🇩🇪Germany

MiFID II Compliance & Unbundling Strafen

3 verified sources

Definition

Nach MiFID II (gültig seit 01.01.2018) müssen europäische Fonds Research explizit offenlegen und mit Hard Dollars bezahlen, nicht mit Soft Dollars (Handelsprovisionen). Deutsche Fondsmanager, die Soft Dollars versteckt verwenden oder Kosten auf US-Twin-Fonds verschieben, verstoßen gegen BaFin-Anforderungen. Empirische Studien zeigen, dass Fonds nach Kostenverlagerung um ca. 1% unterperformt haben, was Schadensersatzforderungen von Investoren auslöst.

Key Findings

  • Financial Impact: €50.000–€200.000/Jahr pro Asset Manager (Verwarnungen, Schadensersatz); ca. 1% Fondsperformance-Verlust = €5–€50 Mio. für große Fondsgesellschaften; 0,21 €-Verlust pro verstecktem Dollar (Studien belegen)
  • Frequency: Kontinuierlich (seit 2018); jährliche BaFin-Audits
  • Root Cause: Unzureichende Soft-Dollar-Tracking-Systeme; fehlende Disclosure-Automation; Reputationsrisiko bei Kostenverlagerung auf US-Fonds

Why This Matters

This pain point represents a significant opportunity for B2B solutions targeting Investment Management.

Affected Stakeholders

Head of Compliance, Research Procurement Manager, Fund Accountant, BaFin Liaison

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Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

Unbillige/Versteckte Forschungskosten durch Soft-Dollar-Arrangements

€2–€5 Mio./Jahr (große Gesellschaften); pro unbillter Kostenposition ~€10.000–€50.000; 21-Cent-Verlust pro Dollar Soft-Dollar-Arrangement

Lack of Visibility in Broker Research Allocation (Forschungsbudget-Blindheit)

€500K–€2M/Jahr pro Asset Manager; 10–15% inefficiency in broker selection

Mangelnde Transparenz bei der Meldung von Gegenpartei-Engagements gegenüber BaFin und ECB

€10,000–€100,000 per submission error or late filing (BaFin discretionary fines); €50,000–€500,000 for systemic reporting failures; 80–160 hours/month in manual COREP data preparation and reconciliation

Datenverzögerungen bei der Bewertung von Gegenparteien-Bonitätsrisiko (CVA-Mangel)

€50,000–€500,000 annually in basis point losses per fund/desk (2–5% pricing drift per unhedged derivative portfolio); 60–120 hours/month in manual CVA reconciliation

Investmentdienstleistungs-Compliance-Strafen (WpHG §83 Verstöße)

HARD Evidence: Deutsche Bank AG €23.05 million (Feb 2025); UmweltBank AG €520,000 (Apr 2025). Estimated fine range for investment firms: €100,000–€25,000,000+ depending on severity, client assets, and recidivism. Typical: €500,000–€5,000,000 for mid-market asset managers.

Manuelle Compliance-Infrastruktur und Über-Staffing

LOGIC Evidence: Estimated cost overrun €150,000–€800,000 annually per mid-market asset manager (AUM €500M–€5B). Breakdown: (a) Compliance FTE: 3–8 staff × €80,000–€120,000 annual cost = €240,000–€960,000; (b) Manual system maintenance, audit prep, rework = €50,000–€200,000. Conservative estimate: €300,000–€400,000 annually in avoidable overhead for firms <€5B AUM.

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