Leistungen A-Z

As a fee-based financial investment advisor, you advise on financial products for which you receive a fee from the client. You are independent of the product provider and therefore may not receive any commissions or

other benefits from the provider of the financial products.

If, on the other hand, you work on a commission-based basis, you must apply for a license as a financial investment broker instead.

As a fee-based financial investment advisor, you are restricted to certain financial products by a so-called exemption from the German Banking Act and the German Securities Institutions Act.

limited. The license covers (optionally) three product categories:

• Units or shares in domestic open-ended investment funds
• open-ended EU investment funds or open-ended foreign investment funds that may be distributed in accordance with the German Investment Code.
• 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.
• Investments

Permission may be granted to a natural person or a legal entity. Partnerships (commercial partnerships) such as the civil law partnership (GbR), the general partnership (OHG) or the

commercial partnership (OHG) or the limited partnership (KG) cannot be granted permission. In these cases, each managing partner must apply for their own permit.

In addition to obtaining a license, you must also be entered in the register of intermediaries immediately after commencing your activities.

Your license may be restricted in terms of content or subject to conditions if this is necessary to protect the general public or investors.

You cannot act as a financial investment broker at the same time.

• You must be personally reliable. This means that you have not been convicted of a crime or theft, embezzlement, blackmail, fraud, embezzlement, money laundering, forgery, receiving stolen goods, usury or an insolvency offense in the five years prior to submitting the application.
• This also applies to persons who are entrusted with the management of the company or a branch office.
• They must have orderly financial circumstances. This means, for example, that no insolvency proceedings have been opened against your assets or that you are not entered in the debtor register of the central enforcement court.
• You must have professional liability insurance.
• You must be knowledgeable, e.g. "Certified Finanzanlagenfachmann/Geprüfte Finanzanlagenfachfrau" or have an equivalent professional qualification.

• Proof of personal reliability (e.g. certificate of good conduct for submission to an authority, information from the central trade register, certificate in tax matters from the tax office)
• Proof of orderly financial circumstances (e.g. information from the debtor register of the enforcement court and information from the insolvency court)
• Proof of professional liability insurance
• Proof of expertise (e.g. certificate of having passed the Chamber of Industry and Commerce (IHK) examination, certificate of an equivalent professional qualification) (see further information)
• Extract from the commercial register for legal entities and commercial partnerships

Please note: You can find out which documents are required in your specific case on the application form from the competent authority.

Fees apply. The exact amount can be found in the fee schedule of the local licensing authority or registry.

State of Brandenburg:

The fees are based on subheading 2.2.6.7 of Annex 1 to the MWAEGebO.

In order to obtain a license as a fee-based financial investment advisor, you must submit a corresponding application together with the necessary documents to your authority.

At the same time as your application, you can also apply for entry in the register of intermediaries.

The competent authority will check whether you meet the requirements based on the information you provide and the documents you submit.

If you meet all the licensing requirements, you will receive the license.

The permit must be issued before the activity begins.

At the same time, you must notify the office responsible for business registrations of the start of the activity.

Pursuant to Section 1 (1) GewRZV, the local regulatory authorities are responsible, i.e. the local authorities, independent municipalities, association municipalities, co-administrating municipalities, co-administered municipalities and independent cities.

• § 34h Gewerbeordnung (GewO)
• § 34f Abs. 2-6 Gewerbeordnung
• § 11a Abs. 3a Gewerbeordnung
• § 1 Abs. 2 Vermögensanlagengesetz (VermAnlG)
• § 1 Abs. 1a S. 2 Nr. 1a Kreditwesengesetz
• § 2 Abs. 6. S. 1 Nr. 8 Kreditwesengesetz
• Verordnung über die Finanzanlagenvermittlung (Finanzanlagenver-mittlungsverordnung – FinVermV)

If you employ staff who are directly involved in providing investment advice, you must ensure their reliability and expertise and also have them entered in the register of intermediaries.

Here you will find an overview of the professional qualifications equivalent to the expert examination: Section 4 of the Financial Investment Brokerage Ordinance (FinVermV)

Ministry of Economic Affairs, Industry, Climate Protection and Energy of the State of North Rhine-Westphalia