For the first time, the Administrative Court of Wiesbaden (decision of December 17, 2024 – 6 L 1867/24) has addressed the legal question of whether Section 3 (3) BörsG excludes a citizen’s claim against the stock exchange supervisory authority for supervisory intervention and whether a corresponding request for obligation should be dismissed as inadmissible due to lack of standing to file an application or lawsuit. The Administrative Court has affirmed this.
Until now, only administrative court decisions regarding comparable situations involving BaFin’s supervisory activities and the parallel provision in the Financial Services Supervision Act (FinDAG) had been issued in this sense. The decision of the Administrative Court of Wiesbaden clarifies that uniform standards apply throughout financial market law. It also indicates that even a Union law-compliant interpretation of Section 3 (3) BörsG does not lead to a different result.