Service Finder

back

Have investment sales prospectuses approved

Service Description

The sales prospectus for investments enables investors to obtain information about the investment product and the issuer before making a purchase. In Germany, it is mandatory by law to file an associated sales prospectus for investments with BaFin and then publish it. The sales prospectuses are intended to help investors make an informed investment decision.

You can only offer new investments to the public if you have prepared a sales prospectus for them. This must first be approved by the German Federal Financial Supervisory Authority (BaFin). There are statutory minimum requirements for the minimum content and structure of the sales prospectus, which are set out in the German Investment Act (VermAnlG) and the German Investment Sales Prospectus Ordinance (VermVerkProspV).

You are obliged to file a prospectus and have it approved by BaFin beforehand if your public offer is subject to the prospectus requirement. This is regulated in § 6 VermAnlG.
BaFin checks whether the sales prospectus complies with the legal requirements set out in the VermAnlG and the VermVerkProspV. In particular, it is important that it contains complete, comprehensible and consistent information about the investment product. However, BaFin does not assess whether the offer is reputable or whether the contents of the prospectus are true.

You can only submit the prospectus for review and filing via BaFin's notification and publication platform (MVP).

Process flow

If your intended public offer is subject to the prospectus requirement, please submit the application for approval and filing of a prospectus and for approval and filing of a VIB for the prospectus exclusively via BaFin's notification and publication platform (MVP).

  • To do this, log in to the MVP with your access data.
  • If you do not yet have access: First register on the MVP.
  • Select the specialist procedure "Prospectuses (VO/WpPG/VermAnlG)".
  • Please note that you must be registered for the specialist procedure. If you are not yet registered, you can do so in the "Specialist procedure" section ("Apply for specialist procedure").
  • Select "Submit notification" and complete the online application.
  • Once you have been activated, upload the approvable prospectus and the other required documents in a ZIP file.
  • Submit all documents exclusively via MVP.
  • You must always check whether the transmission was successful in the "View log" menu item. Only then can the transmission be considered successful.
  • You will only receive confirmation of receipt from BaFin once the documents have been successfully transmitted.

If the documents are complete and the sales prospectus and the VIB for the sales prospectus meet the legal requirements, you will receive a notification from BaFin that the documents have been approved and deposited. If the documents submitted do not meet the requirements, BaFin will inform you by letter. You then have the opportunity to correct the identified deficiencies.

Requirements

The sales prospectus must comply with the legal requirements of the VermAnlG and the VermVerkProspV in terms of content and form.

Which documents are required?

Please submit the following documents for the approval and filing procedure:

  • Cover letter (template available online)
  • Authorization of a (legal) representative, if applicable
  • Crossover checklist for investment prospectuses (available online)
  • Investment sales prospectus
  • Investment information sheet for the sales prospectus (VIB)

If you as the issuer are domiciled abroad, you must also submit a power of attorney for an authorized person domiciled in Germany in accordance with Section 5 VermAnlG.

What are the fees?

Fees are charged in accordance with the Financial Services Supervision Fees Ordinance (FinDAGebV).

What deadlines do I have to pay attention to?

  • They are obliged to publish the sales prospectus one working day before the intended public offering of the investment. The approval and filing procedure must be completed before the prospectus is published.
  • Sales prospectuses are valid for 12 months from their approval for public offerings in Germany. If the investment is to continue to be offered to the public thereafter, you must prepare a new sales prospectus and submit it to BaFin for approval and filing (resubmission; so-called "continuation sales prospectus").
  • If your application documents are incomplete, BaFin will generally inform you within 10 working days of receipt of the sales prospectus and the VIB for the sales prospectus.

Processing duration

Processing Time: 10 - 20 Days
Processing time per examination run in working days.

Legal basis

Appeal

Forms available: No

Written form required: No

Informal application possible: No

Personal appearance necessary: No

Further Information

Author

Forwarding service: Deep link to the original portal

Federal Financial Supervisory Authority (BaFin)

The text was automatically translated based on the German content.

Technically approved by

Federal Ministry of Finance (BMF)

Professionally released on

12.05.2022

Source: Zuständigkeitsfinder Thüringen (Linie6PLus)

Start your request directly online:

Competent Authority

Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), MVP-Antragsverfahren

Address
Marie-Curie-Str. 24 - 28
60439 Frankfurt am Main
E-Mail
Contact us
Remark: for technical questions about the MVP Portal
WWW
Federal Financial Supervisory Authority (BaFin)
WWW
Contact form
Opening times

No public traffic is planned.

Further Authorities

Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Referat WA 54
Address
Marie-Curie-Straße 24-28
60439 Frankfurt am Main
Telephone
+49 228 41080
Fax
+49 228 410863110
Remark: For the submission of applications.
E-Mail
Contact us
E-Mail
Contact us
Remark: For technical questions in the ongoing process.
WWW
Federal Financial Supervisory Authority (BaFin)