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as CTP for shares and ETFs", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [], "ageMonths": 3, "tooltipText": "ESMA authorises EuroCTP as CTP for shares and ETFs · ESMA" }, { "id": "SRC_EC_QA_MISP_2025", "url": "https://ec.europa.eu/commission/presscorner/api/files/document/print/en/qanda_25_2894/QANDA_25_2894_EN.pdf", "publicationDate": "2025-12-04", "publisher": "Europäische Kommission", "label": "Questions and answers on the market integration package", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [], "ageMonths": 10, "tooltipText": "Questions and answers on the market integration package · Europäische Kommission" }, { "id": "SRC_COUNCIL_WK9299_2026", "url": "https://data.consilium.europa.eu/doc/document/WK-9299-2026-INIT/en/pdf", "publicationDate": "2026-06-25", "publisher": "Rat der EU", "label": "Rat der EU, WK 9299/2026 – MISP Trading Aspects (Präsidentschaftspapier)", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [ "FACT_M496_B13" ], "ageMonths": 4, "tooltipText": "Rat der EU, WK 9299/2026 – MISP Trading Aspects (Präsidentschaftspapier) · Rat der EU" }, { "id": "SRC_SM_BULLETIN_20260618", "url": "https://www.slaughterandmay.com/insights/financial-regulation-weekly-bulletin/financial-regulation-weekly-bulletin-18-june-2026/", "publicationDate": "2026-06-18", "publisher": "Slaughter and May", "label": "Financial Regulation Weekly Bulletin (ECON-Entwurf Ferber)", "sourceType": "industry", "confidence": 0.8, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_INSTITUTIONAL", "covers": [], "ageMonths": 4, "tooltipText": "Financial Regulation Weekly Bulletin (ECON-Entwurf Ferber) · Slaughter and May" }, { "id": "SRC_FESE_MISP_2026", "url": "https://www.fese.eu/app/uploads/2026/04/260407-fese-misp-position.pdf", "publicationDate": "2026-04-07", "publisher": "FESE", "label": "FESE Position on the Market Integration & Supervision Package", "sourceType": "industry", "confidence": 0.8, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_INSTITUTIONAL", "covers": [], "ageMonths": 6, "tooltipText": "FESE Position on the Market Integration & Supervision Package · FESE" }, { "id": "SRC_KRONSTEYN_SI_2025", "url": "https://www.kronsteyn.law/en/systematic-internalisers-si-current-state-mifid-ii-mifir-review-bafin", "publicationDate": "2025-09-29", "publisher": "Kronsteyn Rechtsanwälte", "label": "Systematic Internalisers – Stand nach MiFID-II/MiFIR-Review", "sourceType": "industry", "confidence": 0.8, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_INSTITUTIONAL", "covers": [], "ageMonths": 13, "tooltipText": "Systematic Internalisers – Stand nach MiFID-II/MiFIR-Review · Kronsteyn Rechtsanwälte" }, { "id": "SRC_GIB_DELVO_2017_565", "url": "https://www.gibraltarlaws.gov.gi/legislations/commission-delegated-regulation-eu-2017565-6537", "publicationDate": "2026-10-03", "publisher": "HM Government of Gibraltar", "label": "DelVO (EU) 2017/565 – Volltext (Spiegel Gibraltar Laws)", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [], "ageMonths": 0, "tooltipText": "DelVO (EU) 2017/565 – Volltext (Spiegel Gibraltar Laws) · HM Government of Gibraltar" }, { "id": "SRC_CLEARY_LISTINGACT_2024", "url": "https://www.clearygottlieb.com/news-and-insights/publication-listing/the-eu-listing-act-important-changes-to-mar", "publicationDate": "2024-10-09", "publisher": "Cleary Gottlieb", "label": "The EU Listing Act – Important Changes to MAR", "sourceType": "industry", "confidence": 0.8, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_INSTITUTIONAL", "covers": [], "ageMonths": 24, "tooltipText": "The EU Listing Act – Important Changes to MAR · Cleary Gottlieb" }, { "id": "SRC_BAFIN_TURBO_STUDIE_2025", "url": "https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Fachartikel/2025/Studie_250521_Turbo_Zertifikate.html", "publicationDate": "2025-05-21", "publisher": "BaFin", "label": "BaFin-Studie: Vertrieb von Turbo-Zertifikaten an Kleinanleger", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [], "ageMonths": 17, "tooltipText": "BaFin-Studie: Vertrieb von Turbo-Zertifikaten an Kleinanleger · BaFin" }, { "id": "SRC_BAFIN_TURBO_MELDUNG_2026", "url": "https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Meldung/2026/meldung_2026_06_16_turbo_zertifikate_mehr_transparenz.html", "publicationDate": "2026-06-16", "publisher": "BaFin", "label": "BaFin: Turbo-Zertifikate – Produktintervention ab 2026-06-16", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [ "FACT_M496_B14" ], "ageMonths": 4, "tooltipText": "BaFin: Turbo-Zertifikate – Produktintervention ab 2026-06-16 · BaFin" }, { "id": "SRC_GETTEX_AUSFB_2025", "url": "https://www.gettex.de/fileadmin/user_upload/www.gettex.de/Downloads/Regelwerk/250117_Ausfuehrungsbestimmungen.pdf", "publicationDate": "2025-01-17", "publisher": "Börse München", "label": "Ausführungsbestimmungen zum Regelwerk der Börse München (gettex)", "sourceType": "industry", "confidence": 0.8, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_INSTITUTIONAL", "covers": [], "ageMonths": 21, "tooltipText": "Ausführungsbestimmungen zum Regelwerk der Börse München (gettex) · Börse München" }, { "id": "SRC_HSBC_KO_FAQ", "url": "https://www.hsbc-zertifikate.de/home/faq/Knock-out-Produkte.html", "publicationDate": "2026-10-03", "publisher": "HSBC Trinkaus & Burkhardt", "label": "HSBC Zertifikate FAQ: Knock-out-Produkte", "sourceType": "industry", "confidence": 0.8, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_INSTITUTIONAL", "covers": [], "ageMonths": 0, "tooltipText": "HSBC Zertifikate FAQ: Knock-out-Produkte · HSBC Trinkaus & Burkhardt" }, { "id": "SRC_AMF_RETAIL_2022", "url": "https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/amf-publishes-analysis-retail-investor-order-execution-french-stocks", "publicationDate": "2022-03-16", "publisher": "AMF", "label": "AMF: