Anlageberatung, Nachhaltigkeit und zivilrechtliche Haftung

Abstract

European sustainability regulations are fundamentally transforming investment advice. This work provides a comprehensive analysis of how the Disclosure Regulation, the Taxonomy Regulation, the Delegated Regulation (EU) 2021/1253, and the Delegated Directive (EU) 2021/1269 impact the regulatory and civil law obligations associated with investment advice. It shows that while investment recommendations are formally required to serve the best interests of clients, this requirement is effectively undermined in substance by the aforementioned sustainability laws at both the regulatory and civil law levels. At the same time, the implications of the new legal framework for civil liability in investment advice are spelled out in detail.