Securities and other investment products may not be offered for sale to the public in Germany without a prospectus; and the publication of any such prospectus requires the prior permission of BaFin.
For this purpose BaFin checks whether the prospectus contains the minimum information required by law and whether it has been written in a way that is readily understandable. BaFin also ensures that the prospectus contains no contradictory statements.
However, BaFin does not verify the respectability of the issuer nor does it examine the product itself. Issuers of investment products must make an explicit reference to that fact in their sales prospectuses. Offerors are expressly prohibited from making advertising statements that may give a misleading impression about the scope of BaFin's examination.