Prospektiv-Haftungsrisiken bei unvollständiger oder fehlerhafter Berichterstattung
Definition
German fund prospectuses and client statements must disclose all material information for investment decisions. Fund managers are jointly liable with statement preparers under BGB (Civil Code) prospectus rules if statements are incomplete or misleading. Investment funds must publish annual and semi-annual reports with accurate NAV, fee disclosures, holdings, and Solvency II look-through (for insurance/pension investors). DAC 6 reporting on reportable transactions adds complexity. FATCA/CRS require account-level disclosures to tax authorities. Manual statement generation (spreadsheet-based data aggregation, Excel formula errors, stale reference data) introduces omissions. Example: incorrect fee disclosure, missing ESG metrics, outdated client classification (retail vs. semi-professional) triggering prospectus liability.
Key Findings
- Financial Impact: Per-event refund/compensation: €50,000-€500,000 depending on fund size and investor count. Litigation costs: €10,000-€50,000. Regulatory remediation orders (BAFin) may require reprinting, restatement, or customer outreach (€20,000-€100,000).
- Frequency: 1-3 reported errors per firm per year; 1-in-5 escalate to investor claims or regulatory review.
- Root Cause: Manual data aggregation across multiple systems (portfolio management, accounting, compliance) without automated reconciliation; overlapping disclosure standards (prospectus, FATCA, CRS, DAC 6, Solvency II) not integrated into statement templates.
Why This Matters
This pain point represents a significant opportunity for B2B solutions targeting Investment Management.
Affected Stakeholders
Fund managers / investment officers, Client statement generators, Compliance & legal teams, Risk & portfolio operations
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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.
Related Business Risks
Meldepflicht-Verstöße bei grenzüberschreitenden Zahlungsverkehren
Systemübergangskosten für neue Meldeverfahren und XML-Schemas
Insider-Informations-Meldepflichten und MiCAR-Compliance-Strafen
DAC 8 Compliance-Implementierung für Kryptowährungs-Dienstleister und digitale Zahlungsinstrumente
Manuelle Solvency-II-Reporting und Look-Through-Datenauswertung für Versicherungsinvestoren
Mangelnde Transparenz bei der Meldung von Gegenpartei-Engagements gegenüber BaFin und ECB
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