Analysis of retail investor order execution on French stocks", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [], "ageMonths": 55, "tooltipText": "AMF: Analysis of retail investor order execution on French stocks · AMF" }, { "id": "SRC_JF_SCHWARZ_2025", "url": "https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.13467", "publicationDate": "2025", "publisher": "Wiley / AFA", "label": "Schwarz/Barber/Huang/Jorion/Odean: The „Actual Retail Price\" of Equity Trades (Journal of Finance)", "sourceType": "academic", "confidence": 0.8, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_INSTITUTIONAL", "covers": [], "ageMonths": 16, "tooltipText": "Schwarz/Barber/Huang/Jorion/Odean: The „Actual Retail Price\" of Equity Trades (Journal of Finance) · Wiley / AFA" }, { "id": "SRC_WHU_MEYER_2021", "url": "https://whu.edu/index.php?eID=dumpFile&f=3157&t=f&token=936bc9278df5689c6c27bd8ea6315035567d6cd7", "publicationDate": "2021-10-10", "publisher": "WHU", "label": "Meyer/Uhr/Johanning: Private investors and the emergence of neo-brokers (Working Paper, im Auftrag von Trade Republic)", "sourceType": "academic", "confidence": 0.8, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_INSTITUTIONAL", "covers": [ "FACT_M496_B16" ], "ageMonths": 60, "tooltipText": "Meyer/Uhr/Johanning: Private investors and the emergence of neo-brokers (Working Paper, im Auftrag von Trade Republic) ·" }, { "id": "SRC_EFAMA_RIS_2026", "url": "https://www.efama.org/newsroom/news/eu-member-states-endorse-retail-investment-strategy-runs-counter-siu-objectives", "publicationDate": "2026-06-09", "publisher": "EFAMA", "label": "EU Member States endorse Retail Investment Strategy", "sourceType": "industry", "confidence": 0.8, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_INSTITUTIONAL", "covers": [], "ageMonths": 4, "tooltipText": "EU Member States endorse Retail Investment Strategy · EFAMA" }, { "id": "SRC_FREIRECHT_ART66", "url": "https://freirecht.de/g/EU2017VO565:66", "publicationDate": "2016-04-25", "publisher": "freiRecht.de", "label": "Art. 66 DelVO (EU) 2017/565 (inoffizielle Konsolidierung)", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [ "FACT_M496_C01" ], "ageMonths": 126, "tooltipText": "Art. 66 DelVO (EU) 2017/565 (inoffizielle Konsolidierung) · freiRecht.de" }, { "id": "SRC_GII_KMAG_50", "url": "https://www.gesetze-im-internet.de/kmag/__50.html", "publicationDate": "2026-10-03", "publisher": "BMJ / gesetze-im-internet.de", "label": "§ 50 KMAG (Übergangsvorschriften)", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [ "FACT_M496_C03" ], "ageMonths": 0, "tooltipText": "§ 50 KMAG (Übergangsvorschriften) · BMJ / gesetze-im-internet.de" }, { "id": "SRC_FCA_CP26_30", "url": "https://www.fca.org.uk/publications/consultation-papers/cp26-30-consulation-paper-supporting-equity-market-transparency-considering-market-structure-developments", "publicationDate": "2026-07-31", "publisher": "Financial Conduct Authority", "label": "FCA CP26/30: Supporting equity market transparency and considering market structure developments", "sourceType": "official", "confidence": 0.95, "validated_at": "2026-10-03", "fetch_status": "VERIFIED", "data_class": "PRIMARY_OFFICIAL", "covers": [], "ageMonths": 3, "tooltipText": "FCA CP26/30: Supporting equity market transparency and considering market structure developments · Financial Conduct Aut" } ], "facts": [ { "id": "FACT_M496_A01", "claim": "Art. 66(1) DelVO 2017/565: Überprüfung mind. jährlich und bei wesentlicher Änderung", "value": "Art. 66(1) DelVO (EU) 2017/565: Überprüfung der Ausführungspolitik (Art. 27(4) MiFID II) und der Ausführungsvorkehrungen mindestens jährlich sowie bei jeder wesentlichen Änderung i.S.v. Art. 65(7).", "source_id": "SRC_EURLEX_2017_565", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2017-03-31", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A02", "claim": "DelVO 2026/825: ABl. 2026-07-23, in Kraft 2026-08-12, anwendbar ab 2028-02-12; hebt DelVO 2017/575 und 2017/576 auf", "value": "DelVO (EU) 2026/825 vom 14.04.2026; ABl. 23.07.2026; Inkrafttreten 12.08.2026 (20. Tag nach Veröffentlichung); Anwendung 12.02.2028 (18 Monate); Aufhebung DelVO 2017/575 (RTS 27) und 2017/576 (RTS 28).", "source_id": "SRC_EURLEX_2026_825", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-23", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A03", "claim": "Vorausgewählter Handelsplatz gilt nach DelVO 2026/825 nicht als Kundenweisung", "value": "Ein vom Unternehmen vorausgewählter und vom Kunden nicht geänderter Ausführungsplatz stellt keine spezifische Kundenweisung dar; die Best-Execution-Verantwortung bleibt voll beim Unternehmen.", "source_id": "SRC_ESMA_FR_RTS", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-23", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A04", "claim": "Keine Mindestzahl Venues; Single-Venue → Begründung + Alternativenvergleich", "value": "Keine Mindestzahl Ausführungsplätze; ESMA lehnte Forderungen nach Pflicht zu >1 Venue ab. Bei nur einem Venue (je Instrumentenklasse oder insgesamt): Darlegung in der Ausführungspolitik, wie dieser das bestmögliche Ergebnis sichert (Art. 3(3) + ErwG 2 Entwurf), und in der jährlichen Wirksamkeitsbewertung Prüfung + Vergleich mit verfügbaren alternativen Venues (Art. 8(3) Entwurf).", "source_id": "SRC_ESMA_FR_RTS", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-22", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A05", "claim": "StoFöG vom 2026-02-04 (BGBl. 2026 I Nr. 33); § 82-Änderungen ab 2026-02-10; § 82 Abs. 9–12 a. F. gestrichen — Korrektur: andere WpHG-Artikel gelten gestaffelt (2026-06-05 bis 2030-01-10)", "value": "StoFöG vom 04.02.2026, BGBl. 2026 I Nr. 33 vom 09.02.2026. Art. 6 (Änderung WpHG, u.a. § 82: Abs. 9–12 gestrichen, Abs. 13 -> Abs. 9, Abs. 8 um Art. 