Finfluencing

Financial analysts, investment advisors, and financial journalists play a key role in shaping the financial opinions of private investors and are therefore subject to legal requirements. In light of the growing influence of financial influencers, the question arises as to how they should be classified from a regulatory perspective.

The digitalization of financial markets has fundamentally transformed communication. Whereas financial analysts, advisors and journalists used to be the primary sources of information for retail investors, financial influencers are now increasingly active on social media and shape the opinion formation of small investors. Jan Sehorz classifies their activities within the framework of European and German financial market supervision law and combines insights from the social sciences with a legal analysis of the applicability of relevant rules for financial instruments and crypto-assets. Building on the concept of opinion leaders, financial influencers are identified as a new type of digital financial opinion leaders and further defined on the basis of empirical findings and regulatory definitions. The phenomenon of “finfluencing” is also examined through an analysis of their business models. In light of allegations that they operate in a regulatory grey area, the study explores media and competition law requirements and derives potential needs for regulation. At its core is the question of the extent to which financial supervisory law concepts-such as investment recommendations, market manipulation, investment advice, investment brokerage, and marketing communications-apply to the activities of financial influencers. On this basis, the relevant obligations as well as the preventive and repressive powers of supervisory authorities are outlined, consistently comparing the regimes for financial instruments and crypto-assets. Finally, the study identifies the need for regulatory action to ensure the protection of retail investors in the digital information environment.

Einführung in die Untersuchung
A. Anlass der Untersuchung
B. Gegenstand der Untersuchung
C. Gang der Untersuchung
Erstes Kapitel: Sozialwissenschaftliche Grundlegung
A. Das Phänomen der Finanz-Meinungsführer
B. Das Phänomen der Finanz-Influencer
C. Finanz-Influencer als neuer Typus
Zweites Kapitel: Rechtswissenschaftliche Grundlegung
A. Finanz-Influencer im regulatorischen Graubereich
B. Die Regulierung von Finanz-Meinungsführern als Ausgangspunkt
C. Finanz-Influencer im finanzaufsichtsrechtlichen Spannungsfeld
Drittes Kapitel: Aufsichtsrechtliche Einordnung
A. Finanz-Influencer und Empfehlungsleistungen
B. Finanz-Influencer und Beratungsleistungen
C. Finanz-Influencer und Werbeleistungen
Viertes Kapitel: Bewertung des Rechtsrahmens
A. Handlungsbedarf auf Regulierungsebene
B. Handlungsbedarf auf Durchsetzungsebene
C. Zusammenfassung zur Bewertung des Rechtsrahmens
Zusammenfassung und Ausblick

• By (author) Jan Sehorz