• Mehr als 3 Millionen Wörter Inhalt
  • |
  • info@itmedialaw.com
  • |
  • Tel: 03322 5078053
Rechtsanwalt Marian Härtel - ITMediaLaw

No products in the cart.

  • en English
  • de Deutsch
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
    • Laws
    • Legal terms
    • Contract types
    • Clause types
    • Forms of financing
    • Legal means
    • Authorities
    • Company forms
    • Tax
    • Concepts
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
Kurzberatung
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
    • Laws
    • Legal terms
    • Contract types
    • Clause types
    • Forms of financing
    • Legal means
    • Authorities
    • Company forms
    • Tax
    • Concepts
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
Rechtsanwalt Marian Härtel - ITMediaLaw

Are trading apps allowed to restrict trading?

7. November 2022
in Other
Reading Time: 4 mins read
0 0
A A
0
stock 624712 1920
Key Facts
  • Attention: Blog post is not legal advice; each event must be considered on a case-by-case basis.
  • GameStop shares up 1,800 percent, parallel comparisons to the tech bubble and resistance to hedge funds.
  • Trade Republic and other trading apps withheld call options, which could cause massive damage to retail investors.
  • Technical problems appear to be a controversial reason for the purchase block; possible breaches of contract could trigger claims for damages.
  • In accordance with the WpHG, Trade Republic must check the compatibility of the securities with the client's needs.
  • Sanctions for market manipulation under the Market Abuse Regulation can include fines of up to EUR 15 million.
  • It is questionable whether the blocking of the call option by Trade Republic is considered market manipulation; customers should check claims.

Attention: Due to the explosive nature of the current situation, this blog post must not be understood as concrete legal advice – as is actually the case with every blog article here. Attention must always be paid to the individual case. In addition, some legal issues arising from these events are likely to be quite contentious.

GameStop shares have been extremely volatile in recent days, rising around 1,800 percent at times. Experts see a parallel to the period before the tech bubble burst, with some seeing it as an uprising against the power to influence hedge funds’ share prices.

Screenshot 35

However, since this blog does not bring financial information, but discusses legal issues and legal problems, I am interested in a completely different phenomenon here.

Providers of trading apps such as Robinhood or Traderepublic have currently or temporarily suspended trading in some of the affected stocks and no longer allow purchases.

But is this permissible? Isn’t this behavior likely to cause massive damage or loss of profits to retail investors who use these apps?

Trade Republic is not liable for damages caused by force majeure, riots, war or natural disasters or other events for which Trade Republic is not responsible (e.g. strikes, lockouts, traffic disruptions, orders of domestic or foreign authorities). domestic or foreign authorities).

According to the company’s own reports, technical problems were to blame for the blocking of purchases. However, it is highly probable that this statement is a protective assertion. Rather, it is likely to be assumed that numerous contractual relationships have been breached here, which could result in a number of claims for damages for the young provider. While the “non-availability” of the app can still be considered as higher circumstances, the blocking of the purchase option is a unilateral act of the provider, thus a non-fulfillment of contractual obligations, which is hardly likely to be covered by GTC regulations, and therefore quite conceivably a damage claim.

In other respects, too, Trade Republic’s GTCs only contain information obligations, for example, and no blocking rights:

Trade Republic is entitled pursuant to sec. 63 para. 5 WpHG, Trade Republic is also obliged to assess the compatibility of the securities offered by Trade Republic with the needs of its clients, also taking into account the so-called target market. The Target market defines which investors the issuer of a security is targeting. When defining the target market are the typical investment objectives (including investment horizon), the knowledge and experience typically required by the customer to understand the risks of the particular security, and the typically required Risk appetite to be taken into account. Trade Republic will, in the case of buy orders for securities, use the information requested by the customer. draw on information that relates to its knowledge and experience with respect to transactions in certain types of of securities. Other information provided by the customer by any other means has, Trade Republic will not use. Therefore, Trade Republic will only verify that the customer is in compliance with the the client belongs to the target market of the respective security with regard to his knowledge and experience. If, based on the information provided by the customer, Trade Republic comes to the conclusion that the customer does not belong to the target market of the respective security with regard to his knowledge and experience, Trade Republic will inform the customer of this fact. point this out to the client.

And Trade Republic clarifies – for good reason:

Trade Republic does not provide investment advice or asset management services to the client.

In addition to the civil law issues and, of course, the problems of enforceability and provability of individual claims, questions of market manipulation could also arise here.

