Die Beschränkung des Vertriebs von Finanzprodukten

The decision-making process of retail investors differs significantly from what one would expect of a homo oeconomicus. Hence, retail investor protection must entail more than promoting an informed investment decision. By combining behavioral finance and “Regulierungstheorie” (i.e. a field of research that focusses on influencing human behavior by means of legislation) the author develops a regulatory strategy for encouraging rational investment decisions. This strategy strives to balance the investors’ right to “make a fool of themselves” and the need for a functioning capital market by favoring debiasing and regulating the presentation of information over paternalistic interventions. The author analyses the German Kleinanlegerschutzgesetz (Retail Investor Protection Act) in light of this strategy. This law regulates the distribution of financial products by limiting advertisement, stipulating duties to inform, implementing a product-governance-procedure and authorizing product interventions.

The Universitätspreis der Westfälischen Wilhelms-Universität was awarded to this research.