Fee-based financial investment advisor; application for a permit

If you wish to set up your own business as a fee-based financial investment advisor, you must apply for a permit.

Description

Prerequisites

  • The reliability required for the business operation, i.e. you have not been convicted of fraud or other crimes in the last five 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 in one year in total.
  • You can prove the required expertise by passing an IHK examination or by equivalent training qualifications and possibly corresponding professional experience

Procedure

You send the application for permission with all supporting documents to the authority responsible in your federal state.

  • 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.
  • Before you start your activity, you must submit an application for inclusion in the Register of Intermediaries.

If you have received the permit, you must register your trade before you start your activity.

Deadlines

none

Processing time

A few weeks after all documents are complete.

Required documents

  • The following documents are required:

    • Proof of personal reliability: certificate of good conduct and information from the central business register (both for submission to an authority).
    • Proof of orderly financial circumstances: Information from the insolvency court as to whether proceedings have been opened (so-called negative certificate).
    • Extract from the debtors' register of the central enforcement court
    • Proof of existing pecuniary loss liability insurance (certificate in sample wording)
    • Proof of expert knowledge (IHK proof of expert knowledge examination or proof of equivalent professional qualification, see also further information).
    • For legal entities and commercial partnerships: Extract from the commercial register of the country in which the company's head office is located.
    • If applicable, translation of the (foreign language) extract from the commercial register

Fees

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

Remedy

Opposition

Status:02.02.2024

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

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