Financial investment intermediary or fee-based financial investment advisor; submission of audit report or negative declaration

Financial investment intermediaries or fee-based financial investment advisors must submit an audit report due to the annual audit requirement or, if they have not been active, a negative declaration.

Description

If you work as a financial investment broker or fee-based financial investment advisor, you are subject to an annual audit requirement.

At your own expense, you must have compliance with the professional duties arising from Sections 12 to 23 of the Financial Investment Brokerage Ordinance audited for each calendar year by a suitable auditor (e.g. an auditor).

You must submit the audit report to the authority responsible for granting the license by December 31 of the following year at the latest.

If you worked exclusively for a sales company, you are entitled to submit a so-called system audit report instead of the individual audit report. This confirms the appropriateness and effectiveness of the sales company's internal control system for compliance with the professional duties arising from Sections 12 to 23 of the German Financial Investment Mediation Ordinance (Finanzanlagenvermittlungsverordnung) by the affiliated traders for the audit period. You must then submit an individual audit report after four years at the latest.

If you have not carried out any activity requiring a license pursuant to Section 34f (1) or Section 34h (1) Sentence 1 of the Trade Regulation Act (Gewerbeordnung) during the reporting period, you must submit a corresponding declaration to the competent authority in writing and without being requested to do so by December 31 of the following year at the latest (so-called negative declaration).

Prerequisites

Pursuant to Section 24 (1) of the Ordinance on the Intermediation of Financial Assets (Finanzanlagenvermittlungsverordnung), you are required to submit an audit report if you were active as a financial asset intermediary or fee-based financial asset advisor in the respective reporting year. This audit report determines whether you have complied with the professional duties pursuant to §§ 12-23 of the Financial Investment Brokerage Ordinance in the respective calendar year.

If you were not active in the respective reporting year, you are required to submit a negative declaration.

Procedure

If you were active with your permit according to § 34f or § 34h Gewerbeordnung in the respective calendar year, the created audit report must be submitted to the competent authority. If you were not active with your permit according to § 34f or § 34h Gewerbeordnung in the respective calendar year, submit a negative declaration to the competent authority. Many authorities offer appropriate forms for this purpose. The audit report is then examined and archived.

If the audit report was not free of objections and contains violations, the forwarding of the report to the responsible administrative offenses authority is checked. If statements in the audit report are incorrect or unclear, the authority can request additional information.

Deadlines

The audit report or negative declaration shall be submitted no later than December 31 of the following calendar year.

Processing time

The processing time can take several weeks and
depends on the scope of the report.

Required documents

  • The following documents are required:

    • Individual audit report
    • Negative declaration
    • System audit report (possible if you are affiliated with a sales company)

Fees

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

Status: 27.02.2022

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

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  • 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
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