39a MiFIR ergänzt) tritt nach Art. 64 Abs. 1 am Tag nach Verkündung = 10.02.2026 in Kraft.", "source_id": "SRC_BR_5_26", "confidence": 0.7, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-02-09", "votes": { "for": 2, "against": 1 }, "correction": "Nicht ALLE WpHG-Änderungen gelten ab 10.02.2026: Art. 7 ('Weitere Änderung WpHG') teils ab 05.06.2026, 10.07.2026, 04.12.2026; Art. 8 ab 10.01.2028; Art. 9 ab 10.01.2030 (Art. 64 Abs. 4–8). Formulierung auf '§ 82-Änderungen (Art. 6 StoFöG) ab 10.02.2026' präzisieren." }, { "id": "FACT_M496_A06", "claim": "§ 82 Abs. 8 WpHG nennt Art. 39a MiFIR", "value": "§ 82 Abs. 8 WpHG verbietet Vergütung/Rabatt/nichtmonetären Vorteil, wenn dies gegen Abs. 1–4 dieses Gesetzes 'oder Artikel 39a der Verordnung (EU) Nr. 600/2014' verstößt (eingefügt durch Art. 6 Nr. 16 b StoFöG).", "source_id": "SRC_GII_WPHG_82", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-02-10", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A07", "claim": "PFOF in DE seit 2026-07-01 verboten; DE-Ausnahme endete 2026-06-30", "value": "PFOF-Verbot Art. 39a Abs. 1 MiFIR seit 01.07.2026 auch für in DE ansässige Wertpapierfirmen gegenüber inländischen Kunden; Übergangsfrist (Mitgliedstaaten-Option) bis 30.06.2026. Grenzüberschreitend gilt das Verbot bereits seit 28.03.2024.", "source_id": "SRC_BAFIN_AM_05_2026", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-22", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A08", "claim": "BaFin-AM 05/2026 (2026-07-22, gültig bis 2029-06-30): drei unzulässige Umgehungen", "value": "Aufsichtsmitteilung 05/2026 (WA), Stand 22.07.2026, gilt bis 30.06.2029; Ziff. 3.2.1 'Zahlung des PFOF im Auftrag des Kunden', 3.2.2 'Zwischenkommissionär (Aufspaltung der Wertschöpfungskette)', 3.2.3 'Konzerneigener MTF mit überhöhten Gebühren'.", "source_id": "SRC_BAFIN_AM_05_2026", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-22", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A09", "claim": "PFOF-Verbot gilt bei Kundenweisung (Q&A 2558) und OTC (Q&A 2559); 2557/2560 regeln Rabatte", "value": "Q&A 2558 (EU-KOM, 03.03.2026): Verbot gilt unabhängig von spezifischen Kundenweisungen. Q&A 2559: Verbot gilt auch für OTC-Ausführung. Q&A 2557/2560 betreffen Rabatte/Rückerstattungen von Venue-Gebühren (zulässig nur nach öffentlichem Tarif, ausschließlich zugunsten des Kunden).", "source_id": "SRC_ESMA_QA_2558", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-03-03", "votes": { "for": 3, "against": 0 }, "correction": "Präzisieren: Kundenweisung = Q&A 2558, OTC = Q&A 2559; 2557/2560 regeln die Rabatt-Ausnahme." }, { "id": "FACT_M496_A10", "claim": "§ 89 WpHG: jährliche Prüfung inkl. RTS Art. 27(10) und Art. 39a MiFIR; Prüfer reicht Fragebogen stets unverzüglich ein", "value": "§ 89 Abs. 1 S. 1 Nr. 4 (Pflichten des Abschnitts 11 inkl. § 82, auch i.V.m. RTS nach Art. 27 Abs. 10 MiFID II) und Nr. 5 b (u.a. Art. 39a MiFIR); Abs. 2: Fragebogen ist auch ohne angeforderten Prüfungsbericht einzureichen, vom Prüfer unverzüglich nach Beendigung der Prüfung.", "source_id": "SRC_GII_WPHG_89", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-02-10", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A11", "claim": "MaComp BT 4 = Best Execution; letzte Änderung 2024-09-26 (BT 4 noch nicht an StoFöG/DelVO 2026/825 angepasst)", "value": "RS 05/2018 (WA) MaComp, BT 4 'Bestmögliche Ausführung von Kundenaufträgen nach § 82 WpHG'; 'geändert am 26.09.2024' (am Stichtag weiterhin aktuellste Fassung).", "source_id": "SRC_BAFIN_MACOMP", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2024-09-26", "votes": { "for": 2, "against": 1 }, "correction": null }, { "id": "FACT_M496_A12", "claim": "EuroCTP zugelassen 2026-07-27, Betrieb seit 2026-09-14 (eine Sekundärquelle nennt 2026-09-30)", "value": "ESMA-Zulassung EuroCTP B.V. als CTP Aktien/ETFs am 27.07.2026, Übergangsfrist bis 30.09.2026; Betriebsaufnahme 14.09.2026 (ESMA-Post).", "source_id": "SRC_TRADE_EUROCTP", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-09-14", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A13", "claim": "Ediphy fairCT 2025-07-03 als Bond-CTP ausgewählt; Zulassung offen", "value": "ESMA wählte Ediphy (fairCT) am 03.07.2025 als ersten Bond-CTP aus; ESMA-CTP-Seite (abgerufen 2026-10-01): 'The authorisation process is ongoing'.", "source_id": "SRC_ESMA_FAIRCT", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-01", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A14", "claim": "Art. 21 FIDLEV: Überprüfung der Wirksamkeit mind. jährlich", "value": "Art. 21 Abs. 4 FIDLEV (SR 950.11): 'Finanzdienstleister überprüfen die Wirksamkeit der Kriterien mindestens einmal jährlich.'", "source_id": "SRC_FIDLEV_21", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2019-11-06", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A15", "claim": "COBS 11.2A.25R: Review mind. jährlich; RTS 27/28 im UK zum 2021-12-01 gestrichen", "value": "COBS 11.2A.25R: Review von Order Execution Policy und Arrangements 'at least on an annual basis' + bei wesentlicher Änderung. PS21/20 (30.11.2021): keine Pflicht mehr zu RTS 27/RTS 28 Reports ab 01.12.2021.", "source_id": "SRC_FCA_COBS112A", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2021-11-30", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A16", "claim": "RIS: politische Einigung 2025-12-18; Anwendung voraussichtlich ab 2029-07", "value": "Vorläufige Einigung EP/Rat 18.12.2025; COREPER 05.06.2026, ECON 23.06.2026; Schlussabstimmungen Q4 2026, ABl. spätestens Jan. 2027; Anwendung voraussichtlich ab Juli 2029 (30 Monate).", "source_id": "SRC_EC_RIS_CFA", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-08", "votes": { "for": 3, "against": 0 }, "correction": "Präzisierung: 'voraussichtlich Juli 2029' statt 'ca. 2029'; RIS noch nicht im ABl. veröffentlicht (Stand