Investment broker
Investment broker according to § 34f GewO (German trade regulations) - Permit
Anyone who plans to provide consultation and mediation according to § 34f (1), clause 1 GewO for
- share certificates of a capital investment company or investment stock corporation or foreign investment funds that may be traded publically within the scope of the Investment Act
- closed funds in the form of a limited partnership
- other financial assets in the sense of § 1 (2) of the German Investment Ordinance (e.g. shares in other closed funds traded publically within the country, participation rights)
needs an official permit.
Which documents do I need?
- Extract from the commercial register for submission to the authorities ("Type 9 Document")*
Clearance certificate for submission to the corresponding authorities ("Type O Document")*
Note:
These documents must be requested at your place of residence for submission to the relevant authorities, i.e. they are sent directly to the responsible office. Your application must include the exact address of the responsible permit office and the reference "Permit application according to § 34f (1), clause 1 GewO" The provided documents must be no older than six months.
- Certificate on tax matters from the tax office (original, no older than six months)
- Proof of professional liability insurance for legal entities/natural persons and commercial partnerships said entity/person is involved in, according to § 34f (2) No. 3 GewO, §§ 9 ff. FinVermV
Proof of competence for investment brokers through proof* of
- a successfully completed expert exam in accordance with § 34f (2) No. 4 GewO, §§ 1 ff. FinVermV
a professional qualification of equivalent standing as per §§ 4 of VersVermV
If evidence of professional experience is required, please provide copies of the corresponding documents.
- Excerpt from the trade or cooperative register or the register of associations (current copy); or, if the society is still in the course of formation, the articles of association (for legal entities)
The following information will be obtained directly by the Chamber of Commerce (IHK):
- Information on entries in the debtor's list and the register of bankruptcy of the local court(s) the jurisdiction of which a place of residence or commercial place of business was located in over the past five years
Note for legal entities:
Documents with a * must be provided for all representatives authorized in accordance with the law, statute, or articles of association.
Anything else I should know?
The permit as per § 34f GewO does not entitle its holder to arrange financial investments as long as the person holding the business licence operates as a tied agent in accordance with § 2 (10) KWG. Previously tied agents should always make sure that they are not still identified as "active" in the register of tied agents at the time of first use of the permit in accordance with § 34f GewO.