Dear Customer,
Do you have any questions about our ‘no-advice’ business model or the services associated with it? We would like to answer any questions you may have here.
This information fulfils the requirements set out in Section 14(1)(2) of the Accessibility Enhancement Act (BFSG). The BFSG is designed to ensure the accessibility of products and services offered by businesses. This means that all consumers should have easy access to the products and services on offer. They should not have to rely on assistance from others to do so. The aim is to enable all consumers to participate fully in society.
Please note: This information is intended to explain the ‘no-advice’ business model and our services within this model. It is not legally binding. Only your contractual documents are legally binding.
This information is divided into four parts:
Part 1 contains specific information. Here, we explain the ‘no-advice’ business model and our services within this model.
Parts 2, 3 and 4 contain general information. Are you dissatisfied with our service? In Part 2, we explain your options should you wish to make a complaint.
Would you like to know how our service meets the requirements of the BFSG? In Part 3, we provide information on the accessibility features of our service.
Are you experiencing problems with the accessibility of our services? In Part 4, we explain who you can contact in such cases. You will find details here of the relevant market surveillance authority.
Yours sincerely, Joh. Berenberg, Gossler & Co. KG
1. Explanation of our services:
In this section, we explain the non-advisory business and the associated services. You will learn what the service entails and how it works.
1.1 What is non-advisory business?
"Execution-only" business means that you decide for yourself how you wish to invest your assets—specifically, how you want to invest them in financial instruments (see 1.2). As the term implies, we do not provide advice before executing an order from you to buy or sell financial instruments. However, we do assess whether you are able to evaluate typical risks; to do this, we ask about your knowledge and experience. If we believe you are unable to assess the risks associated with an order, we will warn you beforehand. Nevertheless, you may insist that we execute your order regardless.
1.2 What are financial instruments?
The term "financial instruments" appears in banking legislation. For example, it appears in the Securities Trading Act. Financial instruments include:
- Securities, for example shares, bonds, certificates, and warrants
- Investment fund units
- Derivate
1.3 How does non-advisory business work?
To engage in non-advisory transactions involving financial instruments, you need a securities account and a linked cash account. A securities account is a special type of bank account; we hold your financial instruments in it. A linked cash account is also part of the arrangement. We process all monetary transactions via this cash account. Often, a standard payment account (such as a current account) serves as the linked cash account. Once you have opened a securities account and a linked cash account with us, we will ask you about your knowledge and experience regarding financial instruments and the use of securities-related services. You will typically provide this information by completing a questionnaire.
You can then place orders with us to buy or sell financial instruments. You may submit your orders in various ways: in person at one of our branches, by telephone, or by email. We do not execute your buy orders immediately. First, we must assess whether the financial instruments you have selected are appropriate for you. This means we verify whether you understand the risks typically associated with these financial instruments. We base this assessment on information regarding your knowledge and experience.
Our assessment might show that the financial instrument is not suitable for you, or you may not have provided us with the necessary information. In either case, we will warn you beforehand. You then decide whether we should proceed with your order regardless.
Before we accept your order, we usually provide you with cost information. This includes an overview of the costs and associated charges likely to be incurred in connection with the purchase and sale of a financial instrument. Where applicable, the cost information also discloses that we receive a payment from a third party in connection with the purchase of a financial instrument—for example, a payment from a fund company. This cost information is known as an ex-ante cost disclosure.
1.4 How are orders for the purchase and sale of financial instruments executed?
There are various ways in which your orders for the purchase and sale of financial instruments are executed: in non-advisory business, a distinction is made between fixed-price transactions (see 1.4.1), commission business (see 1.4.2), the brokering of transactions (see 1.4.3), and investment brokerage (see 1.4.4).
1.4.1 Fixed-price transaction
In a fixed-price transaction, you enter into a purchase agreement with us for a specific financial instrument. The price is either fixed or determinable. This means that the price is either precisely specified (fixed) or can be calculated based on clear criteria (determinable).
1.4.2 Commission business
In a commission transaction, we act in our own name but for your account (at your expense) vis-à-vis other market participants—such as providers of financial instruments. If a transaction is concluded with another market participant, that party executes your order.