Stichtag)." }, { "id": "FACT_M496_A17", "claim": "T+1 in der EU ab 2027-10-11 (VO 2025/2075)", "value": "VO (EU) 2025/2075 vom 08.10.2025 (Änderung CSDR), ABl. 14.10.2025, in Kraft 03.11.2025; T+1 anwendbar ab 11.10.2027.", "source_id": "SRC_EURLEX_2025_2075", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2025-10-14", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_A18", "claim": "Trade Republic: „Bestpreis\" gegen Trade Republic, optional „Direktpreis\" an 30 Börsen für 2 € (Selbstauskunft, Ankündigung 2026-07-02)", "value": "PM Berlin, 02.07.2026: Orders werden zum Bestpreis unter allen relevanten Börsen gegen Trade Republic ausgeführt (1 EUR Abwicklungspauschale zzgl. Fremdkosten/Spreads); Direktpreis-Orders an 30 Börsen (u.a. Xetra, Euronext, NYSE, Nasdaq) für 2 EUR pro Trade.", "source_id": "SRC_TR_PR_2026", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-02", "votes": { "for": 2, "against": 1 }, "correction": null }, { "id": "FACT_M496_B01", "claim": "Trade Republic führt „Bestpreis\"-Orders seit 2026-07-02 als SI gegen sich selbst aus (MIC TRBX)", "value": "PM 2026-07-02: Orders werden „zum Bestpreis unter allen relevanten Börsen gegen Trade Republic ausgeführt\"; SI-Geschäftsgrundsätze: SI für Aktien und börsengehandelte Fonds, MIC „TRBX\"; Ausführungsgrundsätze 07/2026: TR kann selbst liefern/übernehmen (Kaufvertrag/Festpreis, außerhalb Handelsplatz). Start 2026-07-02 (Modern Banking 2026-07-05).", "source_id": "SRC_TR_SI_POLICY", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-09", "votes": { "for": 3, "against": 0 }, "correction": "Präzisierung: Die PM selbst nennt weder den Begriff SI noch ein Startdatum; SI-Status/MIC stammen aus dem undatierten SI-Dokument, das Startdatum aus Sekundärquellen. SI-Status gilt nur für Aktien und ETFs (nicht Derivate/ETC/Anleihen)." }, { "id": "FACT_M496_B02", "claim": "MTF-Erlaubnis für Trade Republic Business III GmbH seit 2026-01-23; Betrieb nicht belegt (nur fehlender Gegenbeleg)", "value": "Erlaubnis MTF für Trade Republic Business III GmbH, BaFin-Datenbankeintrag 2026-01-23. Kein Primärbeleg für Betriebsaufnahme bis 2026-10-03 gefunden.", "source_id": "SRC_HB_20260130", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-05", "votes": { "for": 2, "against": 1 }, "correction": null }, { "id": "FACT_M496_B03", "claim": "LS-Exchange-Tagesvolumen Ø 1,112 Mrd. € (H1 2026) → 128–158 Mio. € — Korrektur: Werte zweier Einzeltage (2026-07-07/08), nur Medienbeleg", "value": "Ø H1 2026: 1,112 Mrd. €/Tag; 128 bzw. 158 Mio. € an zwei Einzeltagen (laut DAS INVESTMENT 7./8. Juli 2026), d. h. −86 bis −88 %. Spätere Meldung (2026-07-17): Rückgang „um bis zu 96 Prozent\".", "source_id": "SRC_DASINVEST_20260709", "confidence": 0.7, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-17", "votes": { "for": 1, "against": 2 }, "correction": "Zahlen als Einzeltagswerte Anfang Juli 2026 kennzeichnen, nicht als neues Niveau; danach berichtete Rückgänge bis −96 % (Sekundärquelle). Keine Primärstatistik der Börse Hamburg/L&S abgerufen." }, { "id": "FACT_M496_B04", "claim": "EIX = Segment der Börse Hannover (BÖAG), Start 2024-12-10; Scalable Technik + Market Maker (mit mwb); keine Kapitalbeteiligung belegt", "value": "BÖAG Börsen AG betreibt an der Börse Hannover das elektronische Handelssegment EIX; technischer Betrieb an Scalable AG ausgelagert; Liquiditätsgeber Scalable Capital Bank GmbH und mwb fairtrade Wertpapierhandelsbank AG; Start 2024-12-10.", "source_id": "SRC_SCALABLE_HELP_EIX", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": { "for": 3, "against": 0 }, "correction": "Entitätsnamen differieren je Quelle: PM Börse Hannover 2024-12-10 nennt „Scalable GmbH\" als Technikbetreiber und Market Maker; Scalable-Hilfecenter nennt Scalable AG (Technik) und Scalable Capital Bank GmbH (MM). Für Stichtag Hilfecenter-Bezeichnungen verwenden, Umfirmierung erwähnen." }, { "id": "FACT_M496_B05", "claim": "Scalable Capital: Vollbanklizenz (Bekanntgabe 2025-09-10)", "value": "Bekanntgabe 2025-09-10: EZB-Erlaubnis für Einlagen- und Kreditgeschäft, CRR-Kreditinstitut.", "source_id": "SRC_ITFINANZ_SCALABLE_20250910", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2025-09-10", "votes": { "for": 3, "against": 0 }, "correction": "Datum ist das Bekanntgabedatum; das Datum des EZB-Bescheids selbst ist nicht veröffentlicht/abgerufen – „erhielt (bekannt gegeben) am 10.09.2025\" formulieren." }, { "id": "FACT_M496_B06", "claim": "Tradegate Exchange GmbH: je 42,84 % Deutsche Börse und Tradegate AG, 14,32 % Verein; seit 2026-01-01 Tradegate BSX", "value": "42,84 / 42,84 / 14,32 %; Fusion der öffentlich-rechtlichen Börsen Tradegate Exchange und Börse Berlin zur Tradegate Berlin Stock Exchange (Tradegate BSX) mit Wirkung 2026-01-01; Träger Tradegate Exchange GmbH und deren 100%-Tochter Börse Berlin AG.", "source_id": "SRC_TGBSX_ABOUT", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": { "for": 3, "against": 0 }, "correction": "Präzisierung: fusioniert sind die Börsen (öffentlich-rechtliche Einrichtungen), nicht die Trägergesellschaften." }, { "id": "FACT_M496_B07", "claim": "Tradegate AG (31.12.2025): Berliner Effektengesellschaft 56,57 %, Deutsche Börse 19,99 %, BNP Paribas 19,62 %", "value": "Per 31.12.2025: Berliner Effektengesellschaft AG 56,57 %, Deutsche Börse 19,99 %, BNP Paribas 19,62 %, Streubesitz 3,82 %.", "source_id": "SRC_TG_GB2025", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2025-12-31", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_B08", "claim": "tradegate.direct: Broker-App der Tradegate AG mit adesso (ab Mitte 2024), Verwahrung BNP Paribas laut PM", "value": "adesso-PM 2024-09-18: App von Tradegate AG mit adesso entwickelt; BNP Paribas übernimmt Clearing, Settlement und Verwahrung; Kernbanksystem Avaloq; live seit Sommer 2024. GB 2025: „Seit Mitte 