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Schleswig-Holstein

Apply for a license as a financial investment broker

Source: Zuständigkeitsfinder Schleswig-Holstein (Linie6PLus)

Service Description

Anyone wishing to broker financial investments or advise on financial investments independently as a trader requires a license.

Anyone who brokers financial investments or advises on financial investments independently as a trader requires a license in accordance with Section 34f GewO.
In addition to the license, the financial investment broker must be entered in the register of financial investment brokers. The license and entry in the register are issued by the Chamber of Industry and Commerce upon application.

Financial investments within the meaning of § 34f GewO are

  • Share certificates of a capital investment company or investment stock corporation or of foreign investment shares that may be publicly distributed within the scope of the Investment Act;
  • Shares in closed-end funds in the form of a limited partnership;
  • other investments within the meaning of Section 1 (2) of the German Investment Act (e.g. shares in other closed-end funds publicly offered in Germany, profit participation rights).

Who should I contact?

To the relevant Chamber of Industry and Commerce in Schleswig-Holstein.

Important note:

An electronic application (application assistant) is available for applying for a "financial investment broker and financial investment advisor" license via the Single Point of Contact Schleswig-Holstein.

Which documents are required?
  • Information from the central trade register for submission to an authority (document type 9)
  • Police clearance certificate for submission to an authority (document type 0)
  • Certificate of property damage liability insurance (insurance confirmation)
  • Proof of expertise:
    • Successful completion of the IHK professional examination or
    • equivalent professional qualification in accordance with § 4 FinVermV or
    • Grandfathering "old hands regulation" (no proof of expertise required for brokers who have worked continuously as financial investment brokers since January 1, 2006; proof by e.g. submission of complete inspection reports in accordance with Section 16 (1) MaBV)
  • Certificate in tax matters from the tax office (original)
  • Clearance certificate from the tax office / municipal treasury (original)
  • Additionally, if the applicant is a legal entity: Extract from the commercial, cooperative or association register or, if the company is in the process of being founded, the articles of association

The IHK will also obtain information on entries in the debtor register and insolvency register at the local court.

What are the fees?
  • Permit: 240,00 €
  • Replacement issue of a permit: € 40.00
  • Rejection decision in the permit procedure: € 120.00
  • Revocation/withdrawal of the permit: € 120.00
  • Permit procedure according to § 157 para. 2 GewO (transfer): € 180.00
  • Entry in the register: € 40.00
  • Amendment of register data outside of the business registration: € 25.00
  • Written information from the register: € 15.00
What deadlines do I have to pay attention to?
  • For holders of the old license § 34c para. 1 sentence 1 no. 2 and 3 GewO (financial investments):
    Since the entry into force on January 1, 2013, holders of Section 34c para. 1 sentence 1 no. 2 and 3 GewO (financial investments) licenses have six months to apply for the new license in accordance with Section 34f GewO and register. After this period, the § 34c para. 1 sentence 1 no. 2 and 3 GewO license expires. This means that the new § 34f GewO permit must be issued by June 30, 2013.
    Please note: This does not apply to licenses as real estate brokers and/or loan brokers.
    When applying for the new license and submitting the previous license certificate, there is no check of reliability and orderly financial circumstances. However, the applicant must provide proof of professional liability insurance. The IHKs issue the license and enter the data in a public register. Proof of expertise must be submitted to the relevant licensing authority within 2 years of the new law coming into force, i.e. by January 1, 2015.
  • For new applications for licenses under Section 34f GewO: none
Legal basis

§ Section 34f (1) of the Trade Regulation Act (GewO)

  • §§ Sections 34c, 34f, 157 para. 3 of the German Trade Regulation Act (GewO)
  • Ordinance on Financial Investment Brokerage (Financial Investment Brokerage Ordinance - FinVermV)
  • Act amending the Financial Investment Brokerage and Asset Management Act (VermAnlG amendment)
  • Fee schedule of the Kiel Chamber of Industry and Commerce dated December 9, 2009 with the amendments dated December 3, 2012 (published in the Federal Gazette on January 21, 2013, No.: 130112036851)
Applications / forms

Application forms can be found on the IHK website.

What else should I know?

Further information can be found on the website of the IHK Schleswig-Holstein.

Author

The text was automatically translated based on the German content.

Teaser

Anyone wishing to broker financial investments or advise on financial investments independently as a trader requires a license.

Who should I contact?

To the relevant Chamber of Industry and Commerce in Schleswig-Holstein.

Important note:

An electronic application (application assistant) is available for applying for a "financial investment broker and financial investment advisor" license via the Single Point of Contact Schleswig-Holstein.

Which documents are required?

  • Information from the central trade register for submission to an authority (document type 9)
  • Police clearance certificate for submission to an authority (document type 0)
  • Certificate of property damage liability insurance (insurance confirmation)
  • Proof of expertise:
    • Successful completion of the IHK professional examination or
    • equivalent professional qualification in accordance with § 4 FinVermV or
    • Grandfathering "old hands regulation" (no proof of expertise required for brokers who have worked continuously as financial investment brokers since January 1, 2006; proof by e.g. submission of complete inspection reports in accordance with Section 16 (1) MaBV)
  • Certificate in tax matters from the tax office (original)
  • Clearance certificate from the tax office / municipal treasury (original)
  • Additionally, if the applicant is a legal entity: Extract from the commercial, cooperative or association register or, if the company is in the process of being founded, the articles of association

The IHK will also obtain information on entries in the debtor register and insolvency register at the local court.

What are the fees?

  • Permit: 240,00 €
  • Replacement issue of a permit: € 40.00
  • Rejection decision in the permit procedure: € 120.00
  • Revocation/withdrawal of the permit: € 120.00
  • Permit procedure according to § 157 para. 2 GewO (transfer): € 180.00
  • Entry in the register: € 40.00
  • Amendment of register data outside of the business registration: € 25.00
  • Written information from the register: € 15.00

What deadlines do I have to pay attention to?

  • For holders of the old license § 34c para. 1 sentence 1 no. 2 and 3 GewO (financial investments):
    Since the entry into force on January 1, 2013, holders of Section 34c para. 1 sentence 1 no. 2 and 3 GewO (financial investments) licenses have six months to apply for the new license in accordance with Section 34f GewO and register. After this period, the § 34c para. 1 sentence 1 no. 2 and 3 GewO license expires. This means that the new § 34f GewO permit must be issued by June 30, 2013.
    Please note: This does not apply to licenses as real estate brokers and/or loan brokers.
    When applying for the new license and submitting the previous license certificate, there is no check of reliability and orderly financial circumstances. However, the applicant must provide proof of professional liability insurance. The IHKs issue the license and enter the data in a public register. Proof of expertise must be submitted to the relevant licensing authority within 2 years of the new law coming into force, i.e. by January 1, 2015.
  • For new applications for licenses under Section 34f GewO: none

Legal basis

§ Section 34f (1) of the Trade Regulation Act (GewO)

  • §§ Sections 34c, 34f, 157 para. 3 of the German Trade Regulation Act (GewO)
  • Ordinance on Financial Investment Brokerage (Financial Investment Brokerage Ordinance - FinVermV)
  • Act amending the Financial Investment Brokerage and Asset Management Act (VermAnlG amendment)
  • Fee schedule of the Kiel Chamber of Industry and Commerce dated December 9, 2009 with the amendments dated December 3, 2012 (published in the Federal Gazette on January 21, 2013, No.: 130112036851)

Applications / forms

Application forms can be found on the IHK website.

What else should I know?

Further information can be found on the website of the IHK Schleswig-Holstein.

Author

The text was automatically translated based on the German content.

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