Financial investment intermediary; application for a permit

If you wish to become a self-employed financial investment broker, 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 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

Procedure

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.

Special notes

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).

Deadlines

- none

Processing time

As soon as all documents are complete, processing takes place within several weeks.

Required documents

  • Required document/s

    • Proof of personal reliability:
      • Certificate of good conduct and information from the central trade register
    • Proof of orderly financial circumstances:
    • Information from the insolvency court as to whether proceedings have been opened (so-called negative certificate)

    • Extract from the debtor register of the central enforcement court
    • Proof of existing financial loss liability insurance (certificate in sample wording)
    • Proof of expertise (IHK certificate of expertise 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 head office is located
    • Translation of the (foreign-language) extract from the commercial register, if applicable

Fees

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

Remedy

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

Status:21.01.2024

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

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