Financial investment intermediary; application for a permit
If you wish to become a self-employed financial investment broker, you must apply for a permit.
- The reliability required for the business operation, i.e. you have not been convicted of fraud or other crimes in the last 5 years
- Financial circumstances in order, i.e. you are not in private insolvency or entered in the debtors' register
- Professional liability insurance with a minimum coverage of 1.130.000,00 Euro for each insured event and 1.700.000,00 Euro for all insured events in one year in total.
- Expert knowledge through a passed IHK examination or through equivalent training qualifications and possibly corresponding professional experience
You send the application for permission with all supporting documents to the relevant authority.
- The authority checks on the basis of your information and documents whether the legal requirements for the granting of permission are fulfilled.
- If you meet the requirements, you will receive the permit 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 start working.
Intermediaries as defined in 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 Federal Financial Supervisory Authority (BaFin).
As soon as all documents are complete, processing takes place within several weeks.
- Administrative court proceedings, in some federal states only possible after objection
Links to more information
Responsible for editing:Deutscher Industrie- und Handelskammertag e.V.
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