Legal Notices
Here you will find all legal notices in alphabetical order:
Accessibility statement
Read all our information on accessibility here.
Complaint handling
Information about the complaint handling procedure
How to submit a complaint?
You can submit a complaint in person, by telephone, by email, by fax, or by letter using the bank's general contact details:
MARCARD, STEIN & CO AG
Ballindamm 36
20095 Hamburg
Tel. +49 40 320 99-0, Fax +49 40 320 99-200MARCARD@MARCARD.DE
WWW.MARCARD.DE
To ensure that your complaint is reviewed and responded to in a timely manner, you should describe the underlying facts (including the account, product, or service to which your complaint relates) and your concern as specifically as possible. You should also provide us with your current contact details (address, telephone number, and, if applicable, email address) in case we have any questions, unless we already have this information.
- How does the complaint procedure work?
We will process your complaint promptly and examine it impartially. If necessary, we will collect and examine all relevant evidence and information. We will usually respond to your complaint within approximately 20 working days of receiving it.
If, in exceptional cases, we are unable to respond to your complaint within the aforementioned deadlines, we will inform you of this, the reasons for the delay, and the expected processing time. We will respond to complaints relating to your aforementioned rights and obligations as a payment service user or Article 248 EGBGB no later than 35 working days after receipt of the complaint.
- How does the complaint procedure end?
You will receive a response from us informing you of the outcome of our review. If we are unable to fully comply with your request, we will explain our position to you.
Options for complaining to third parties
If you are not satisfied with our response, you always have the option of maintaining your complaint and contacting another body.
Ombudsman for private banks:
The bank participates in the out-of-court dispute resolution procedure of the consumer arbitration board "Ombudsman for private banks" (www.bankenombudsmann.de). There, consumers have the option of calling on the Ombudsman for private banks to settle a dispute with the bank. If the subject of the complaint concerns a dispute over a payment services agreement (Section 675f of the German Civil Code), customers who are not consumers may also call upon the Ombudsman for Private Banks. Further details are set out in the "Rules of Procedure for the Settlement of Customer Complaints in the German Banking Industry," which are available on request or can be downloaded from the Internet at www.bankenverband.de.
The complaint must be submitted in writing (e.g., by letter, fax, or email) to the Customer Complaints Office of the Ombudsman for Private Banks at the Federal Association of German Banks, P.O. Box 04 03 07, 10062 Berlin, Fax: +49 30 1663-3169, E-mail: schlichtung@bdb.de.
Federal Financial Supervisory Authority:
Customers have the option of submitting a written complaint at any time or making a statement on the record at the Federal Financial Supervisory Authority (BaFin), Graurheindorfer Straße 108, 53117 Bonn, in writing or for recording there, about violations by the bank of the Payment Services Supervision Act (ZAG), Sections 675c to 676c of the German Civil Code (BGB) or Article 248 of the Introductory Act to the German Civil Code (EGBGB) or about the termination of a basic account agreement. Furthermore, a customer can apply to BaFin for administrative proceedings to be conducted on the basis of Section 48 of the Payment Accounts Act (ZKG) if their application to conclude a basic account agreement has been rejected.It is also possible to file a civil lawsuit.
Creditor participation (bail-in)
Investors who have acquired bail-inable claims or debt instruments may be held liable under the provisions of the BRRD (European Bank Recovery and Resolution Directive) if the institution liable for repayment has to be restructured or wound up. Find out here when investors are affected and how a resolution takes place:
Historical trading centre reporting Top 5
- INVESTMENT CUSTOMERS (NON-PROFESSIONAL)
Imprint
Here you can go directly to our imprint.
Liquidity management tools for investment funds
Information on new instruments for managing liquidity in investment funds
Due to an amendment to the German Capital Investment Code (KAGB), capital management companies now have the option of using new instruments to manage the liquidity of investment funds.
In particularly volatile stock market phases, the use of these instruments is intended to better protect investors and reduce the systemic risks of the capital market. This should enable investment funds to respond more effectively to increased redemption or redemption requests or special market conditions. In future, capital management companies will be able to decide whether to use redemption periods, redemption restrictions or swing pricing to secure liquidity. These instruments can be used for both new and existing funds.
Specifically, the following instruments are available:
- Redemption period
The investment conditions of a fund may stipulate that the redemption of shares, which must be declared irrevocable, may only take place after a redemption period has expired. This redemption period may not exceed one month. In the case of special AIFs (alternative investment funds, e.g., real estate funds), a longer redemption period may be provided for.
As a result, investors must take into account that they will not receive the equivalent value immediately when they redeem their fund units. In addition, investors bear the risk of value fluctuations, i.e., redemption may take place at a share value that is significantly lower than at the time the investor submitted their redemption notice. This is because the value of the fund shares at the time of actual redemption is decisive for the calculation of the share value. - Redemption restriction
The investment conditions of a fund may stipulate that the capital management company may restrict the redemption of shares if redemption requests from investors exceed a certain threshold. Such a redemption restriction may apply for a maximum of 15 working days. The redemption of shares may be restricted if the fund's assets can no longer be liquidated in an appropriate manner in the interests of all investors if the redemption requests are fulfilled. The capital management company must immediately publish information on its website about any restriction on the redemption of shares and its lifting.
