Investment Services Regulation in Germany and Japan

Baum Harald and Yamanaka Toshiaki
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Baum Harald: Affiliate, Max Planck Institute for Comparative and International Private Law, Hamburg; Professor, University of Hamburg; Research Associate, European Corporate Governance Institute, BrusselsGermany
Yamanaka Toshiaki: Former Program Research Fellow, Graduate Schools for Law and Politics, University of Tokyo, TokyoJapan

European Company and Financial Law Review, 2021, vol. 18, issue 3, 464-516

Abstract: This article studies the protection of retail and professional investors when financial products are sold or when investment advice is given. To this end, it clarifies the similarities and differences in the legal setting governing investment services firms in Germany and Japan, with a particular focus on a) the persons to be protected, b) information to be provided and c) private enforcement. Although regulatory structures are largely divergent in these two jurisdictions, the legal situation converges in several important points in relation to lawmaking in the European Union and the United States. Those convergences appear informative for the development of laws in jurisdictions other than Germany and Japan.

Date: 2021
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DOI: 10.1515/ecfr-2021-0016

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