Apply for a financial investment intermediary permit
Description
As a financial investment intermediary, you independently broker financial products to customers, whereby you receive a commission from the provider of the financial product. If you receive your fee from the client, please apply for permission as a fee-based financial investment advisor. They may not act as financial investment intermediaries and fee-based financial investment advisors at the same time.
As a financial investment intermediary, you are limited to certain financial products by the so-called area exception of the German Banking Act. The permit covers (optionally) three product categories:
- Shares or shares in domestic open-ended
- Investment funds, open-ended EU investment funds
or foreign open-ended investment funds that
may be distributed in accordance with the German Investment Code - Units or shares in domestic closed-end investment funds, closed-end EU investment funds or foreign closed-end investment fundsthat may be marketed in accordance with the Capital Investment Code Investments
In addition to the permit, you must also register in the register of intermediaries. You can submit the application for this together with the permit application.
Your permission may be limited in content and combined with ancillary provisions if this is necessary from the point of view of the authority for the protection of the general public or the client.
Under the same conditions, the subsequent inclusion, amendment and addition of conditions are also permissible.
The competent authority depends on your federal state. An overview can be found in the further notes.
- The reliability necessary for the commercial operation, i.e. You have not been convicted of fraud or other crimes in the last 5 years
- orderly financial circumstances, i.e. You are not in personal bankruptcy or are entered in the list of debtors
- Professional indemnity insurance with a minimum coverage of 1,130,000.00 euros for each insured event and 1,700,000.00 euros for all insured events of a year in total.
- Expertise through a passed IHK examination or through equivalent training qualifications and possibly corresponding professional experience
- Proof of personal reliability:
- Certificate of good conduct and information from the Central Trade Register
- Proof of orderly financial circumstances:
-
Information from the insolvency court as to whether proceedings have been opened (so-called negative certificate)
- Extract from the list of debtors of the central enforcement court
- Proof of an existing financial loss liability insurance (certificate in the sample wording)
- Certificate of competence (IHK certificate of competence examination or proof of equivalent professional qualification, see also further information)
- In the case of legal entities and commercial partnerships: extract from the commercial register from the country in which the head office is located
- If necessary, translation of the (foreign-language) excerpt from the commercial register
There are costs. The exact amount can be found in the fee schedule of the competent authority.
-none
As soon as all documents are complete, the processing takes place within several weeks.
- Contradiction
- Administrative court proceedings, in some federal states only possible after objection
Please contact the district or the independent city.
- Forms:
Application for a licence as a financial investment intermediary - If necessary, online procedure possible
- Written form required: no
- Personal appearance required: no
You send the application for permission with all supporting documents to the relevant competent authority.
- On the basis of your information and documents, the authority will check whether the legal requirements for granting a permit are met
- If you meet the requirements, you will receive permission in writing by mail
If you have not already applied for entry in the register of intermediaries together with the permit, you must still be entered in the register of intermediaries before you take action.
Intermediaries within the meaning of Section 2 (1) No. 10 of the German Banking Act (KWG) are exempt from the licensing requirement. They are entered in a public register maintained by the German Federal Financial Supervisory Authority (BaFin).
Association of German Chambers of Commerce and Industry
15.10.2020
The text was automatically translated based on the German content.
