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Brokerage and advice on financial investments Authorisation


  • If youwant to workas a financial investment broker or financial investment advisor, you needa licence
  • Authorisation may be granted to a natural or legal person
  • Responsible: depending on the federal state, the Chamber of Industry and Commerce, trade authoritiesor districts / independent cities

Process flow

You send the application for permission with all supporting documents to the relevantauthority.

  • On the basis of your information and documents, the authoritywill check whether the legal requirements for granting a licence have been met
  • If you meet the requirements, you will receive permission in writing by mail

If you have not already applied for entry in the register of intermediaries together with the licence, you muststill be entered in the register of intermediaries before youtake action.

Who should I contact?

The responsibility lies with the Chamber of Industry and Commerce (IHK), in whose territory the business is located.

This procedure can also be carried out through a "Point of Single Contact". The "Point of Single Contact" is a special service offered by the municipalities and the state for service providers.

Competent authority

The chambers are responsible.

Requirements

  • Thereliability required for the business, i.e. You have not been convicted of fraud or other crimes in the last 5 years
  • orderly assetrelations, i.e. You are not in personal insolvency or are registered in the register of debtors
  • Professional indemnity insurance with a minimum coverage of 1,130,000.00 euros foreach insured event and 1,700,000.00 euros forall insurance casesin a total year.
  • Expertise through a passed IHK examor equivalent training qualificationsand possiblycorresponding professional experience

Which documents are required?

  • Proof of personalreliability:
    • Certificate of good conductand information from the Central Trade Register
  • Proof of ordered assets:
  • Information from the insolvency court as to whether the proceedingshave been opened (so-called negative certificate)
  • Extract from the list of debtors of the Central Enforcement Court
  • Proof of an existing financiallossLiability insurance (certificate in sample wording)
  • Certificate of competence (Chamber of Industry and Commerce) certificate of proficiency orproof of equivalent professional qualification, see also furtherinformation)
  • In the case of legal entities and commercial partnerships: extract from the commercial register from the country in which the company's main registered office is located
  • If necessary. Translationof the (foreign-language) excerpt from the commercial register

What are the fees?

Fee: 325,00 - 365,00 EUR
Payment in advance: No

What deadlines do I have to pay attention to?

None

Processing duration

As soon as all documentsare complete, the processing takes place within several weeks.

Applications / forms

  • Forms:
    Application for a licence as a financial investment intermediary (use is recommended)
  • Online procedure possible if necessary
  • Written form required: no
  • Personal appearance required: no

Appeal

If the addressee (usually the applicant) has legal doubts or concerns about the decision on the permit or the details of it, these can be reviewed by way of an action for commitment or rescission before the competent administrative court, depending on their legal nature.

In Lower Saxony, a preliminary procedure is not provided for by § 80 of the Lower Saxony Justice Act. Therefore, no objection is admissible, but rather an administrative court action must be brought directly.

What else should I know?

Intermediaries within the meaning of Section 2 (1) No. 10 of the German Banking Act (KWG) are exempt from the authorisation requirement. They are entered in a publicregister maintained by the Federal Financial Supervisory Authority (BaFin).

Technically approved by

Lower Saxony Ministry of Economic Affairs, Labour, Transport and Digitalisation

Source: Serviceportal Niedersachsen (Portalverbund des Bundes und der Länder)