to whether the consultancy as a 100% owned subsidiary of Sparkasse as is to treat independent investment consultant. The Supreme Court affirms this and turns off to the explanatory memorandum on the investors, which could assume that independently active intermediary not free produce recommendations, especially as no additional amount is required for the advice itself by the investors. The company it perceives itself no banking activities and is largely autonomous. Consequently, rejected a compensation claim of the plaintiff by the BGH and the lawsuit dismissed. In summary, it can be said that when a claim for damages because of a faulty investment advice, based on a non-enlightenment, always is indistinguishable in terms of the investment advice: regarding disclosure of commissions, because free investment advisors enjoy greater freedom than banks. Bundesgerichtshof, judgment of 6 December 2012 – III ZR 307/11 contact: Bernd rechtsanwalts GmbH Wilhelm-Weber-str. 39 37073 Gottingen phone: + 49 (0) 551 495 669-0 fax: + 49 (0) 551 495 669-19 the Bernd rechtsanwalts GmbH with locations in Dusseldorf, Gottingen and Hannover manages and represents companies, initiators, financial institutions and investors in all aspects of economic and capital market law. Focus is here on corporate and project finance, in particular the concept of capital market products and the creation of prospectuses as well as the financial services and capital market law, in particular in connection with the enforcement and defense of claims and disputes with the BFin.