A table of contents to the new section 34f of the Gewerbeordnung since 01.01.2013 is now the new section 34f GewO nevertheless is still some uncertainty on the market or the active intermediaries. Background of the introduction of the scheme was the law on the amendment of the financial system mediator undVermogensanlagerechts from December 2011. The regulation in the context of financial supervision is extended with the inclusion of the standard in the GewO. The legislature has to make the goal of investor protection romance advice grippier for investors and to provide more comprehensive protection against grey market products. So apply now for banks and free agents in the marketing of financial products the same rules. Total comprehensive information, consulting and documentation requirements imposed on the financial system mediator. It is also an obligation for disclosure of commissions. With the tightening of product regulations, increased sales requirements and prospectus liability easier in practice should the information basis for a later Investment decision be extended.
So far, a scheme for financial investment intermediaries was only fragmentary in 34 c GewO with regulated. To push forward in the circle of financial investment brokers, intermediaries of relevant financial systems require now a commercial permit, as well as a corresponding registration. The licensing will be usually done by the Industrie – und Handelskammer. According to the definition introduced by the law itself is to understand who professional to unit certificates of a corporation as a financial investment intermediaries or investment joint-stock company, investments in closed funds or other assets provides consultations. A prerequisite for obtaining the required permission is own reliability and overall financial situation. Furthermore, apply new framework conditions in terms of professional indemnity insurance. An increase of the insurance policies is therefore inevitable. Finally, it must be observed from immediately certain minimum requirements with regard to qualifications.
Thus should be the practice-relevant and interesting feature it. Required the passing of a competence examination in the relevant industry and Chamber of Commerce, the both consists of a written and practical part. This a certificate of competence can be equated with the training in the relevant professional segment. The question is crucial for many an “old hares”scheme. Seasoned and experienced mediator can breathe for starters, because of a certificate of competence not only time, but also financially costly, there are exceptions. If a continuous independent or dependent activity as investment intermediaries or consultants since January 1, 2006, be carried out no further qualification checks, provided such evidence. Not insignificant problems, not only in terms of legal liability caused by the brokerage of financial products but Furthermore, and despite the introduction of section 34f of the GewO. The risks of a previous failed advice or violation of Information requirements are hardly narrowed by the amendment. So, the agent is to provide information to the investors, which include a comprehensive explanation of the risks, as well as all costs be borne by the investors perform. Difficulties arise especially when not explicitly predictable prices. In addition, the investor is at an early stage about possible commissions and resulting conflicts of interest to enlighten. Bernd rechtsanwalts GmbH Wilhelm-Weber-Strasse 39, 37073 Gottingen