A German bank that advises a private client on an investment must give the client a Geeignetheitserklärung, a suitability statement, before the contract is concluded. Section 64 of the Securities Trading Act requires it. The statement must name the advice that was given. It must also explain how the advice was matched to the client’s preferences, investment goals and other characteristics. It must be on a durable medium, such as paper or a stored file. Only when the contract is made by telephone or other distance communication may the bank send the statement afterward. Even then, the client must agree, and the bank must offer to delay the order so that the client can read the statement first.