Mediation and advice of financial assets permission

Financial services companies are covered by the tradesubject to authorisation. Anyone wishing to offer certain financial services on their own must apply for a licence from the competent body since 1 January 2013. In the case of partnerships without their own legal personality (e.B. GbR, OHG, KG), all managing partners require their own permission. Permission is required for those who provide investment advice on the following products or to broker contracts for the acquisition of these forms of investment: Shares of Investment companies, Investment stock companies or foreign investment shares that may be publicly distributed within the scope of the Investment Code (KAGB) publicly offered shares in closed-end funds in the form of a limited partnership other investments within the meaning of Section 1 paragraph 2 of the Assets Act (VermAnlG): Shares that grant a shareholding in the result of an enterprise, Shares in assets held or managed by the issuer or a third party in its own name for third-party account (trust assets); Shares in other closed-end funds, Pleasure rights and Bonds of the name Other financial services may require a permit under the Banking Act (KWG).

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Completed application forms Certificate of leadership (document type O) for submission to an authority Extract from the Business Central Register Certificate of the Tax Office in tax matters Evidence that there is no entry in the debtor register and no insolvency proceedings are pending Insurance confirmation of liability insurance Proof of expertise (e.B. diplomas, evidence of periods of professional practice) in the case of legal entities: Extract from the Commercial Register The documents to be submitted (except for the certificate of expertise) may not be older than three months.


The necessary forms are provided by the competent body.

Preconditions
personal reliability The person who has been convicted of one of the following violations is not considered reliable on a regular basis, but one who has been convicted of one of the following violations: Crime Theft Embezzlement Blackmail Fraud Infidelity Money laundering Forgery of documents Stealing Usury Insolvency offences orderly financial situation no ongoing insolvency proceedings no entry in the debtor directory Proof of professional inertial insurance Minimum insurance sum: EUR 1,130,000.00 per insured event and €1,700,000.00 for all insurance claims Proof of the required expertise, possible by: Expert examination before the competent body or equivalent qualifications and possibly corresponding professional experience Natural and legal persons are entitled to apply.

Hints
The following transitional provisions apply to holders who already have an old permit in accordance with Section 34c of the German Commercial Code (GewO): From 1 January 2013, the new permit, including an entry in the intermediary register, must be applied for within six months. After that, the old permission expires automatically. In order to obtain the new permit, the old certificate of authorisation and proof of professional liability insurance must be presented. The financial situation is not checked. Proof of expertise must be provided by 1 January 2015. In the case of continuous self-employment or employment in investment advice and mediation since 1 January 2006, an inventory protection scheme ("Old-Hasen-Regulation") applies. The continuous activity must be demonstrated. For further information, please contact the competent body.