{"id":43963,"date":"2017-11-26T16:16:32","date_gmt":"2017-11-26T14:16:32","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/kick-backs-as-a-new-gateway-for-unwinding-unwelcome-investments\/"},"modified":"2017-11-26T16:16:32","modified_gmt":"2017-11-26T14:16:32","slug":"kick-backs-as-a-new-gateway-to-reverse-unlikable-investments","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/kick-backs-as-a-new-gateway-to-reverse-unlikable-investments\/","title":{"rendered":"Kick-backs as a new gateway for unwinding unwelcome investments"},"content":{"rendered":"

Dr. Michael Zoller<\/strong> \u2014 Attor\u00adney at Law and Part\u00adner in the law firm Wirsing Hass Mein\u00adhold, Munich<\/p>\n","protected":false},"excerpt":{"rendered":"

Rever\u00adsing failed invest\u00adments at cost prices has always been a desire of many inves\u00adtors. Usually, the contrac\u00adtual agree\u00adment under\u00adly\u00ading the invest\u00adment decis\u00adion distri\u00adbu\u00adtes the oppor\u00adtu\u00adni\u00adties and risks of such invest\u00adments in an appro\u00adpriate manner, thus ensu\u00adring legal certainty on both sides of the contract. The German Fede\u00adral Court of Justice (Bundes\u00adge\u00adrichts\u00adhof) is upset\u00adting this estab\u00adlished struc\u00adture by further deve\u00adlo\u00adping its kick-back case law, caus\u00ading eupho\u00adria on the inves\u00adtor side and shaking heads on the part of finan\u00adcial service provi\u00adders and nume\u00adrous courts of instance.<\/strong><\/p>\n

Service provi\u00adders who advise on invest\u00adment decis\u00adi\u00adons do not usually do so free of charge. Not only did the Commer\u00adcial Code stipu\u00adlate as early as 1897 that, in case of doubt, merchants do not provide services free of commis\u00adsion; in gene\u00adral, the prin\u00adci\u00adple of remu\u00adne\u00adra\u00adtion has emer\u00adged in prac\u00adtice in the area of profes\u00adsio\u00adnal support for invest\u00adment decis\u00adi\u00adons, whether by brokers, consul\u00adtants or other service provi\u00adders, and has thus super\u00adse\u00added the contract law provi\u00adsi\u00adons of the Civil Code, which were still based on the assump\u00adtion of unpaid activity.<\/p>\n

Howe\u00adver, the legis\u00adla\u00adtors of the late 19th century alre\u00adady reco\u00adgni\u00adzed that the inves\u00adtor must be protec\u00adted from shady service provi\u00adders: The Civil Code had brokers in mind here who receive commis\u00adsion from both contrac\u00adting parties without disclo\u00adsing this to both contrac\u00adting parties, and thus put the inte\u00adrests of the inves\u00adtors at a disad\u00advan\u00adtage due to their (from the legis\u00adla\u00adtor\u2019s point of view exces\u00adsive) greed for commis\u00adsi\u00adons. Such brokers lost their right to commission.<\/p>\n

Kick-backs as a new gate\u00adway for unwin\u00adding unwel\u00adcome investments<\/strong><\/p>\n

In 1905, the Impe\u00adrial Court also had to deal with a banker who bought shares at a lower price than the price char\u00adged to the custo\u00admer and concea\u00adled this bonus and kept it for hims\u00adelf. Of course, the bank owed the custo\u00admer payment of the difference.<\/p>\n","protected":false},"featured_media":40687,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2511,2525],"product_tag":[1792,1843],"class_list":{"0":"post-43963","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2010-2","8":"product_cat-dr-michael-zoller-en","9":"product_tag-michael-zoller-en","10":"product_tag-reversal-of-failed-investments","11":"pa_sprache-english-3","12":"pa_sprache-german","14":"first","15":"outofstock","16":"taxable","17":"shipping-taxable","18":"purchasable","19":"product-type-variable"},"yoast_head":"\nKick-backs as a new gateway for unwinding unwelcome investments - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/kick-backs-as-a-new-gateway-to-reverse-unlikable-investments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kick-backs as a new gateway for unwinding unwelcome investments - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Reversing failed investments at cost prices has always been a desire of many investors. Usually, the contractual agreement underlying the investment decision distributes the opportunities and risks of such investments in an appropriate manner, thus ensuring legal certainty on both sides of the contract. The German Federal Court of Justice (Bundesgerichtshof) is upsetting this established structure by further developing its kick-back case law, causing euphoria on the investor side and shaking heads on the part of financial service providers and numerous courts of instance. Service providers who advise on investment decisions do not usually do so free of charge. Not only did the Commercial Code stipulate as early as 1897 that, in case of doubt, merchants do not provide services free of commission; in general, the principle of remuneration has emerged in practice in the area of professional support for investment decisions, whether by brokers, consultants or other service providers, and has thus superseded the contract law provisions of the Civil Code, which were still based on the assumption of unpaid activity. However, the legislators of the late 19th century already recognized that the investor must be protected from shady service providers: The Civil Code had brokers in mind here who receive commission from both contracting parties without disclosing this to both contracting parties, and thus put the interests of the investors at a disadvantage due to their (from the legislator's point of view excessive) greed for commissions. Such brokers lost their right to commission. Kick-backs as a new gateway for unwinding unwelcome investments In 1905, the Imperial Court also had to deal with a banker who bought shares at a lower price than the price charged to the customer and concealed this bonus and kept it for himself. 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