New legal requirements for fee-based investment advice have been implemented by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienst Leistungsaufsicht – Bafin) on 1 August. Until now, fee-based investment advice was not subject to specific regulations. The Fee-Based Investment Advice Act (Honoraranlageberatungsgesetz) added this term, in addition to conventional investment advice, to the Securities Trading Act (Wertpapierhandsgesetz – WpHG) to provide a legal defi