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Source: BUS Sachsen-Anhalt (Linie6PLus)

Apply for a permit 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 by the authority of the financial service provider.

You need permission for the following financial services:

  • investment brokerage,
  • investment advice,
  • the operation of a multilateral trading facility,
  • the placement business,
  • the operation of an organised trading system,
  • the placement of degrees,
  • Financial portfolio management
  • proprietary trading,
  • the brokerage of deposits in third countries,
  • the crypto custody business,
  • the variety business,
  • factoring,
  • finance leasing,
  • investment management and
  • limited custody business.

You also need the written permission of BaFin if you

  • in addition to banking transactions or financial services, they also want to conduct their own business, i.e. they want to purchase or sell financial instruments for their own account.

Note: All securities trading companies are obliged to secure their liabilities from securities transactions by belonging to the Compensation Scheme of Securities Trading Companies (EdW). The contribution depends on the scope 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 applying.

You must apply for permission in writing:

  • The forms from Implementing Regulation (EU) 2017/1945 must be used in order to obtain permission to provide the offences § 1 para. 1 sentence 2 no. 4 or 11 KWG. Fill out the following forms:

    • Application form for authorisation as an investment firm
    • where applicable: list of members of the management body
    • where applicable: notification of changes to the members of the management body
  • Otherwise, you can submit the application informally.

  • Please send the application and the required documents in triplicate to BaFin.

  • BaFin will examine your application.

  • You will then receive notification of baFin's decision by post.

Federal Financial Supervisory Authority
Graurheindorfer Strasse 108
D-53117 Bonn

Mailing address:

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

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

For applications pursuant to § 1 paragraph 1 sentence 2 number 4, 10, paragraph 1a sentence 2 numbers 1 to 4 or 11 of the Banking Act:

Federal Financial Supervisory Authority
Contact Point For Licence Applications Securities Trading Companies
Marie-Curie-Straße 24-28
D-60439 Frankfurt

E-mail: erlaubnisantraege.wertpapierhandelsunternehmen@bafin.de

  • Proof of sufficient initial capital
    • is measured by paid-in capital and reserves
    • EUR 25,000 to 50,000 depending on the type of financial services
    • Alternatively: appropriate insurance (sum insured depending on the type of financial services)
  • Financial services institutions which only provide third-country deposit brokerage, variety business, factoring or finance leasing: no reserves
  • Financial portfolio manager: own funds corresponding to at least one quarter of the costs reported in the income statement of the last annual financial statements under general administrative expenses, depreciation and amortisation of intangible assets and property, plant and equipment.
  • Sole trader or commercial partnership: risk assets of the owner or personally liable partners are included in the assessment of the solvency of the institution
  • Proof of professional and personal suitability of the management
  • Incorporation documents, articles of association or articles of association (certified copies)
  • appropriate proof of the funds required for business operations
  • Indication of the managing directors
  • Information necessary for the assessment of the reliability of applicants and managers in the form of a declaration of immunity from punishment (forms and online services)
  • Information necessary for the assessment of the professional competence of the owners and managers:
    • detailed, complete, signed CV of each owner or manager,
    • supplemented at least by the certificates of employment terminated in the last 3 years
  • a viable business plan indicating the nature of the planned transactions
    • with a reasoned indication of their future development
    • including planned balance sheets, planned profit and loss statements for the first three financial years
  • a more detailed description of the intended business transaction
  • where designed: samples of the envisaged
    • customer contracts,
    • management contracts,
    • Account or custody account powers of attorney and
    • General Terms and Conditions
  • Presentation of the organizational structure of the institute including organizational chart
    • with information on planned branches, and
    • whether the cross-border provision of financial services is intended, and
    • a statement as to whether it is intended to outsource divisions to another company
  • Presentation of the planned internal control procedures with explanation of how compliance with the obligations under the Banking Act and the Securities Trading Act is to be ensured
  • If significant holdings are held in the institution:
    • Indication of holders of significant holdings
    • Indication of the amount of these holdings
    • Information that is necessary for the assessment of the reliability of the owners or legal representatives or personally liable partners (see above: Declaration of immunity from punishment, model declaration of BaFin)
  • If applicants or holders of significant shareholdings belong to corporations: 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 companies
  • Notifications and documents in accordance with § 2c of the German Banking Act (Kreditwesengesetz) in conjunction with the Bearer Control Ordinance
  • in the case of securities trading companies in the legal form of a sole trader: presentation by the holder of the extent to which he has taken appropriate precautions to protect customers in the event of cessation of his business activities, for example in the event of death or incapacity. The statement contains the consent of the representative named therein and his declaration for the assessment of his reliability (see above: Declaration of Impunity, model declaration of BaFin), provided that it is a natural person.

In the case of financial services institutions applying for a licence pursuant to § 1 para. 1a sentence 2 no. 1- 4 or 11, para. 1 sentence 2 no. 4 or no. 10 of the Banking Act:

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

Application for permission: before commencing business activities

6 months from complete application

Forms: partly available for download

Online procedure possible: no

Written form required: yes

Personal appearance required: no

The text was automatically translated based on the German content.

Federal Ministry of Finance

No authority found