This article studies the protection of retail and professional investors when financial products are sold or when investment advice is given. To this end, it clarifies the similarities and differences in the legal setting governing investment services firms in Germany and Japan, with a particular focus on a) the persons to be protected, b) information to be provided and c) private enforcement. Although regulatory structures are largely divergent in these two jurisdictions, the legal situation converges in several important points in relation to lawmaking in the European Union and the United States. Those convergences appear informative for the development of laws in jurisdictions other than Germany and Japan.

中文翻译：

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德国和日本的投资服务监管

本文研究了在出售金融产品或提供投资建议时对散户和专业投资者的保护。为此，它阐明了德国和日本在管理投资服务公司的法律环境中的异同，特别关注 a) 受保护的人，b) 提供的信息和 c) 私人执法。尽管这两个司法管辖区的监管结构大相径庭，但欧盟和美国在立法方面的几个重要方面的法律情况是一致的。这些趋同似乎为德国和日本以外的司法管辖区的法律发展提供了信息。