The regulations of the Market Abuse Regulation have been in force since July 2016. In the event of violations of their prohibitions on market manipulation, various criminal and administrative offenses may be conceivable pursuant to Section 119 and Section 120 of the German Securities Trading Act (WpHG). Fines of up to EUR 15 million or 15% of annual turnover or up to five years (if the offense is committed on a commercial or gang basis or in the course of an activity for a financial supervisory authority, a securities trading company, an exchange or a trading venue operator, up to ten years) imprisonment may be imposed.

Even if Trade Republic has this passage in their T&Cs:

Market manipulation is defined as conduct aimed at influencing price discovery on the capital markets through unfair measures, thereby generating unjustified profits. With regard to market manipulation, there are extensive regulations, which are laid down in particular in EU Regulation 596/2014 and in legal acts based on it. In this context, for example, the within-itself trade (buy and sell orders of one and the same customer threaten to meet each other) is already considered as market manipulation. Trade Republic has taken precautions to prevent typical market manipulation practices. However, it is the responsibility and self-interest of each client to avoid market manipulation.

the question arises, whether the offerer, by the blockage of the purchase option, has not just realized the facts!

The week could thus change unpleasantly for the providers, because even if currently probably the trade as possible, damages of customers and thus civil claims against the trading venues could be at least conceivable. Anyone who has suffered loss or damage should check whether they are claiming it.

 

Marian Härtel
Author: Marian Härtel

Marian Härtel ist Rechtsanwalt und Fachanwalt für IT-Recht mit einer über 25-jährigen Erfahrung als Unternehmer und Berater in den Bereichen Games, E-Sport, Blockchain, SaaS und Künstliche Intelligenz. Seine Beratungsschwerpunkte umfassen neben dem IT-Recht insbesondere das Urheberrecht, Medienrecht sowie Wettbewerbsrecht. Er betreut schwerpunktmäßig Start-ups, Agenturen und Influencer, die er in strategischen Fragen, komplexen Vertragsangelegenheiten sowie bei Investitionsprojekten begleitet. Dabei zeichnet sich seine Beratung durch einen interdisziplinären Ansatz aus, der juristische Expertise und langjährige unternehmerische Erfahrung miteinander verbindet. Ziel seiner Tätigkeit ist stets, Mandanten praxisorientierte Lösungen anzubieten und rechtlich fundierte Unterstützung bei der Umsetzung innovativer Geschäftsmodelle zu gewährleisten.

Tags: AGBBeratungBlogCivil lawDamagesInformationJudgmentsLegal issuesLegal questionRegulationSecurities

Weitere spannende Blogposts

Advertising with SSL encryption

abmahnung
8. February 2019

The question of whether a website nowadays, at least if it processes customer data in any way, must be SSL-encrypted...

Read moreDetails

Revocation instruction must include address

Attention: Vouchers to existing customers can be advertising!
12. August 2019

On the subject of "loadable address", information in the imprint but also information in the revocation declaration, I have already...

Read moreDetails

Happy Holidays I wish everyone!

Happy Holidays I wish everyone!
7. November 2022

I wish all clients and readers, and of course all other people, whatever gender, whatever nation, whether you celebrate Christmas...

Read moreDetails

Video: Man do I have to mark advertising?

YouTube: What to do about copyright extortion?
7. November 2022

https://www.youtube.com/watch?v=o3bnRUAGsqc When and where do I have to label advertising or a sponsorship and in what way? Some new rulings...

Read moreDetails

Streamer/YouTuber/Influencer and the Imprint Obligation

No more phone numbers necessary in the imprint!
23. August 2019

At the end of the day, there is no question that as a streamer, YouTuber or other influencer you have...

Read moreDetails

DOSB legal opinion on the concept of sport and esport

7. November 2022

The DOSB (German Olympic Sports Confederation) has commissioned a legal opinion on the concept of sport in connection with Esport,...

Read moreDetails

Searches in cases of “Google Fonts” cease-and-desist letters

Searches in cases of “Google Fonts” cease-and-desist letters
3. January 2023

In proceedings against two defendants - a 53-year-old lawyer based in Berlin and his 41-year-old client, the alleged representative of...

Read moreDetails

Adblock II decision: Reason is there

Adblock II decision: Reason is there
7. November 2022

The Federal Court of Justice has published the full reasoning of the Adblock II decision ( I ZR 154/16 )....

Read moreDetails

Geoblocking Regulation: Apps and the like?

Geoblocking Ordinance: Attention Warning Trap
7. November 2022

Does the geoblocking regulation I reported on here actually apply to apps and/or computer games? And if so, under what...