1.4.3 Brokering of Contracts
When arranging the conclusion of a contract, we act on your behalf and for your account vis-à-vis providers of financial instruments. With our assistance, you enter into a contract with the provider.
1.4.4 Investment brokerage
In the case of investment brokerage, we act as an intermediary to forward an order from you to a provider of financial instruments. You then enter into a contract with the provider yourself.
1.5 What happens after the execution of orders for the purchase and sale of financial instruments?
Once your order has been executed, you will receive a securities settlement statement. This statement contains key information regarding the execution of your order. If the order could not be executed, we will inform you promptly.
When you purchase financial instruments, we book them into your securities account; when you sell them, we book them out. At the same time, we record a debit or credit on your settlement account: if you buy financial instruments, we debit the purchase price from your settlement account; if you sell financial instruments, we credit the sale proceeds to your settlement account (we may be required to withhold taxes in the process). We debit any costs incurred during the purchase or sale from your settlement account.
The currency of the financial instrument may differ from the currency of your settlement account. In this case, we perform a currency conversion. For example: the financial instrument is traded in US dollars, but your settlement account is denominated in euros. We then convert the US dollar amount into euros so that we can credit or debit the amount to your settlement account.
You regularly receive information about the financial instruments we hold and manage for you in your securities account.
In addition, you will receive an annual overview from us of all costs actually incurred during the past year in connection with non-advisory transactions. This cost overview is known as the ex-post cost disclosure.
We ensure that income from your financial instruments—such as interest or dividends—is credited to your account. If we hold shares on your behalf, we assist you in exercising your voting rights at the company's general meeting.
We will agree on all details with you when the account is opened.
1.6 What costs do you incur for non-advisory transactions?
Transactions involving financial instruments that do not include investment advice entail various costs that you should be aware of. These include, for example, costs for the execution of your orders, for custody account maintenance, or for currency conversion (see 1.5).
You can find information on the individual costs in our schedule of prices and services.
1.7 Is there a specific contract term? What are the terms for termination?
You are entering into the securities account agreement with us for an indefinite period. You may terminate the agreement at any time without observing a notice period.
A notice period of at least two months generally applies to us.
1.8 Is there a right of withdrawal?
You may revoke the securities account agreement within two weeks. However, this applies only if the agreement was concluded as a distance contract or an off-premises contract—for example, via the internet or telephone. In such cases, you will receive certain statutory information from us. The revocation period begins after you have concluded the agreement and received all relevant statutory information. You will receive a notice regarding your right of revocation from us prior to the conclusion of the agreement only if such a right of revocation applies.
Please note: There is generally no right of withdrawal when purchasing or selling financial instruments. However, there are exceptions. You will receive information regarding a right of withdrawal from us prior to the conclusion of the contract only if, exceptionally, you are entitled to such a right.
2. How the Bank Handles Complaints
Are you not satisfied with our service? In this section, we inform you of the options available to you should you wish to make a complaint.
2.1 Customer complaints
You can submit your complaint to us in various ways:
- in person, by telephone, or in writing: via your advisor or directly at the location
- serving you in writing to: Joh. Berenberg, Gossler & Co. KG, Complaint Management, Neuer Jungfernstieg 20, 20354 Hamburg
Further information regarding complaints and dispute resolution can be found online at
2.2 Out-of-court dispute resolution
Have you filed a complaint with us, but no solution was found? You then have the option of out-of-court dispute resolution. As a bank, we participate in the dispute resolution procedure of the following consumer conciliation board: Ombudsman of the private banks (Ombudsmann der privaten Banken). There, you can turn to the Ombudsman of the private banks. The Ombudsman will handle your complaint, mediating between you as a consumer and us as a company.
General information about the Ombudsman of the private banks can be found at www.bankenombudsmann.de. Detailed information on the exact procedure can be found in the Rules of Procedure of the Ombudsman of the Private Banks (Verfahrensordnung des Ombudsmanns der privaten Banken). We will gladly provide you with the Rules of Procedure upon request. You can also view them online on the website of the Association of German Banks (Bundesverband deutscher Banken e. V.) at www.bankenverband.de.
