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Source: BUS Sachsen-Anhalt (Linie6PLus)

Apply for permission for financial service providers

Description

The Federal Financial Supervisory Authority (BaFin) may grant permission subject to conditions. The authorisation may also be limited to individual financial services and entails ongoing supervision of the Authority over the financial service provider.

You need a permit for the following financial services:

  • investment brokerage,
  • investment advice,
  • the operation of a multilateral trading system,
  • the placement business,
  • the operation of an organised trading system,
  • final mediation,
  • financial portfolio management
  • self-trading,
  • the placement of deposits in third countries,
  • the crypto custody business,
  • the variety business,
  • factoring,
  • financial leasing,
  • investment management and
  • restricted custody business.

You also need the written permission of BaFin if you have

  • in addition to banking transactions or financial services, they also want to do business in-house, i.e. want to acquire or sell financial instruments for their own account.

Note: All securities trading companies are obliged to secure their securities transactions by belonging to the Securities Trading Companies (EdW) compensation institution. The contribution depends on the size of the business activity.

For other financial services, a permit according to the Trade Code may be required. Please check which permit is required for your business before submitting your application.

If you want to offer financial services, you need permission to do so.

You must apply for permission in writing:

  • In order to obtain permission to perform the facts, section 1 sec. 1 s. 2 No. 4, 10 paragraph 1a s. 2 No. 2 no. 1 to 4 or 11 KWG, the forms from the Implementing Regulation (EU) 2017/1945 must be used. Fill out the following forms:

    • Form for the application for admission as an investment firm
    • where appropriate: list of members of the management body
    • where appropriate: notification of changes to the members of the management body
  • Otherwise, you can make the application informally.

  • Please send the application and the required documents to BaFin in a triple copy.

  • BaFin will examine your application.

  • You will then receive a notification of The Decision of BaFin by post.

Federal Financial Supervisory Authority
Graurheindorfer Straße 108
53117 Bonn

Mailing address:

Federal Financial Supervisory Authority
P.O. Box 1253
53002 Bonn

Phone: 0228 41080
Fax: 0228 41081550
E-mail: poststelle@bafin.de

For applications pursuant to Section 1 paragraph 1 sentence 2, point 4, 10, paragraph 1a sentence 2, point 1 to 4 or 11 of the Banking Act:

Federal Financial Supervisory Authority
Contact point permission applications securities trading companies
Marie Curie Street 24-28
60439 Frankfurt

Email: erlaubnisantraege.wertpapierhandelsunternehmen@bafin.de

  • Proof of sufficient initial capital
    • measured by paid-in capital and reserves
    • depending on the type of financial services, EUR 25,000 to 50,000
    • Alternatively: an appropriate insurance (insurance amount depending on the type of financial services)
  • Financial services institutions providing only third-country deposit brokerage, variety business, factoring or financial leasing: no reserves
  • Financial portfolio manager: Own funds equivalent to at least one quarter of the costs shown in the income statement for the last financial statements under general administrative expenses, depreciation and impairments on intangible assets and property, plant and equipment.
  • Individual merchant or personal trading company: risk assets of the holder or the personally liable partners are included in the assessment of the solvency of the institution
  • Evidence of professional and personal suitability of the management
  • Founding documents, partnership agreement or articles of association (certified copies)
  • appropriate proof of the resources required to operate the business
  • Indication of the Managing Directors
  • Information necessary to assess the reliability of applicants and managers in the form of a declaration of impunity (forms and online services)
  • Information necessary to assess the professional competence of the owners and directors:
    • detailed, complete, signed CV of each owner or business manager,
    • complements at least the testimonies of the employment relationships terminated in the last 3 years
  • a viable business plan indicating the nature of the planned transactions
    • providing a reasoned indication of their future development
    • including plan balance sheets, plan profit and loss statements for the first three financial years
  • a more detailed description of the intended transaction
  • designed to the extent that: samples of the intended
    • Customer contracts,
    • Administrative contracts,
    • Account or custody authorisations and
    • general terms and conditions
  • Presentation of the organisational structure of the institute, including an organizational chart
    • with information on planned branches and
    • whether the cross-border provision of financial services is intended, and
    • a statement of whether it is intended to outsource areas to another company
  • Presentation of the planned internal control procedures, setting out how to ensure compliance with the obligations under the Banking Act and the Securities Trading Act
  • If significant holdings are held in the institution:
    • Indication of holders of significant holdings
    • Indication of the amount of these holdings
    • Information necessary for the assessment of the reliability of the owners or legal representatives or personally liable partners (see above: Declaration of impunity, Model Declaration of BaFin)
  • If applicants or holders of significant holdings belong to groups: presentation of the group structure, group mirror
  • Indication of facts indicating a close link between the financial services institution and other natural persons or other undertakings
  • Advertisements and documents in accordance with Section 2c of the Banking Act in connection with the Holder Control Ordinance
  • in the case of securities trading undertakings in the legal form of a sole trader: explaining to the holder the extent to which he has taken reasonable measures to protect clients in the event of the cessation of business, for example in the event of death or incapacity. The statement shall include the consent of the designated representative and his statement to assess his reliability (see above: Declaration of impunity, Model Declaration of BaFin) if the person is a natural person.

In the case of financial services institutions applying for a licence in accordance with Section 1 (1) p. 2 No. 1- 4 or 11, paragraph 1 p. 2 No. 4 or No. 10 of the Banking Act:

  • Information under delegated regulation (EU) 2017/1943
  • Form of the Implementing Regulation (EU) 2017/1945
  • Costs of proceedings: EUR 4,545 to EUR 10,160
  • In addition, as an institute, you must reimburse the costs of the Federal Institute for day-to-day supervision. Costs for audits initiated by BaFin and certain individual measures are charged separately (separate reimbursement, fees). Otherwise, the costs are allocated pro rata to the individual institutions.

Application for permission: before commencement of business

6 months from full application

Forms: partially available for download

Online procedure possible: no

Written form required: yes

Personal appearance necessary: no

The text was automatically translated based on the German content.

The text was automatically translated based on the German content.

Federal Ministry of Finance

No authority found