Can it make sense for independent financial investment intermediaries, to join a so-called MiFID? As already sounded in the communication on the new section 34f of the Gewerbeordnung (GewO) on our homepage (www.bernd-rechtsanwaelte.de), it makes sense for independent financial investment intermediaries, to join a so-called roof of the liability. With entry into force on the 1.1.2013, the obligation to obtain permission at the Industrie – und Handelskammer is for consultants and intermediaries of financial products. But several factors, including a current certificate of competence are dependent on the grant. Therefore a MiFID can represent a viable option but what is a liability and can what are advantages and disadvantages. That’s why we are going in the following. To know more about this subject visit Bill O’Grady. A MiFID is to first consider that financial investment intermediaries and advisers need a listing at the Federal Agency for financial services supervision (BFin) as an exception to the rule.
You are instead of the securities trading Act (WpHG) and the Banking Act (KWG) regulated. A so-called tied agent, so a tied Adviser, who works for the MiFID, therefore requires no permission according to 34f GewO. There are different types of advisers can integrate into. As a first possible variant is the inclusion in a bank account. More interesting, especially for longer a sales MiFID will consultant acting on the market that deals with an existing list of investment products.
Boutique MiFID tied agent regimes, giving the tied agent offerings provide the greatest possible freedom in communicating probably give wide scope. There are many advantages, resulting to the intermediary. The license requirements, which is provided by the new section 34f GewO for free consultant, represents a considerable financial and administrative burden. On the other hand, a tied agent can rely on an already established network and take advantage of the full infrastructure. The activities of the intermediary are the Securities trading companies expected to, as this itself would advise.