As a fee-based financial investment advisor, you independently broker financial products to clients in exchange for a fee from the client. However, you may not receive any commissions or benefits from the provider of the financial products. In this case, you must apply for a permit as a financial investment broker. However, you may not act as a financial investment intermediary and fee-based financial investment advisor at the same time.
As a fee-based financial investment advisor, 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-ended EU investment funds or foreign open-ended investment funds that may be distributed in accordance with the German Investment Code.
- Units or shares in domestic closed-end investment funds, closed-end EU investment funds or foreign closed-end investment funds that may be distributed in accordance with the German Investment Code.
- Asset investments
In addition to the permit, you must also be entered in the register of intermediaries. You can submit the application for this together with the permit application.
The content of your permit can be restricted and linked to ancillary provisions if, in the opinion of the authority, this is necessary for the protection of the general public or the clients.
Under the same conditions, the subsequent inclusion, amendment and supplementation of conditions are also permitted.