Compensation scheme for securities trading companies
In Germany, the compensation scheme of the securities trading companies ( EdW ) has the task of protecting investors against the loss of their claims from transactions in securities . The facility is intended to secure the claims of small investors in particular , so 90% of outstanding claims are covered, but a maximum of 20,000 euros.
Structure and legal basis
From a legal point of view, this is a federal special fund with no legal capacity at the Kreditanstalt für Wiederaufbau , the legal basis for the institution is the Investor Compensation Act. All securities trading companies approved in Germany (800 companies in October 2010) are assigned to the institution by the Federal Financial Supervisory Authority , which finance the compensation payments and administrative costs of the EdW through their contribution payments, one-off contributions and special contributions. EdW is based in Berlin .
Since its establishment, the obligation to contribute to EdW has been the subject of various legal proceedings. The main point of these disputes was mostly the question of whether the contribution to EdW represents a permissible special charge. The Federal Administrative Court and the Federal Constitutional Court affirmed this.
Phoenix Capital Service fraud
In connection with the Phoenix Kapitaldienst fraud , EdW had paid out compensation of EUR 86 million by August 17, 2010. A claim for damages against the auditing firm Ernst & Young , which the institution accused of failing to perform the special audit set by the Federal Financial Supervisory Authority , was dismissed before the Stuttgart Regional Court. Due to the high burden of compensation payments in connection with the insolvency of Phoenix Kapitaldienst, it was necessary to take out a loan of 128 million euros from the federal government. The associations of the institutes assigned to the EdW have expressed criticism that the structure of the EdW is not sustainable in the long term. In order to guarantee the first partial repayment of this loan, a first special payment had to be made by the institutes in 2010. In the spring of 2011 it became necessary for the EdW to take out a further loan of 141 million euros in order to guarantee the full compensation of the Phoenix investors.
- Institution homepage
- Deposit Protection and Investor Compensation Act (EAEG)
- Ordinance on the contributions to the compensation scheme for securities trading companies at the Kreditanstalt für Wiederaufbau (EdW Contribution Ordinance - EdWBeitrV)
- ↑ Investor lexicon ( Memento of the original dated September 29, 2007 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , on boerse.ard.de.
- ↑ The EdW at a glance ( Memento of the original from April 25, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , on www.edw.de.
- ↑ Federal Constitutional Court, decision of November 24, 2009 ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. , 2 BvR 1387/04.
- ↑ Information on the compensation case Phoenix Kapitaldienst GmbH ( Memento of the original from February 24, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. on www.edw.de
- ↑ EdW loses in court in the Phoenix case , on www.handelsblatt.com ( Handelsblatt ) from August 20, 2007.
- ↑ EdW cannot repay federal loans. In: boersen-zeitung.de, accessed on October 7, 2010
- ↑ Help for Phoenix investors ( memento from July 13, 2012 in the web archive archive.today ) on sueddeutsche.de from March 26, 2011
- Siegmar Kemm: The compensation scheme for securities trading companies (EdW) . In NVwZ -Extra 14b / 2009, 1 (PDF file; 101 kB)