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Mediation and advice of financial investments Licence


  • If you want to become a professional financial investment broker or financial investment advisor, you need a permit
  • Permission may be granted to a natural or legal person.
  • Responsible: depending on the federal state Chamber of Industry and Commerce, commercial authoritiesor districts / independent cities

Process flow

They send the application for permission with all supporting documents to the competentauthority.

  • On the basis of your information and documents, the authority checks whether the legal requirements for granting permission are met.
  • If you meet the requirements, you will receive permission in writing by post.

If you have not already applied for entry in the register of intermediaries together with the permission, you must register in the register of intermediariesbefore you become active.

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 municipalities and the state for service providers.

Competent authority

The chambers are responsible.

Requirements

  • Thereliability necessary for the commercial enterprise, i.e. You have not been convicted of fraud or other crimes in the last 5 years
  • orderly assets, i.e. You are not in personal bankruptcy or are entered in the register of debtors
  • Professional indemnity insurance with a minimum coverage of 1,130,000.00 euros for each insured event and 1,700,000.00 eurosforall insurance claimsof one year in total.
  • Expertise through a passed IHKPurexamination or through equivalent training qualificationsand possiblycorresponding professional experience

Which documents are required?

  • Proof of personalreliability:
    • Managementcertificate and information from the Central Trade Register
  • Proof of superordinate assets:
  • Information from the insolvency court as to whether proceedingshave been opened (so-called negative certificate)
  • Extract from the register of debtors of the central enforcement court
  • Proof of an existing damage toassetsLiability insurance (certificate in the model wording)
  • Certificate of competence (IHK certificate of examination or proof ofequivalent professional qualification, see also further information)
  • For legal entities and commercial partnerships: extract from the commercial register from the country in which the head office is located
  • If necessary. Translationof the (foreign-language) extract 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)
  • If necessary, online procedures possible
  • Written form required: no
  • Personal appearance required: no

Appeal

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

In Lower Saxony, preliminary proceedings are not provided for by § 80 Nds. Therefore, no objection is admissible, but rather administrative court action must be brought directly.

What else should I know?

Intermediaries within the meaning of § 2 (1) no. 10 of the German Banking Act ( Gesetz über das Kreditwesen, KWG) are exempt from the authorisation requirement. They are entered in a public register maintained by the German Federal FinancialSupervisory Authority (BaFin).

Technically approved by

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

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