You must submit your complaint in writing to the Ombudsman of the private banks, for example by letter, fax, or email.
Address:
Ombudsman of the Private Banks
P.O. Box 04 03 07
10062 Berlin
Germany
Fax: +49 (0)30 1663-3169
Email:schlichtung%40bdb.de
3. Description of Compliance with Accessibility Requirements
Would you like to know how our services comply with the requirements of the Accessibility Strengthening Act (Barrierefreiheitsstärkungsgesetz – BFSG)? In this section, we provide information regarding the accessibility features of our service.
Background: The BFSG obligates us, among other things, to comply with web content accessibility guidelines. These guidelines aim to make web content as accessible as possible for everyone, particularly for persons with disabilities. The guidelines are based on the following four principles of accessibility:
- Perceivability: As far as possible, everyone should be able to perceive information and IT functions.
For us, this means, for example: We must ensure that alternative text (alt text) is provided for images and graphics. - Operability: As far as possible, everyone should be able to operate the IT functions.
For us, this means, for example: We must ensure that our web content can be navigated and operated using a keyboard. - Understandability: Web content should be legible and clearly understandable for as many people as possible.
For us, this means, for example: We must provide our web content in plain and accessible language where possible. - Robustness: Web content must be maximally compatible with assistive technologies. Assistive technologies include, for example, screen readers, screen magnification tools, and speech-to-text software.
For us, this means, for example: We must adhere to technical standards for assistive technologies, such as technical structuring and semantic markup of web content.
Through our services, we fulfill the requirements of the BFSG by implementing these four core principles.
3.1 Accessibility of Services
These are the accessibility features of our services in non-advisory business / execution-only business:
You can place orders for the purchase or sale of financial instruments:
- in person at one of our branches,
- by telephone, or
- by email.
3.2 Accessibility of this Information
These are the accessibility features of this information:
- We make this information available to you through multiple access methods and across the following sensory channels: in-person handover at one of our branches, read-aloud options, and the bank’s website.
- The content of this information is written in easily understandable language. It does not exceed language level B2 of the Common European Framework of Reference for Languages (CEFR). Please note: This does not apply to the actual service contract, the General Terms and Conditions (GTC), or the Pre-contractual Information (PCI) associated with the service contract.
- The layout of this information features a dedicated design: Headings are set in a font style of the "Thunder" typeface in various sizes. The size of the headings depends on their hierarchy level. Body text is set in the "ES Peak" typeface. In terms of color, care is taken to ensure sufficient contrast between text and background colors. In this information, black text is displayed on a white background.
3.3 Accessibility of Documents Related to Our Services
These are the accessibility features of documents related to our services (including this information):
- The documents are perceivable. This means that in addition to reading on screen—with adjustable font sizes—they can be read aloud, allowing consumers to adjust the volume.
- The documents are available in PDF or web-based format. These formats can be converted into alternative formats, making documents accessible to you across multiple sensory channels.
4. Competent Market Surveillance Authority
Are you experiencing accessibility issues with our service? In this section, we inform you about whom you can contact in such cases.
The competent authority is: Market Surveillance Authority of the Federal States for the Accessibility of Products and Services (Marktüberwachungsstelle der Länder für die Barrierefreiheit von Produkten und Dienstleistungen – MLBF).
The MLBF verifies whether economic operators comply with specific statutory regulations. As a bank, we are also supervised by the MLBF.
If you encounter difficulties using our service, you may file an application/complaint with the MLBF. The MLBF will then, where appropriate, initiate statutory enforcement measures against us as an economic operator (legal basis: Section 6 or Section 7 BFSG).
In your application, you may assert that we are in breach of a requirement under the Accessibility Strengthening Act (BFSG). Alternatively, you may assert that we are in breach of a requirement under the Ordinance to the Accessibility Strengthening Act (Verordnung zum Barrierefreiheitsstärkungsgesetz – BFSGV). (The BFSGV was promulgated pursuant to Section 3 (2) BFSG.)
The contact details of the MLBF are:
Address:
Turmschanzenstraße 25
39114 Magdeburg
Germany
Phone: +49 (0)391 567 4530
Email:MLBF%40ms.sachsen-anhalt.de