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Brokerage and advice of financial investments Permit

  • If youwish to become a commercial financial investment intermediary or financial investment advisor, you must obtain a licence
  • Permission may be granted to a natural or legal person
  • Additional: depending on the federal state Chamber of Industry and Commerce, trade authorities or districts / district-free st ädt

Process flow

You send the application for permission with all the evidence to the competent authority.

  • On the basis ofyour information and documents, the authority will check whether the legal requirements for granting a permithavebeen met.
  • If you meet the requirements, you will receive permission in writing by post

If you have not already applied for the entry in the register of intermediaries together with the permission, you muststill register in the register of intermediaries before youare appointed.

Who should I contact?

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

This procedure can also be handled 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.

Find your Point of Single Contact

Competent authority

The chambers are responsible.

Requirements

  • Thereliability required for the commercial enterprise, i.e. You have not been convicted of fraud or other crimes in the last 5 years
  • Orderly tradeagreements, i.e. You are not in private insolvency or are entered in the debtor register
  • Professional indemnity insurance with a minimum coverage of EUR 1,130,000.00 foreach insured event and EUR 1,700,000.00 forall insurance casesin a total of one year.
  • Competence through a passed IHKPrpassing or through equivalent trainingqualifications and possiblypubliclycorresponding professional experience

Which documents are required?

  • Proofof personal publicreliability:
    • Certificateof completion and information from the Central Trade Register
  • Proof of orderly relationships:
  • Information from the insolvency court as to whether the openingof proceedings has been made (so-called negative certificate)
  • Extract from the debtor register of the central enforcement court
  • Proof of existingpublicdamagesNumberment insurance (certificate in sample wording)
  • Certificate of competence (IHKSachkundeprfungsnachweis or proof of equivalent professional qualification, see also furtherinformation)
  • For legal entities and partnerships: Extract from the commercial register from the country in which the head office of the company is located
  • If applicable. Translationof the (foreign-language) extract from the commercial register

What are the fees?

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

Website of the IHK Stade

What deadlines do I have to pay attention to?

None

Processing duration

As soon as all documentsare completely available, 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 there are legal doubts or concerns about the decision on the permit or details thereof on the part of the addressee (usually the applicant), these can be reviewed by means of an action for an obligation or annulment before the competent administrative court, depending on the legal nature.

In Lower Saxony, a pre-litigation procedure is not provided for by § 80 Nds. 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 § 2 paragraph 1 number 10 of the German Banking Act (KWG) are exempt from the authorisation requirement. They are entered in apublic register maintained by the Federal Financial Supervisory Authority (BaFin).

Technically approved by

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

Source: Serviceportal Niedersachsen (Linie6PLus)

Further Links

Single points of contact of the state of Lower Saxony, Single points of contact of the countries of Europe, advice and assistance for EU citizens and their families.