Die zivilrechtliche Haftung bei fehlerhaften Produktinformationsblättern und Basisinformationsblättern

Information overload and complex information can push retail investors too hard and cause irrational and harmful investment decisions. The obligations under § 31 (3a) WpHG, the PRIIP regulation, and associated rules regarding short product-related information documents established a multilane and differentiated system of capital market disclosure and aim at protecting against risks dealt with by cognitive psychology. The classic capital market information regime will be scrutinised, Behavioural Finance concepts (Limits of Arbitrage, Noise-, Momentum Trading) will be analysed and integrated into liability claims for breaches of these information obligations. The essay conducts an analysis of liability claims derived from investment advice contract and common civil law prospectus liabilities in particular. Against the background of this differentiating capital market disclosure scheme and of Behavioural Finance, principles of capital market information liabilities will be evaluated and readjusted.