2024\".", "source_id": "SRC_ADESSO_20240918", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026", "votes": { "for": 3, "against": 0 }, "correction": "Start war Mitte/Sommer 2024, also vor dem PM-Datum." }, { "id": "FACT_M496_B09", "claim": "BSW Q2 2026: BNP Paribas 21,3 %, Goldman Sachs 11,8 %, Morgan Stanley 11,2 % (Stuttgart, Frankfurt, gettex)", "value": "21,25 % / 11,76 % / 11,24 % (gerundet 21,3/11,8/11,2); Gesamtumsatz ~41,5 Mrd. €, 86,4 % Hebelprodukte.", "source_id": "SRC_BSW_Q2_2026", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-07-07", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_B10", "claim": "ESMA: SI-Anteil ohne Intragroup 5,4 % (2022) → 8,9 % (2025); ~50–60 % der SI-Trades < 5.000 € (ESMA nennt beide Werte)", "value": "Rn. 76: ohne Intragroup Ø 8,9 % (2025) vs. Ø 5,4 % (2022), absolut +64 %; Rn. 80: rund 60 % der Transaktionen mit AVT < 5.000 €.", "source_id": "SRC_ESMA_CFE_20260430", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-04-30", "votes": { "for": 2, "against": 1 }, "correction": "Hinweis: ESMA widerspricht sich intern – Rn. 84 spricht von „around 50%\" < 5.000 €; außerdem Rn. 34: SI-Anteil Q4 2025 bereits 10 %. Die 60 % beziehen sich auf den durchschnittlichen Transaktionswert (AVT) je Instrument, nicht strikt auf Einzeltrades." }, { "id": "FACT_M496_B11", "claim": "SI nur noch qualitativ/Opt-in — Korrektur: Test laut ESMA seit 2025-02 nicht mehr erforderlich, EU-Frist 2025-09-29, DE ab 2026-02-10", "value": "ESMA Statement No. 2 (2025-10-10): quantitativer Test durch MiFID-II-Review gestrichen; Firmen sind vom Test befreit; Registrierung als SI bei Erfüllung qualitativer Kriterien (Aktien) oder Opt-in. ESMA-News 2025-01-24: verpflichtendes SI-Regime gilt ab 2025-02-01 nicht mehr, SI-Test nicht mehr nötig (DPE-Start 2025-02-03). DE-Umsetzung: StoFöG (BGBl. 2026 I Nr. 33, 2026-02-09) streicht „in erheblichem Umfang\" in WpHG/KWG/WpIG; Inkrafttreten grundsätzlich am Tag nach Verkündung (2026-02-10).", "source_id": "SRC_ESMA_TRANSITION2_2025", "confidence": 0.7, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-02-09", "votes": { "for": 1, "against": 2 }, "correction": "„Transition seit 2025-09\" ungenau: faktische Testbefreiung seit 2025-02-01/03 (ESMA, DPE-Start); Umsetzungsfrist MiFID-II-Review 2025-09-29; in Deutschland gesetzlich erst ab 2026-02-10 (StoFöG)." }, { "id": "FACT_M496_B12", "claim": "SI-Quotes bis 2 × SMS, Mindestgröße 1 × SMS (RTS 1 Art. 11a/11b), anwendbar seit 2025-11-23", "value": "Art. 11a RTS 1: Quotepflicht bis „twice the standard market size\"; Art. 11b: Mindestquotengröße „equal to the standard market size\". Eingefügt durch Art. 2 Nr. 9 DelVO (EU) 2025/1246 (C(2025) 3104 vom 18.06.2025). Anwendung: 20. Tag nach ABl.-Veröffentlichung (Art. 2 Nr. 9 nicht in der 02.03.2026-Liste von Art. 3) → 2025-11-23 (konsolidierte RTS-1-Fassung 20251123); übrige RTS-1-Änderungen ab 2026-03-02. SMS-Werte veröffentlicht von ESMA am 2025-10-08.", "source_id": "SRC_EURLEX_RTS1_CONSOL_2025", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2025-11-23", "votes": { "for": 3, "against": 0 }, "correction": "Anwendungsdatum explizit angeben: 23.11.2025 (nicht 02.03.2026)." }, { "id": "FACT_M496_B13", "claim": "Ratspräsidentschaft (2026-06-25, vertrauliches Diskussionspapier): ½-Tick-Mindestverbesserung ggü. EBBO für kleine Retail-Orders in Aktien unter Handelspflicht", "value": "IE-Präsidentschaft, Abschnitt C.3: SIs dürfen eine small-size retail order nur ausführen, wenn der Preis „at least half a tick better than the European best bid and offer (EBBO)\" bei Ordereingang ist – beschränkt auf Aktien unter der Share Trading Obligation (STO).", "source_id": "SRC_COUNCIL_WK9299_2026", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-06-25", "votes": { "for": 3, "against": 0 }, "correction": "Scope ergänzen: nur Aktien unter STO; Diskussionspapier (LIMITE), kein Ratsstandpunkt; kombiniert mit Kommissionsvorschlag zur Quote-Aktualisierung nach Preisverbesserung." }, { "id": "FACT_M496_B14", "claim": "BaFin-Turbo-Produktintervention ab 2026-06-16; Studie 2025-05-21: 74,2 % der Kleinanleger mit Verlust", "value": "Allgemeinverfügung (Art. 42 MiFIR, § 15 WpHG), angekündigt 2025-10-15, gültig ab 2026-06-16 (Risikowarnung, Anreizverbot, Turbo-Basiswissen-Test alle 6 Monate). Studie 2025-05-21: 74,2 % von ~543.000 Kleinanlegern mit Verlust (2019–2023), Ø 6.358 €, >3,4 Mrd. €.", "source_id": "SRC_BAFIN_TURBO_MELDUNG_2026", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-06-16", "votes": { "for": 3, "against": 0 }, "correction": null }, { "id": "FACT_M496_B15", "claim": "BoursoBank 2024: 90,23 % des Aktienvolumens an SG/Bernstein SG France — überwiegend Weiterleitung an Börsen, Eigenausführung nur erweiterte Handelszeiten", "value": "Top-5 2024, Aktien (inkl. horaires étendus): „SG / BSG France\" 90,23 % des Volumens, 92,98 % der Orderanzahl; SGAS/BIS 9,67 %; Gilbert Dupont 0,10 %. ETF und Schuldtitel 100 % SG/BSG France.", "source_id": "SRC_BOURSO_2024", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2025", "votes": { "for": 2, "against": 1 }, "correction": "Einordnen: SG/BSG France agieren überwiegend als Broker (Négociateurs) zu Börsen; SI-Ausführung gegen SG nur bei „horaires étendus\". Daher kein Beleg für 90 % Internalisierung, sondern für konzerninterne Orderweiterleitung (SG = Mutter, BSG France = JV mit AllianceBernstein)." }, { "id": "FACT_M496_B16", "claim": "Meyer/Uhr/Johanning (im Auftrag von TR, Daten 2019-02-19 bis 2021-06-17, altes LS-/PFOF-Modell): 0,85 % der Trades schlechter als Xetra", "value": "Studie „on behalf of Trade Republic\", abgeschlossen 2021-10-10; 100.000 Kunden, Trades 19.02.2019–17.06.2021; 21,10 % besser, 78,05 % gleich, 0,85 % schlechter als Xetra; Ø +0,52 €/1.000 €. Journal: Finance Research Letters Vol. 80 (2025).", "source_id": "SRC_WHU_MEYER_2021", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2025", "votes": { "for": 2, "against": 1 }, "correction": "„Daten 2021\" präzisieren: Datenzeitraum 02/2019–06/2021. Befund bezieht sich auf das alte LS-Exchange/PFOF-Modell, nicht auf die SI-Ausführung seit 2026-07-02." }, { "id": "FACT_M496_C01", "claim": "Review: Modul nannte Art. 66(5) als Erläuterungspflicht für platzabhängige Entgelte — korrekt ist Art. 66(4); Art. 66(5) = keine Lenkung bei Kundenwahl (korrigiert)", "value": "Review: Modul nannte Art. 66(5) als Erläuterungspflicht für platzabhängige Entgelte — korrekt ist Art. 66(4); Art. 66(5) = keine Lenkung bei Kundenwahl (korrigiert)", "source_id": "SRC_FREIRECHT_ART66", "confidence": 0.95, "verdict": "REFUTED", "status": "RECALLED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_C02", "claim": "Review: Modul behauptete, bei Consorsbank gelte die Übernahme des voreingestellten Platzes als Weisung — laut Policy 03/2025 (II.7 a)) gerade NICHT (korrigiert, jetzt Best Practice)", "value": "Review: Modul behauptete, bei Consorsbank gelte die Übernahme des voreingestellten Platzes als Weisung — laut Policy 03/2025 (II.7 a)) gerade NICHT (korrigiert, jetzt Best Practice)", "source_id": "SRC_CONSORS_POLICY_2025", "confidence": 0.95, "verdict": "REFUTED", "status": "RECALLED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_C03", "claim": "Review: MiCA-Übergang in DE endete nicht am 2025-12-30, sondern mit Ablauf des 2025-12-31 (§ 50 Abs. 2 Nr. 3 KMAG) (korrigiert)", "value": "Review: MiCA-Übergang in DE endete nicht am 2025-12-30, sondern mit Ablauf des 2025-12-31 (§ 50 Abs. 2 Nr. 3 KMAG) (korrigiert)", "source_id": "SRC_GII_KMAG_50", "confidence": 0.95, "verdict": "REFUTED", "status": "RECALLED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D01", "claim": "comdirect bank AG mit Eintragung am 2020-11-02 auf die Commerzbank AG verschmolzen; seither Marke", "value": "comdirect bank AG mit Eintragung am 2020-11-02 auf die Commerzbank AG verschmolzen; seither Marke", "source_id": "SRC_SPRUCH_COMDIRECT_2020", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D02", "claim": "Weisungsmodell, Kunde trägt Auswahlrisiko; Aktiensparpläne über Tradegate — „Stand 07/2026\" nicht primär abrufbar, Tradegate seit 2026-07-01 nur sekundär (korrigiert)", "value": "Weisungsmodell, Kunde trägt Auswahlrisiko; Aktiensparpläne über Tradegate — „Stand 07/2026\" nicht primär abrufbar, Tradegate seit 2026-07-01 nur sekundär (korrigiert)", "source_id": "SRC_COMDIRECT_AGB_2026", "confidence": 0.7, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D03", "claim": "Fonds/Emissionen im Festpreisgeschäft — grundsätzlich, auf Weisung auch Börse (präzisiert)", "value": "Fonds/Emissionen im Festpreisgeschäft — grundsätzlich, auf Weisung auch Börse (präzisiert)", "source_id": "SRC_COMDIRECT_AGB_2026", "confidence": 0.7, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D04", "claim": "EMC-Verkauf an SG angekündigt 2018-07-03, Abschluss 2020-05-13", "value": "EMC-Verkauf an SG angekündigt 2018-07-03, Abschluss 2020-05-13", "source_id": "SRC_CBK_EMC_2018", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D05", "claim": "ebase nicht 2019-06, sondern Vertrag 2018-07, Vollzug 2019-07-16 an FNZ (korrigiert)", "value": "ebase nicht 2019-06, sondern Vertrag 2018-07, Vollzug 2019-07-16 an FNZ (korrigiert)", "source_id": "SRC_CBK_EMC_2018", "confidence": 0.95, "verdict": "REFUTED", "status": "RECALLED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D06", "claim": "Auslagerung der Wertpapierabwicklung an HSBC am 2021-07-22 gestoppt", "value": "Auslagerung der Wertpapierabwicklung an HSBC am 2021-07-22 gestoppt", "source_id": "SRC_CBK_WP_2021", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D07", "claim": "LiveTrading-Premium-Partner BNP Paribas, Morgan Stanley, SG; seit 2026-04-01 ab 1.000 € ohne Orderprovision", "value": "LiveTrading-Premium-Partner BNP Paribas, Morgan Stanley, SG; seit 2026-04-01 ab 1.000 € ohne Orderprovision", "source_id": "SRC_BROKERTEST_COMDIRECT_20260402", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D08", "claim": "UniCredit ≈ 47,6 % Kapital / 49,65 % Stimmrechte; Angebot endete 2026-07-03 mit ≈ 17,6 % — Umtauschverhältnis entfernt (unbestätigt)", "value": "UniCredit ≈ 47,6 % Kapital / 49,65 % Stimmrechte; Angebot endete 2026-07-03 mit ≈ 17,6 % — Umtauschverhältnis entfernt (unbestätigt)", "source_id": "SRC_CBK_UNICREDIT_FAQ", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D09", "claim": "EZB laut internem Dokument „no grounds to object\"; keine finale Freigabe bis 2026-10-03", "value": "EZB laut internem Dokument „no grounds to object\"; keine finale Freigabe bis 2026-10-03", "source_id": "SRC_REUTERS_ECB_20260812", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D10", "claim": "Bund (≈ 12,7 %) knüpft Übernahme an Bedingungen; Treffen Klingbeil–Orcel 2026-09-14 (ergänzt: zwei Aufsichtsratssitze)", "value": "Bund (≈ 12,7 %) knüpft Übernahme an Bedingungen; Treffen Klingbeil–Orcel 2026-09-14 (ergänzt: zwei Aufsichtsratssitze)", "source_id": "SRC_YAHOO_BUND_20260915", "confidence": 0.9, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_D11", "claim": "Kontrolle ab 2027-01/02 angestrebt; keine öffentliche UniCredit-Aussage zur comdirect bekannt; onvista bank Betrieb bis 2025-08-31 (präzisiert)", "value": "Kontrolle ab 2027-01/02 angestrebt; keine öffentliche UniCredit-Aussage zur comdirect bekannt; onvista bank Betrieb bis 2025-08-31 (präzisiert)", "source_id": "SRC_FINEWS_20260929", "confidence": 0.7, "verdict": "PARTIALLY_CONFIRMED", "status": "APPROVED", "used_in_sections": [ "05", "08D", "08F" ], "latestSourceDate": "2026-10-03", "votes": null, "correction": null }, { "id": "FACT_M496_POL_COMDIRECT", "claim": "comdirect: veröffentlichte Best-Execution-Policy, Stand 