During the stock split of GameStop Corp., which took place in July 2022 in the form of a stock dividend, irregularities occurred in relation with the delivery of the new shares. Based on information received from investors, the FMA draws attention to the following:
When providing (ancillary) investment services to retail clients, credit institutions must in any case ensure that conduct rules set out in the Securities Supervision Act 2018 (WAG 2018; Wertpapiergesetz 2018) are observed, including the obligation to act in the client’s best interest, providing information to clients in an orderly manner, and ensuring that there is an appropriate and effective complaints management procedure. Enquiries or complaints made by clients, who contact their custodian bank, must be handled both promptly and comprehensively. If necessary, the bank shall take appropriate measures.