...They shun the light
A law should control the risky fund closed at last, and protect investors better. The industry defends itself
Grey can be a dark color, not for nothing that one part of the financial industry will be named after her: the gray capital market. One area that is completely unregulated, not subject to supervision and in which the provider can make on the whole, what they want. The primarily use some closed-end funds from brisk. Change to this, the Investor Protection Act, the federal cabinet would decide, really long time. If it were not this dispute between two ministries there. Finance Minister Wolfgang Schäuble (CDU) wants to oversee the gray market stronger, Minister Rainer Brüderle (FDP blocks from). The case is dramatic, and the damage was in the end - the investor.
Ad
On the gray market reputable financial products circulate alongside highly dangerous. Both galore: About two million Germans have invested € 164 billion in closed funds. But because neither the products regulated their sale will, investors often know only after years, which of them are good and which are bad.
Consequently, savers have already lost billions on the gray market, warn consumer protection. To the same conclusion, a report was commissioned by the Ministry is of consumer September 2008, which states: "The poorly regulated capital market a unique gray that exists in this form in any other EU country. It is characterized by products with high risks and by a variety of abuses. Is still advertised with the seal of retirement savings, high financial losses for large groups benighted investors are foreseeable. "The study classifies half of the 373 fund promoters in the gray market as an unserious.
In this dubious fund, not put half of the investors' money. But they are only the tip of the iceberg, says lawyer Peter Mattil investor who is involved as an expert on legislative procedure. Spectacular cases in which collapsed as a serious force funds, there were plenty. Most recently, the collapse of the Gottingen group 2007/08 around 200,000 small savers brought by a total of one billion euros. In the VIP Media Fund is about 400 million euros. "But these are" only the big names who Mattil says, "there are dozens of funds every year, many of whom have never heard all the flopping." Regardless of whether private equity, airplanes, boats, homes or farms - many fund Individual investors are in difficulties, the good the exception.
Closed-end funds
In closed-end funds are an investor binds mostly for 10 to 15 years to a provider, often without a chance to get out early without losses - unlike open-end funds. The investor will become co-entrepreneurs, who will participate in the profits, but also the loss of a wind farm, real estate project or container ship. As co-owner of the savers will stick to the debt, which makes a fund manager
Should it not be in the interest of politicians to put the money burning the craft? Especially since the funds are tax-saving models. In the Treasury bill therefore states: "In the gray area will be extended in future regulatory instruments which are already standard in the regulated area. These include the regulatory requirement to advise investor has, disclosed commissions and to conduct a consultation on a log. "Alternatives? "No".
Preparation is the law in the intermediaries who sell the fund because of high commissions, often without regard for consequences. And without mentioning that closed-end funds are much riskier than regular mutual funds. For them the savings that is personally liable. The treacherous is the margin requirement: If a fund is broke, threatening the investor that he must pay for the debts of the initiator. Mattil lawyer currently fighting for a client who invested 30,000 euros in a wind farm and is now nachschießen three million euros. No exception, he says, and one reason why in other European countries, only institutional investors such as pension funds or insurance companies can invest in closed-end funds and not private people.
Vulnerabilities acknowledges indirectly even their own association, the VGF, reaffirmed its chief executive Eric Romba: "We stand as a dressing for a regulation of the market because we see a benefit is to improve the quality." At some point he asks a lot more control and wants "a reasonable investor law." Just not the currently discussed. Significant is the criticism of the vote Brokers Association, the plans "wrong and inappropriate, and even calls" middle class "because they are" aggressively against the professional group of independent service providers, "used.
