responsibility finder
Schleswig-Holstein

Have asset sales prospectuses approved

Source: Zuständigkeitsfinder Schleswig-Holstein (Linie6PLus)

Service Description

The sales prospectus for investments enables investors to obtain information about the investment product and the issuer prior to purchase. In Germany, it is mandatory by law to file an associated sales prospectus for investments with BaFin and subsequently publish it. The sales prospectuses are intended to help investors make an informed investment decision.

You can only offer new investments to the public once you have prepared a sales prospectus for them. This must first be approved by the Federal Financial Supervisory Authority (BaFin). There are statutory minimum requirements for the minimum content and structure of the sales prospectus, which are set out in the German Investment Schemes Act (VermAnlG) and the German Investment Schemes Sales Prospectus Ordinance (VermVerkProspV).

You are required to file a sales prospectus and have it approved by BaFin beforehand if your public offering is subject to the prospectus requirement. This is regulated in § 6 VermAnlG.
BaFin checks whether the prospectus complies with the legal requirements set out in the VermAnlG and the VermVerkProspV. In particular, it is important that it contains complete, comprehensible and consistent information about the investment product. However, BaFin does not assess whether the offer is serious or whether the contents of the prospectus are true.

You can submit the prospectus for review and filing exclusively via BaFin's reporting and publication platform (MVP).


Process flow

If your intended public offering is subject to the prospectus requirement, submit the application for approval and filing of a prospectus as well as for approval and filing of a VIB to the prospectus exclusively via BaFin's Notification and Publication Platform (MVP).

  • To do so, log in to the MVP with your access data.
  • If you do not have access yet: First register on the MVP.
  • Select the specialist procedure "Prospectuses (VO/WpPG/VermAnlG)".
  • Please note that you must be registered for the specialist procedure. If you have not yet registered, you can do so in the "Specialized procedure" section ("Apply for specialized procedure").
  • Select "Submit notification" and complete the online application.
  • After activation, upload the approvable sales prospectus and the other required documents in a ZIP file.
  • Submit all documents exclusively via MVP.
  • Always check whether the transmission was successful in the menu item "View protocol". Only then can the transmission be considered successful.
  • Only after the documents have been successfully transmitted will you receive confirmation of receipt from BaFin.

If the documents are complete and the prospectus and the VIB to the prospectus meet the legal requirements, you will receive a notification from BaFin that the documents have been approved and deposited. If the documents submitted do not meet the requirements, BaFin will inform you of this by means of a letter. You then have the opportunity to correct the identified deficiencies.

Requirements

The content and form of the sales prospectus must comply with the legal requirements of the VermAnlG and the VermVerkProspV.

Which documents are required?

Please submit the following documents for the endorsement and deposit process:

  • Cover letter (template available online)
  • Authorization of a (legal) representative, if applicable
  • Cross-checklist for asset sales prospectuses (available online)
  • Asset sales prospectus
  • Asset investment information sheet for the sales prospectus (VIB)

If you as the issuer are domiciled abroad, you must also submit a power of attorney for service for an authorized person domiciled in Germany in accordance with Section 5 VermAnlG.

What are the fees?

Fees are incurred in accordance with the Financial Services Supervision Fees Ordinance (FinDAGebV).

What deadlines do I have to pay attention to?
  • You are required to publish the prospectus one business day before the intended public offering of the investment. The approval and deposit procedure must be completed prior to publication of the sales prospectus.
  • Sales prospectuses are valid for public offerings in Germany for 12 months from the date of their approval. If the investment is to continue to be offered to the public thereafter, you must prepare a new prospectus and submit it to BaFin for approval and filing (resubmission; so-called "continuation prospectus").
  • If your application documents are incomplete, BaFin will generally inform you within 10 working days of receipt of the sales prospectus and the VIB for the sales prospectus.
Legal basis
Applications / forms

Forms available: No

Written form required: No

Informal application possible: No

Personal appearance required: No

Technically approved by

Federal Ministry of Finance (BMF)

Process flow

If your intended public offering is subject to the prospectus requirement, submit the application for approval and filing of a prospectus as well as for approval and filing of a VIB to the prospectus exclusively via BaFin's Notification and Publication Platform (MVP).

  • To do so, log in to the MVP with your access data.
  • If you do not have access yet: First register on the MVP.
  • Select the specialist procedure "Prospectuses (VO/WpPG/VermAnlG)".
  • Please note that you must be registered for the specialist procedure. If you have not yet registered, you can do so in the "Specialized procedure" section ("Apply for specialized procedure").
  • Select "Submit notification" and complete the online application.
  • After activation, upload the approvable sales prospectus and the other required documents in a ZIP file.
  • Submit all documents exclusively via MVP.
  • Always check whether the transmission was successful in the menu item "View protocol". Only then can the transmission be considered successful.
  • Only after the documents have been successfully transmitted will you receive confirmation of receipt from BaFin.

If the documents are complete and the prospectus and the VIB to the prospectus meet the legal requirements, you will receive a notification from BaFin that the documents have been approved and deposited. If the documents submitted do not meet the requirements, BaFin will inform you of this by means of a letter. You then have the opportunity to correct the identified deficiencies.

Requirements

The content and form of the sales prospectus must comply with the legal requirements of the VermAnlG and the VermVerkProspV.

Which documents are required?

Please submit the following documents for the endorsement and deposit process:

  • Cover letter (template available online)
  • Authorization of a (legal) representative, if applicable
  • Cross-checklist for asset sales prospectuses (available online)
  • Asset sales prospectus
  • Asset investment information sheet for the sales prospectus (VIB)

If you as the issuer are domiciled abroad, you must also submit a power of attorney for service for an authorized person domiciled in Germany in accordance with Section 5 VermAnlG.

What are the fees?

Fees are incurred in accordance with the Financial Services Supervision Fees Ordinance (FinDAGebV).

What deadlines do I have to pay attention to?

  • You are required to publish the prospectus one business day before the intended public offering of the investment. The approval and deposit procedure must be completed prior to publication of the sales prospectus.
  • Sales prospectuses are valid for public offerings in Germany for 12 months from the date of their approval. If the investment is to continue to be offered to the public thereafter, you must prepare a new prospectus and submit it to BaFin for approval and filing (resubmission; so-called "continuation prospectus").
  • If your application documents are incomplete, BaFin will generally inform you within 10 working days of receipt of the sales prospectus and the VIB for the sales prospectus.

Legal basis

Applications / forms

Forms available: No

Written form required: No

Informal application possible: No

Personal appearance required: No

Technically approved by

Federal Ministry of Finance (BMF)

Further information and offers