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 during the reporting period, a corresponding declaration must be submitted 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).
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