On 21 March 2017, the Association of German Banks (Bundesverband deutscher Banken e.V. – BdB) published a position paper on robo-advice. In the position paper the BdB inter alia:
- suggests a definition of robo-advice,
- describes the regulatory services robo-advice includes (investment advice, investment broking and finance portfolio management),
- outlines a regulatory framework,
- appreciates BaFin’s online-information offerings in this respect and
- suggests the establishment of a know-how center within BaFin.
A summary of the position paper in German language can be found here.