2026-07", "value": "2026-07", "source_id": "SRC_COMDIRECT_AGB_2026", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_CONSORSBANK", "claim": "Consorsbank: veröffentlichte Best-Execution-Policy, Stand 2025-03", "value": "2025-03", "source_id": "SRC_CONSORS_POLICY_2025", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_ING_DEUTSCHLAND", "claim": "ING Deutschland: veröffentlichte Best-Execution-Policy, Stand ohne Datum/nicht abrufbar", "value": "n/a", "source_id": "SRC_ING_AUSWAHL", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_DKB", "claim": "DKB: veröffentlichte Best-Execution-Policy, Stand 2024-09-02", "value": "2024-09-02", "source_id": "SRC_DKB_AGA_2024", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_TRADE_REPUBLIC", "claim": "Trade Republic: veröffentlichte Best-Execution-Policy, Stand 2026-07", "value": "2026-07", "source_id": "SRC_TR_POLICY_2026", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_SCALABLE_CAPITAL", "claim": "Scalable Capital: veröffentlichte Best-Execution-Policy, Stand 2026-09", "value": "2026-09", "source_id": "SRC_SCALABLE_KD_2026", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_FLATEX", "claim": "flatex: veröffentlichte Best-Execution-Policy, Stand 2025-12", "value": "2025-12", "source_id": "SRC_FLATEX_V15", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_SMARTBROKER___BAADER_", "claim": "Smartbroker+ (Baader): veröffentlichte Best-Execution-Policy, Stand 2024-02", "value": "2024-02", "source_id": "SRC_SBPLUS_BAADER_0325", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_FINANZEN_NET_ZERO__BAADER_", "claim": "finanzen.net zero (Baader): veröffentlichte Best-Execution-Policy, Stand 2020-12", "value": "2020-12", "source_id": "SRC_ZERO_KI_BAADER", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_JUSTTRADE", "claim": "justTRADE: veröffentlichte Best-Execution-Policy, Stand 2026-07-01", "value": "2026-07-01", "source_id": "SRC_JUSTTRADE_2026", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_BAADER_BANK", "claim": "Baader Bank: veröffentlichte Best-Execution-Policy, Stand 2024-02", "value": "2024-02", "source_id": "SRC_SBPLUS_BAADER_0325", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_S_BROKER", "claim": "S Broker: veröffentlichte Best-Execution-Policy, Stand 2026-07", "value": "2026-07", "source_id": "SRC_SBROKER_AGB_2026", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_ONVISTA_BANK", "claim": "onvista bank: veröffentlichte Best-Execution-Policy, Stand ohne Datum/nicht abrufbar", "value": "n/a", "source_id": "SRC_ONVISTA_CLOSE", "confidence": 0.4, "verdict": "UNVERIFIABLE", "status": "PENDING_REVIEW", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_DEGIRO", "claim": "DEGIRO: veröffentlichte Best-Execution-Policy, Stand 2025-08-12", "value": "2025-08-12", "source_id": "SRC_DEGIRO_ISI", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_SAXO_BANK", "claim": "Saxo Bank: veröffentlichte Best-Execution-Policy, Stand 2026-02", "value": "2026-02", "source_id": "SRC_SAXO_OES", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_INTERACTIVE_BROKERS_IE", "claim": "Interactive Brokers IE: veröffentlichte Best-Execution-Policy, Stand ohne Datum/nicht abrufbar", "value": "n/a", "source_id": "SRC_IBIE_OEP", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_TRADING_212", "claim": "Trading 212: veröffentlichte Best-Execution-Policy, Stand ohne Datum/nicht abrufbar", "value": "n/a", "source_id": "SRC_CURVO_T212", "confidence": 0.4, "verdict": "UNVERIFIABLE", "status": "PENDING_REVIEW", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_ETORO_EUROPE", "claim": "eToro Europe: veröffentlichte Best-Execution-Policy, Stand 2026-06", "value": "2026-06", "source_id": "SRC_ETORO_BEX", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_REVOLUT_SECURITIES", "claim": "Revolut Securities: veröffentlichte Best-Execution-Policy, Stand 2026-02-03", "value": "2026-02-03", "source_id": "SRC_REVOLUT_RSEUAB", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_BITPANDA", "claim": "Bitpanda: veröffentlichte Best-Execution-Policy, Stand 2026-01-30", "value": "2026-01-30", "source_id": "SRC_BITPANDA_EP", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_NORDNET", "claim": "Nordnet: veröffentlichte Best-Execution-Policy, Stand 2026-05", "value": "2026-05", "source_id": "SRC_NORDNET_RL", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_AVANZA", "claim": "Avanza: veröffentlichte Best-Execution-Policy, Stand ohne Datum/nicht abrufbar", "value": "n/a", "source_id": "SRC_AVANZA_RL", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_FINECOBANK", "claim": "FinecoBank: veröffentlichte Best-Execution-Policy, Stand ohne Datum/nicht abrufbar", "value": "n/a", "source_id": "SRC_FINECO_RTS28_2023", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_LIGHTYEAR", "claim": "Lightyear: veröffentlichte Best-Execution-Policy, Stand 2026-05-13", "value": "2026-05-13", "source_id": "SRC_LIGHTYEAR_BEX", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_BUX", "claim": "BUX: veröffentlichte Best-Execution-Policy, Stand 2024-05-03", "value": "2024-05-03", "source_id": "SRC_BUX_OEP", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_POL_BOURSOBANK", "claim": "BoursoBank: veröffentlichte Best-Execution-Policy, Stand 2025-04", "value": "2025-04", "source_id": "SRC_BOURSO_2024", "confidence": 0.8, "verdict": "CONFIRMED", "status": "APPROVED", "used_in_sections": [ "08C" ] }, { "id": "FACT_M496_SCENARIO_INTDEPTH", "claim": "Internalisierungstiefe-Index (08G) ist eine didaktische FinCoach-Typisierung", "value": "didaktisch", "source_id": "SRC_ESMA_CFE_20260430", "confidence": 0.5, "verdict": "SCENARIO_PROJECTION", "status": "APPROVED", "used_in_sections": [ "08G" ] }, { "id": "FACT_M496_SCENARIO_MODELS", "claim": "Simulator-Gewichte, Sankey-Flussbreiten, Payoffs, KPI-Musterwerte und Projektdauern sind didaktische