Financial investment intermediary; application for a permit

If you wish to If you wish to become a self-employed financial investment broker, you must apply for a permit.

Description

As a financial investment intermediary, you independently broker financial products to clients, receiving a commission from the provider of the financial product. If you receive your fee from the client, please apply for a licence as a fee-based financial investment adviser. You may not act as a financial investment intermediary and a fee-based financial investment adviser at the same time.

As a financial investment intermediary, you are restricted to certain financial products by the so-called area exception of the German Banking Act. The permit covers (optionally) three product categories:

  • Units or shares in domestic open-ended
  • investment funds, open EU investment funds
    or foreign open-ended investment funds that are
    may be distributed in accordance with the German Capital Investment Code are permitted
  • Units or shares in domestic closed-ended investment funds, closed-ended EU investment funds or foreign closed-ended investment funds that may be distributed in accordance with the German Capital Investment Code.Investment Act (Kapitalanlagegesetzbuch) Asset investments

In addition to the licence, you must also be entered in the Register of Intermediaries. You can submit the application for this together with the permit application.

Thecontent of your licence may be restricted and subject to ancillary provisions if the authorities deem this to be necessary for the protection of the general public or the clients.
Under the same conditions, the subsequent inclusion, amendment and supplementation of conditions is also permissible.

The competent authority depends on your federal state. You will find an overview in the additional information.

Prerequisites

  • 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 registered 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 of one year in total.
  • expert knowledge through a passed IHK examination or through equivalent training qualifications and possibly corresponding professional experience

Procedure

You send the application for permission with all supporting documents to the relevant competent 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 post.

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.

Special notes

Von der Erlaubnispflicht ausgenommen sind die Vermittler im Sinne des § 2 Absatz 1 Nummer 10 des Gesetzes über das Kreditwesen (KWG). Sie werden in ein von der Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) geführtes öffentliches Register eingetragen.

Deadlines

- none

Processing time

As soon as all documents are complete, the application will be processed within several weeks.

Required documents

  • Erforderliche Unterlage/n

    • Nachweis über die persönliche Zuverlässigkeit:   
      • Führungszeugnis und Auskunft aus dem Gewerbezentralregisters
    • Nachweis über geordnete Vermögensverhältnisse:  
    • Auskunft des Insolvenzgerichts, ob Verfahrens-eröffnung vorliegt (sog. Negativbescheinigung) ​​​​​​

    • Auszug aus dem Schuldnerverzeichnis des zentralen Vollstreckungsgerichts
    • Nachweis einer bestehenden Vermögensschaden-   Haftpflichtversicherung (Bescheinigung im Musterwortlaut) 
    • Sachkundenachweis (IHK-Sachkundeprüfungs-nachweis bzw. Nachweis über gleichgestellte Berufsqualifikation, siehe hierzu auch weiterführende Hinweise) 
    • Bei juristischen Personen und Personenhandels-gesellschaften: Handelsregisterauszug aus dem Land, in dem sich der Haupt-Firmensitz befindet 
    • Ggf. Übersetzung des (fremdsprachigen) Handelsregisterauszugs 

Fees

  • Costs will be incurred. The exact amount can be found in the fee schedule of the competent authority .

Remedy

  • Opposition
  • Administrative court proceedings, in some federal states only possible after objection

Status: 06.03.2022

Responsible for editing: Deutscher Industrie- und Handelskammertag e.V.

  • Online transactions, Bavaria-wide
  • Online transactions, locally limited
  • Prefillable Form, Bavaria-wide
  • Legal bases, Bavaria-wide
  • Legal bases, locally limited
  • Fees, Bavaria-wide
  • Fees, locally limited
Bild zur Leistungsbeschreibung

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