Small Investor Protection Act
| Basic data | |
|---|---|
| Title: | Small Investor Protection Act |
| Short title: | - |
| Abbreviation: | - |
| Type: | Federal law |
| Scope: | Federal Republic of Germany |
| Legal matter: | Business law , consumer protection |
| References : | 4110-11 |
| Issued on: | July 3, 2015 ( BGBl. 2015 I p. 1114 ) |
| Entry into force on: | predominantly July 10, 2015 Art. 13 of the law |
| Last change by: | Art. 23 G of 23 June 2017 (Federal Law Gazette I p. 1693) |
| Effective date of the last change: |
June 25, 2017 |
| GESTA : | D070 |
| Weblink: | Legal text |
| Please note the note on the applicable legal version. | |
The Small Investor Protection Act is a German article law , with which in particular the Asset Investment Act is changed and which aims to protect private individuals when investing money on the gray capital market .
The law extends both the Asset Management Act (e.g. the obligation to publish a prospectus , advertising restrictions) for providers and the supervisory powers of the Federal Financial Supervisory Authority .
In principle, a sales prospectus for publicly offered investments that fall under Section 1 (2) of the VermAnlG must be prepared. In the case of privileged assets ( Section 2a, Paragraph 1 of the VermAnlG, profit-sharing loans, Section 1, Paragraph 2, No. 3, subordinated loans, Section 1, Paragraph 2, No. 4 and “other investments which ...”, Section 1, Paragraph 2, No. 7) apply the prospectus obligation only from a funding amount of 2.5 million euros and if the sale has taken place by way of investment advice or investment brokerage through a service platform.
Private individuals may invest up to EUR 1000 with an issuer without submitting a self-disclosure or an asset disclosure according to Section 2a Paragraph 3 No. 1 VermAnlG. However, you can also invest up to 10,000 euros if you can prove by means of an asset report that you have freely available assets of 100,000 euros § 2a Paragraph 3 No. 2.Alternatively, he can not exceed twice the amount of his average monthly Invest net income, whereby the amount of the individual investment is also a maximum of 10,000 euros, Section 2a Paragraph 3 No. 3 VermAnlG. However, the regulations do not apply to corporations (e.g. the investor is the managing director of a GmbH), since, unlike private investors, they are exempt from the regulation.
Crowdinvesting platforms are critical of this law, as v. a. Self-disclosure and the upper limit for private individuals will make many funding in Germany more difficult or will no longer apply. The law represents a paternalism of the citizen. The Federal Crowdfunding Association (BVCF) drew a first balance after a year of the small investor protection law. The association's conclusion was mixed: although more transparency was provided on the gray market and consumer protection was strengthened, restrictions on financing instruments and the amount of financing restrict the crowdfunding platforms. 14 months after the Small Investor Protection Act came into force, the issue volume that the providers want to raise by means of crowd financing averages around EUR 650,000.
Web links
- Text and amendments to the Small Investor Protection Act
- Materials on the legislative process in the DIP
- Small investor protection: New law in force BaFin , July 10, 2015
- Small Investor Protection Act and Exemptions Explanations of the Small Investor Protection Act with video for the debate in the German Bundestag on April 23, 2015
- Dr. Jean-Pierre Bußalb, BaFin (05.01.2015): Small Investor Protection Act: More transparency on the gray capital market . Bonn: Federal Financial Supervisory Authority (BaFin). Archived as of February 11, 2017 via the Internet Archive Wayback Machine ( Memento from February 11, 2017 in the Internet Archive )
- Federal Ministry of Finance (May 28, 2015): Monthly report: Small investor protection law ensures more transparency . Berlin: Federal Ministry of Finance . Archived as of February 11, 2017 via the Internet Archive Wayback Machine ( Memento from February 11, 2017 in the Internet Archive )
- Dr. Jean-Pierre Bußalb and Dr. Katharina Schermuly, BaFin (March 15, 2016): Small Investor Protection Act: Current legal questions on investments - new publication and advertising obligations . Bonn: Federal Financial Supervisory Authority (BaFin). Archived as of February 11, 2017 via the Internet Archive Wayback Machine ( Memento from February 11, 2017 in the Internet Archive )
Individual evidence
- ↑ Consumer protection: Returns can be dangerous , Süddeutsche Zeitung. April 23, 2015. Accessed February 11, 2017.
- ↑ Jean-Pierre Bußalb: Small Investor Protection Act: More Transparency on the Gray Capital Market January 5, 2015
- ↑ Tobias Körner: Resolved: Bundestag adopts revised retail investor protection law April 23, 2015
- ^ Nikolaus Piper: The citizen as a child Süddeutsche Zeitung, April 24, 2015
- ↑ Federal Crowdfunding Association for the Small Investor Protection Act: Transparent, consumer-friendly and expandable . Federal Crowdfunding Association (BVCF) eV. July 7, 2016. Archived from the original on February 17, 2018. Retrieved on February 17, 2018.
- ↑ Svetlana Kerschner: Bafin on crowdinvesting - balance sheet on the Small Investor Protection Act: These were the 4 most common mistakes made by providers . Fonds & Friends Verlagsgesellschaft mbH. September 15th. Archived from the original on February 17, 2018. Retrieved February 11, 2017.
