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Have the choice and change of depositaries approved

Service Description

Custodians are used to hold the assets of investment funds in safekeeping. As a capital management company, you are free to choose which custodians you use for your services, provided that the custodian fulfills the legal requirements. However, you must obtain approval from the German Federal Financial Supervisory Authority (BaFin) for every choice and every change of depositary.

BaFin can also impose a change of depositary on you if the depositary does not properly fulfill its legal and contractual obligations or its initial capital falls below the prescribed minimum amount.

Process flow

If you wish to apply for the selection of or change to a new depositary, please use BaFin's online notification and publication platform (MVP):

  • To do so, 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 "KAGB notification procedure - funds".
    • 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.
  • Upload the required documents after activation. Submit all documents exclusively via the MVP.
  • Once the documents have been successfully submitted, you will receive an electronic confirmation of receipt from BaFin.
  • BaFin will check your request.
  • If the documents are complete and the choice or change of depositary meets the legal requirements, you will receive written approval from BaFin.

Requirements

You want to set up a new investment fund or change the depositary for an existing investment fund.

Which documents are required?

  • Notification of selection or change of depositary
  • Attach to the notification a list of the investment funds to be managed, including details of the new depositary.
  • If a depositary is appointed for a UCITS investment fund with which a group relationship exists, attach a report on the duties of the depositaries.
  • If the institution or branch concerned is not already acting as a depositary for investment funds of the same type with the approval of BaFin or at BaFin's request, please enclose the following documents:
    • CVs of the management responsible for the depositary functions, unless these are already available to BaFin and are not older than 1 year
    • business plan
    • Description of the organizational arrangements including the personnel structure and resources
    • Depositary agreement, if applicable in the final negotiated version
    • Confirmation of the branch about the audit, if applicable

What are the fees?

Fee: 302,00 EUR
Payment in advance: No
If the depositary or the trustee has already been the subject of an approval or audit: EUR 302.00 If the depositary or trustee has not yet been the subject of an approval or audit: Fee based on time spent

What deadlines do I have to pay attention to?

You must have the authorization before you instruct the depositary.

Processing duration

Processing Time: 2 - 4 Weeks
Processing usually takes 2 to 4 weeks if the institution in question already acts as a depositary for investment funds of the same type.

Legal basis

Applications / forms

  • Appeal.
  • Detailed information on how to lodge an objection can be found in the notification of your application.
  • In the absence of a remedy, appeal to the administrative court

What else should I know?

There are no indications or special features.

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

05.07.2023

Source: Zuständigkeitsfinder Thüringen (Linie6PLus)

Start your request directly online:

Competent Authority

Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)

Address
Graurheindorfer Straße 108
53117 Bonn, Stadt
Remark: Address Bonn
Link to the directions:
Anfahrt

Postal address
Post office box 1253
53002 Bonn, Stadt

Address
Marie-Curie-Straße 24-28
60439 Frankfurt am Main
Remark: Address Frankfurt am Main
Link to the directions:
Anfahrt

Postal address
Post office box 500154
60306 Frankfurt am Main
Telephone
+49 228 4108-0
Fax
+49 228 4108-1550
E-Mail
Contact us
Remark: General
E-Mail
Contact us
Remark: with qualified electronic signature
E-Mail
Contact us
Remark: especially for appointment notices regarding supervisory and administrative board members
WWW
Website of the Federal Financial Supervisory Authority (BaFin)
DE-Mail
poststelle@bafin.de-mail.de
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