Management consultants and specialist lawyers agree: the 38,000 or so financial investment brokers in Germany are facing challenging times. The background to this is the amendment to the Financial Investment Brokerage Ordinance expected in autumn of this year. Among other things, it stipulates that investment brokers must record and securely store telephone consultations with their customers. This applies both to the fixed network and to mobile calls. In addition, the advisors previously registered with the Chambers of Industry and Commerce pursuant to Section 34f of the Commercial Code could in future also be subject to the Federal Financial Supervisory Authority (Bundesamt für Finanzdienstleistungsaufsicht, BaFin).
Read on in the attached article below (in German).