New requirements for authorisation applications from securities trading companies

Since yesterday, 3 January 2018, securities trading companies and securities trading banks have to comply with new requirements if they wish to apply for authorisation from the Federal Financial Supervisory Authority (BaFin).
These new rules are based on the following regulations, that have been in force since yesterday and exist in connection with the MiFID II Directive: Delegated Regulation (EU) 2017/1943, Delegated Regulation (EU) 2017/1946 and Implementing Regulation (EU) 2017/1945.
The content of these EU regulations, which are directly applicable in Germany, are the documents and information that must be submitted as a part of application for authorisation.
In a note dated 2 January 2018, BaFin clarified that applications for authorisation must no longer be submitted formless, but that the appropriate form shall be used. Furthermore, the corresponding provisions of German Banking Act (KWG), Regulation on Reports (Anzeigenverordnung) and Holder Control Regulation (Inhaberkontrollverordnung) are no longer applicable to authorisation applications from securities trading companies and securities trading banks.

Further information can be found on BaFin’s homepage.

Leave a reply

Your email address will not be published. Required fields are marked *