Erscheinung:23.04.2025 | Topic Unauthorised business, Consumer protection 2020 Management AG: BaFin investigates purported sale of shares in Zazoon AG
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company 2020 Management AG, Zurich, Switzerland, and the services it is offering. The company is providing financial and investment services without the authorisation required under the German Banking Act (Kreditwesengesetz – KWG) or the German Investment Firm Act (Wertpapierinstitutsgesetz – WpIG).
The company is leading investors to believe it can sell them shares in Zazoon AG. BaFin has not received a securities prospectus from the company. Under the German Securities Prospectus Act (Wertpapierprospektgesetz – WpPG), a prospectus is required for an offer of shares to the public.
Background information:
Unless an exemption from the prospectus requirement applies, securities may be offered to the public in Germany only if a prospectus approved by BaFin in advance has been published. During the approval process, BaFin checks whether the minimum information required by law is included in the prospectus and whether its content is understandable, coherent and consistent. However, BaFin does not check whether the information contained in the prospectus is correct. Moreover, it does not check whether the issuer is reliable nor does it examine the product in question.
No valid prospectus in relation to any public offering of Zazoon shares has been filed with or approved by BaFin. You can check whether an approved prospectus for an offer of securities to the public has been filed with BaFin by consulting the Prospectuses file database on the BaFin website.
In addition, companies offering shares of other companies to consumers need prior authorisation from BaFin. Information on whether a particular company has been granted authorisation by BaFin can be
