Financial services institution

from Wikipedia, the free encyclopedia

A financial services institution (FDI) is under German Banking Act (KWG) a company , the financial services for other professional performance or to an extent of a commercial business operation requires, and that no financial institution is. The distinction to credit institutions is chosen in order to be able to define somewhat lower requirements for this group of institutions by the financial market supervisory authority .

permission

The activity as a financial services institute is linked to a license from the Federal Financial Supervisory Authority (BaFin) in accordance with Section 32 KWG . In particular, the following evidence must be provided for this permit:

  • Equity
    • with investment advisors, investment brokers, deal brokers, financial portfolio managers, operators of multilateral trading systems, companies that conduct the placement business or investment managers who are not authorized to obtain ownership or possession of funds or securities from clients in the provision of financial services and who are not on their own Trade accounts with financial instruments in the amount of at least 50,000 euros,
    • for financial services institutions that do not trade in financial instruments for their own account, in the amount of at least 125,000 euros,
    • in the case of financial services institutions that trade in financial instruments on their own account, in the amount of at least 730,000 euros,
  • Reliability and professional suitability of the manager and owner or applicant
  • a viable business plan.

Before granting the permit, BaFin must hear the protection scheme that is being considered for the institute.

Austria

In Austria, the term investment firm is common.

Web links

Individual evidence

  1. Institute classification according to § 1 KWG. ( Memento of October 9, 2007 in the Internet Archive ; PDF)
  2. Information sheet on granting a license to provide financial services in accordance with Section 32 (1) KWG (as of November 28, 2013) . (PDF) Deutsche Bundesbank; Retrieved April 9, 2014.