Read moreDetails
Contractual regulations for no-code/low-code software development
Other

Contractual regulations for no-code/low-code software development

21. May 2025

No-code and low-code platforms enable rapid software development without extensive manual programming. Applications are increasingly being developed on the basis...

Read moreDetails
Erotic content on OnlyFans: Copyright and personality rights protection for creators

Erotic content on OnlyFans: Copyright and personality rights protection for creators

20. May 2025
Goodbye hustle culture? Startup life between 24/7 grind and work-life balance

Goodbye hustle culture? Startup life between 24/7 grind and work-life balance

19. May 2025
Startup buzzwords 2025: Bullshit bingo in marketing German Introduction: Bullshit bingo in marketing German

Startup buzzwords 2025: Bullshit bingo in marketing German Introduction: Bullshit bingo in marketing German

18. May 2025
From the metaverse boom to AI euphoria – a tech lawyer in the hype cycle

From the metaverse boom to AI euphoria – a tech lawyer in the hype cycle

17. May 2025

Podcastfolge

AI in law: opportunities, risks and regulation – the IT Media Law Podcast Episode 3

AI in law: opportunities, risks and regulation – the IT Media Law Podcast Episode 3

24. September 2024

Welcome to the third episode of our podcast "IT Media Law"! In this episode, we delve into the fascinating world...

Read moreDetails
d5e1e6cad87cb839a9e23af79034bd94

AI in the legal system: Towards a digital future of justice

16. October 2024
8ffe8f2a4228de20d20238899b3d922e

Web3, blockchain and law – a critical review

26. September 2024
fcb134a2b3cfec5d256cf9742ecef1cd

The unconventional lawyer: a nerd in the service of the law

26. September 2024
247f58c28882e230e982fa3a32d34dea

Digital sovereignty: Europe’s path to a self-determined digital future

8. December 2024

Video

My transparent billing

My transparent billing

10. February 2025

In this video, I talk a bit about transparent billing and how I communicate what it costs to work with...

Read moreDetails
Fascination between law and technology

Fascination between law and technology

10. February 2025
My two biggest challenges are?

My two biggest challenges are?

10. February 2025
What really makes me happy

What really makes me happy

10. February 2025
What I love about my job!

What I love about my job!

10. February 2025
  • Privacy policy
  • Imprint
  • Contact
  • About lawyer Marian Härtel
Marian Härtel, Rathenaustr. 58a, 14612 Falkensee, info@itmedialaw.com

Marian Härtel - Rechtsanwalt für IT-Recht, Medienrecht und Startups, mit einem Fokus auf innovative Geschäftsmodelle, Games, KI und Finanzierungsberatung.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Informationen
    • Ideal partner
    • About lawyer Marian Härtel
    • Quick and flexible access
    • Principles as a lawyer
    • Why a lawyer and business consultant?
    • Focus areas of attorney Marian Härtel
      • Focus on start-ups
      • Investment advice
      • Corporate law
      • Cryptocurrencies, Blockchain and Games
      • AI and SaaS
      • Streamers and influencers
      • Games and esports law
      • IT/IP Law
      • Law firm for GMBH,UG, GbR
      • Law firm for IT/IP and media law
    • The everyday life of an IT lawyer
    • How can I help clients?
    • Testimonials
    • Team: Saskia Härtel – WHO AM I?
    • Agile and lean law firm
    • Price overview
    • Various information
      • Terms
      • Privacy policy
      • Imprint
  • Services
    • Support and advice of agencies
    • Contract review and preparation
    • Games law consulting
    • Consulting for influencers and streamers
    • Advice in e-commerce
    • DLT and Blockchain consulting
    • Legal advice in corporate law: from incorporation to structuring
    • Legal compliance and expert opinions
    • Outsourcing – for companies or law firms
    • Booking as speaker
  • News
    • Gloss / Opinion
    • Law on the Internet
    • Online retail
    • Law and computer games
    • Law and Esport
    • Blockchain and web law
    • Data protection Law
    • Copyright
    • Labour law
    • Competition law
    • Corporate
    • EU law
    • Law on the protection of minors
    • Tax
    • Other
    • Internally
  • Podcast
    • ITMediaLaw Podcast
  • Knowledge base
    • Laws
    • Legal terms
    • Contract types
    • Clause types
    • Forms of financing
    • Legal means
    • Authorities
    • Company forms
    • Tax
    • Concepts
  • Videos
    • Information videos – about Marian Härtel
    • Videos – about me (Couch)
    • Blogpost – individual videos
    • Videos on services
    • Shorts
    • Podcast format
    • Third-party videos
    • Other videos
  • Contact
  • en English
  • de Deutsch
Kostenlose Kurzberatung