In this respect, investors must take into account that the redemption of their shares in the fund may not take place on the desired date or may only be partial. Furthermore, they must bear the risk that the redemption may only be carried out at a share value that is – in some cases significantly – below the value of the shares at the time the investor submitted their redemption request.
Details of the respective modalities of the redemption restrictions are contained in the sales prospectus of the respective fund. - Possibility of swing pricing
The investment conditions of a fund may provide for so-called swing pricing. With swing pricing, the capital management company can take the transaction costs incurred by redemption or issue requests into account when calculating the issue or redemption price, so that the issue price is increased by the transaction costs or the redemption price is reduced accordingly. As a result, the transaction costs are not borne by the fund investors who are currently or will be investing in the future, but are distributed according to the principle of "whoever causes the cost pays."
When investors redeem shares, swing pricing deducts the transaction costs from the net asset value and the shares are settled at a lower redemption price. When investors want to purchase shares, the transaction costs are added to the net asset value, so that the issue price is slightly higher than without swing pricing.
A fund's investment conditions may provide for full or partial swing pricing. Full swing pricing is when this method is always applied to the redemption and issue of shares. With partial swing pricing, swing pricing is only taken into account when a threshold specified in the investment conditions is exceeded.
The investment conditions may also contain specifications as to the maximum percentage by which the net asset value may be increased or decreased by swing pricing. Liquidity management tools of foreign funds
Foreign funds may also use these or similar liquidity management tools. Details can be found in the fund prospectuses.
Payment Services Directive
Information on the implementation of the Payment Services Directive (PSD II)
This information is intended to give you an overview of what the introduction of the second European Payment Services Directive (PSD II) on September 14, 2019, means for you in your everyday life.
GENERAL INFORMATION ABOUT PSD II (German language)
Information for third-party service providers (TPP)
The QWAC certificate and a QSEAL seal are required for development (TPP). You can apply for these at the known PSD II approval bodies. The interface description below provides you with all the information you need for development and technical access to the XS2A interface. On November 24, 2021,
BaFin granted ( GZ: GIT 1-K 5330-118837-2019/001 2021/1885200) granted an exemption from the obligation to establish an emergency mechanism in accordance with Article 33 of Delegated Regulation (EU) 2018/389.
ACCESS TO ACCOUNT – INTERFACE DESCRIPTION
The Access to Account interface can be accessed as follows:
- Test system: HTTPS://ABNAHME-XS2A-MMW.BS-AG.COM/MSC
- Production system: HTTPS://XS2A.ONLINE-BANKING.MARCARD.DE/MSC
Access example for the consent URL:
- Test system: HTTPS://ABNAHME-XS2A-MMW.BS-AG.COM/MSC/V1/CONSENTS
- Production system: HTTPS://XS2A.ONLINE-BANKING.MARCARD.DE/MSC/V1/CONSENTS
Key Performance Indicator: KPI
The access data for the test system is available on request: PSD2 / Access to Account
- National Tel. +49 1802 354 724 (6 cents/call, plus your mobile phone charges when calling from a mobile network)
- International Tel. +49 201 3101 1827 (prices charged by your telephone provider apply when calling from abroad)
Or feel free to contact our customer service: KUNDENSERVICE@MARCARD.DE
Shareholder rights directive
Revision of ARUG II – Shareholders to be more easily identifiable
In order to improve communication and, in particular, the exchange of information between public companies and their shareholders, listed companies will in future have the right to identify their shareholders ("Know your Shareholder").
As a bank, we are therefore legally obliged from September 3, 2020, to disclose the data of securities account holders to the company upon request by stock corporations. This right to information, which stems from the Second
Shareholder Rights Directive (ARUG II), is regulated in the German Stock Corporation Act:
"§ 67d AktG Company's right to information from intermediaries
(1) A listed company may request information from an intermediary that holds shares in the company about the identity of the shareholders and the next intermediary. The format and content of this request are governed by Implementing Regulation (EU) 2108/1212."
Stock corporations may assert this right to information on the identification of shareholders against any credit institution in the custody chain that holds shares of the company. Both bearer and registered stock corporations are entitled to this right.
Trading centre reporting Top 5
Trading centre reporting Top 5 according to MiFID II
In addition to the annual review of the principles for executing orders in financial instruments, Marcard, Stein & Co compiles and publishes a report on the five trading venues that are most important in terms of trading volume. This report is published here on a regular basis in accordance with regulatory requirements and refers to customer orders executed in the previous year. The report also distinguishes between customer groups and asset classes.
Note: From the end of 2025, trading in financial instruments through our institution on German regional exchanges will be available exclusively via Xetra, Eurex, Frankfurt and Stuttgart exchanges.
- INVESTMENT CLIENTS (NON-PROFESSIONAL)
Further Topics at a Glance
