Service Finder
Financial investment intermediary permit application
Service Description
As a financial investment broker, you independently broker financial products to customers or provide advice on them, receiving a commission from the provider of the financial product. If you receive your fee from the customer, please apply for a license as a fee-based financial investment advisor. You may not act as a financial investment intermediary and a fee-based financial investment advisor at the same time.
As a financial investment intermediary, you are restricted to certain financial products by the so-called area exception of the German Banking Act. The permit covers (optionally) three product categories:
- Units or shares in domestic open-end
- open-ended investment funds, open-ended EU investment
or foreign open-ended investment funds that are
may be distributed in accordance with the German Investment Code (Kapitalanlagegesetzbuch) - Units or shares in domestic closed-ended investment funds, closed-ended EU investment funds or foreign closed-ended investment funds that may be distributed in accordance with the German Investment Code (Kapitalanlagegesetzbuch).
In addition to the permit, you must also be entered in the register of intermediaries. You can submit the application for this together with the permit application.
The content of your permit can be restricted and linked to ancillary provisions if the authorities deem this to be necessary for the protection of the general public or the clients.
Under the same conditions, the subsequent inclusion, amendment and addition of conditions are also permitted.
In addition, employees who assist in mediation and consulting must be entered in the register by the Chamber of Industry and Commerce.
Process flow
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.
Who should I contact?
Contact the relevant trade authority, which will forward the necessary data to the registration authority (IHK).
To register employees, contact the IHK directly.
Requirements
- 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 registered 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 of one year in total.
- Expert knowledge through a passed IHK examination or through equivalent training qualifications and possibly corresponding professional experience
Which documents are required?
- Proof of personal reliability:
- Certificate of good conduct and information from the central business 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 debtors' register of the central enforcement court
- Proof of existing pecuniary loss liability insurance (certificate in sample wording)
- Proof of expert knowledge (IHK proof of expert knowledge examination 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 company's registered office is located.
- If necessary, translation of the (foreign-language) extract from the commercial register
What are the fees?
Registration and expert examination
Please refer to the fee schedule of the responsible IHK for the fees.
Permit procedure, changes, cancellation
Please refer to the fee schedule of the respective trade authority for the fees.
What deadlines do I have to pay attention to?
There are no deadlines to be observed.
Processing duration
As soon as all documents are complete, processing takes place within several weeks.
Legal basis
Applications / forms
- Objection
- Administrative court proceedings, in some federal states only possible after objection
Appeal
- Forms:
Application for permission to act as a financial investment intermediary. - Online procedure possible
- Written form required: no
- Personal appearance required: no
What else should I know?
You must also notify us immediately of any changes to the information stored in the register.
Intermediaries within the meaning of Section 2 (1) No. 10 of the German Banking Act (KWG) are exempt from the obligation to obtain a license. They are entered in a register maintained by the Bundesanstalt für
Financial Services Supervisory Authority (BaFin).
- You can take the "Geprüfter Finanzanlagenfachmann/ -frau IHK" examination at any IHK that offers this examination.
- Financial investment brokers must fulfill extensive information, consulting and documentation obligations.
Further information can be found on the websites of the Chambers of Industry and Commerce.
Author
The text was automatically translated based on the German content.
Technically approved by
Thuringian Ministry for Economy, Science and Digital Society
Professionally released on
27.05.2022
Source: Zuständigkeitsfinder Thüringen (Linie6PLus)
Competent Authority
Industrie- und Handelskammer (IHK) Erfurt
Address
99096 Erfurt
Postal address
99104 Erfurt
Opening times
Mon. 08:00 - 17:00
Tue. 08:00 - 17:00
Wed. 08:00 - 17:00 h
Thur. 08:00 - 17:00 h
Fri. 08:00 - 14:30 h
Transport connection
Parking spaces
Parkhaus "Am Stadion"
Fees: yes