Experten-Schätzungen", "value": "didaktisch", "source_id": "SRC_M383", "confidence": 0.5, "verdict": "SCENARIO_PROJECTION", "status": "APPROVED", "used_in_sections": [ "07", "08", "08E", "11" ] }, { "id": "FACT_M496_SCENARIO_UNICREDIT", "claim": "UniCredit-Szenarien A–D für die comdirect (08G · G6) und ihre Tiefenwerte 40/57/80/n. v. sind eine FinCoach-Einschätzung, keine Prognose", "value": "Szenario", "source_id": "SRC_FINEWS_20260929", "confidence": 0.4, "verdict": "SCENARIO_PROJECTION", "status": "APPROVED", "used_in_sections": [ "08G" ] } ], "agents": [ { "label": "research-regulation", "phase": "1-evidence", "workflow_id": "fincoach-module-deepdive" }, { "label": "research-brokers-de", "phase": "1-evidence", "workflow_id": "fincoach-module-deepdive" }, { "label": "research-brokers-eu", "phase": "1-evidence", "workflow_id": "fincoach-module-deepdive" }, { "label": "research-internalisierung", "phase": "1-evidence", "workflow_id": "fincoach-module-deepdive" }, { "label": "fincoach-interdisciplinary-council", "phase": "2-council", "workflow_id": "fincoach-module-deepdive" }, { "label": "fincoach-entity-network-cartographer", "phase": "3.5-entities", "workflow_id": "fincoach-module-deepdive" }, { "label": "fincoach-wikipedia-synthesis", "phase": "3.7-wikipedia", "workflow_id": "fincoach-module-deepdive" }, { "label": "adversarial-verify", "phase": "6.5-factcheck", "workflow_id": "fincoach-module-deepdive" }, { "label": "fincoach-module-provenance", "phase": "6.5-dbom", "workflow_id": "fincoach-module-deepdive" } ], "audit_trail": [ { "timestamp": "2026-10-01T14:40:00+02:00", "actor": "fincoach-module-deepdive", "action": "FACT_CHECK_RUN", "note": "Stichtag fixiert, Recherche gestartet" }, { "timestamp": "2026-10-01T17:25:00+02:00", "actor": "adversarial-verify", "action": "FACT_CHECK_RUN", "note": "18 Aussagen: 17 CONFIRMED, 1 PARTIALLY_CONFIRMED (A05 korrigiert)" }, { "timestamp": "2026-10-03T15:30:00+02:00", "actor": "adversarial-verify", "action": "FACT_CHECK_RUN", "note": "Erweiterung 08G: 16 Aussagen, 14 CONFIRMED, 2 PARTIALLY_CONFIRMED (B03, B11 korrigiert)" }, { "timestamp": "2026-10-03T19:00:00+02:00", "actor": "fincoach-modul-review", "action": "FACT_CHECK_RUN", "note": "Pre-Publish-Review: 3 Fehler (C01–C03) korrigiert, 9 Präzisierungen" }, { "timestamp": "2026-10-04T00:30:00+02:00", "actor": "adversarial-verify", "action": "FACT_CHECK_RUN", "note": "comdirect/UniCredit D01–D11: 7 CONFIRMED, 3 PARTIALLY_CONFIRMED (D02, D03, D11 präzisiert), 1 REFUTED (D05 ebase-Datum korrigiert); 0,485-Umtauschverhältnis entfernt" }, { "timestamp": "2026-10-03T18:00:00+02:00", "actor": "fincoach-module-provenance", "action": "DBOM_GENERATED", "note": "v1.2.0: comdirect präzisiert (si → Konzern-Festpreis), G6 UniCredit-Szenarien, 14 neue Quellen" }, { "timestamp": "2026-06-15T00:00:00+02:00", "actor": "migrate-dbom-schema.mjs", "action": "SCHEMA_MIGRATION", "comment": "Additive Migration auf fincoach.m-dbom.v1 (F9-Behebung, Enums/Struktur normalisiert)" } ], "integrity": { "dbom_sha256": "5e4b7e6fcf492a859c2fc1ffefa4c6d94bd689c986ecc9d10bf2c22fcaada40f" }, "qa_checklist": { "all_facts_have_source": true, "all_sources_have_pubdate": true, "stichtag_in_all_agents": true, "outdated_sources_marked": true, "scenario_projections_flagged": true, "cross_module_audit_passed": true, "schema_valid": true }, "honest_disclosure": { "self_criticism": [ "Quellen-Zugriff: EUR-Lex lieferte im Abruf leere Antworten; Inhalte der DelVO 2026/825 stützen sich auf den ESMA-Final-Draft und Kanzlei-Briefings. Artikelnummern sind am ABl.-Volltext nicht geprüft.", "Anbieterbewertung: Die 0–2-Bewertung misst die Dokumentqualität zum Stichtag, nicht die tatsächliche Ausführungsqualität. Vier Dokumente waren nicht oder nur teilweise abrufbar (Trading 212, Fineco, onvista, ING-PDF).", "Selbstauskünfte: Neue Modelle (z. B. Trade Republic „Bestpreis\" als SI TRBX) sind teils nur über Pressemitteilungen/Unternehmensdokumente belegt; der Betrieb des lizenzierten TR-MTF ist nicht belegt. Hedging-Orte der Internalisierer sind nirgends offengelegt.", "Offene Rechtsfragen: Fortgeltung Art. 65(6) DelVO 2017/565 und DE-Umsetzung des neuen Art. 27(3) MiFID II sind nicht abschließend geklärt.", "Modellannahmen: Simulator-Gewichte, Sankey-Flussbreiten, Payoffs, KPI-Musterwerte und Projektdauern sind didaktische Experten-Schätzungen ([Praktiker-Schätzung]), keine Messgrößen.", "Internalisierungs-Index: Der Tiefenindex in 08G (eigenes Haus 1 … Dritte 0) ist eine didaktische FinCoach-Typisierung; „nicht belegt\" heißt nicht „nicht vorhanden\". Studien zur Ausführungsqualität sind teils alt (2022) oder von einem Broker beauftragt (Meyer et al. 2021).", "Review-Korrekturen: Das Pre-Publish-Review (2026-10-03) fand drei Fehler, die beide automatischen Faktenchecks nicht erfasst hatten (Art. 66(4)/(5), Consorsbank-Weisungsregel, KMAG-Datum). Sie sind korrigiert und hier append-only dokumentiert; zwei Recherche-Agenten kamen bei Consorsbank zu gegensätzlichen Ergebnissen." ], "data_classes": { "anbieter_bewertung": "FinCoach-Experteneinschätzung der Dokumentqualität (0–2), keine Messung der Ausführungsqualität" } }, "fact_check_summary": { "total": 48, "confirmed": 38, "partially_confirmed": 6, "divergent": 0, "scenario": 2, "outdated": 0, "refuted": 4, "review_corrections": "C01–C03 (fincoach-modul-review 2026-10-03), im Modul korrigiert" }, "wikipedia_in_the_loop": { "ran": true, "output": ".claude/scratch/m496-best-execution-policy/wikipedia-check.json", "unresolved_divergences": 0, "integration_ready": true }, "compliance": { "integration_ready": true, "cross_module": [ "M383", "M363", "M386", "M343" ], "cross_module_note": "M383 (Stand 2026-07-04) nannte DelVO zu Art. 27(10) „noch nicht im Amtsblatt\" — inzwischen DelVO 2026/825 (ABl. 2026-07-23); Update-Hinweis für M383 empfohlen." } }