Auswirkungen der wertpapierhandelsrechtlichen Verhaltenspflichten auf das Privatrecht

Banks are subject to numerous obligations when providing services relating to securities transactions. The author explains how these business conduct duties implemented in Germany in the wake of MiFID/MiFID II affect liability under private law (in particular relating to Secs. 63 et seqs. German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and business conduct provisions of Commission Delegated Regulation (EU) 2017/565). The author concludes that the duties stemming from financial regulation must be considered public law. However, they still should be taken into account when interpreting an advisory contract between financial service provider and client. The author draws on US securities law for comparison.