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License
Advisory Invest GmbH is fully licensed Investment service provider (Wertpapierfirma) and mebmer of the Anlagerentschädigung von WPDLU GmbH.
Which financial services require a licence pursuant to the Wertpapieraufsichtsgesetz (WAG; Securities Supervision Act)?
The provision of one or several of the following financial services on a commercial basis:
a) investment advice concerning client funds (with regard to financial instruments) -
“investment advice”
b) managing client portfolios in accordance with mandates given by investors (with
regard to financial instruments) – “asset management”
ad a) and b): The following are considered financial instruments within this meaning: Securities, money market instruments, especially off-balance financial transactions pursuant to nos. 1 to 4 of Annex 2 to Article 22 Bankwesengesetz (BWG; Banking Act) (whereby all options sold have to be included) and shares in foreign investment funds pursuant to Article 24 para 1 Investmentfondsgesetz (InvFG; Investment Funds Act), provided they do not represent securities.
c) brokering business opportunities for the acquisition or sale of the following
instruments – “brokerage of securities transactions”
- securities,
- money market instruments,
- financial futures contracts (futures including equivalent instruments with cash
settlement),
- call and put options on securities and other financial instruments, including equivalent
instruments with cash settlement,
- forward interest rate agreements, interest rate adjustment agreements (FRAs),
interest-rate and currency swaps as well as equity swaps,
- all instruments derived from the aforementioned instruments.
Legal basis for the licence obligation: Article 19 para 2 WAG (Federal Law Gazette no. 753/1996 as amended in Federal Law Gazette I no. 97/2001), Article 1 para 1 no. 19 BWG (Federal Law Gazette no. 532/1993 as amended in Federal Law Gazette I no. 97/2001).
Please note:
Trading in financial instruments and all services that include holding a clients’ money or securities (instruments) are banking activities that require a licence and are therefore not covered by a licence pursuant to Article 19 para 2 WAG. Banking licences pursuant to Article 4 para 1 BWG are granted exclusively by the department of banking supervision of the Financial Market Authority (FMA).
Delimitation criterion: The provider of the services listed under lit. a) to c) must at no time place himself in debt with his clients (example: In the case of asset management within the meaning of lit. b), the client must have his deposit account managed by a custodian bank, while the asset manager only has the mandate.) or else the transaction would be a banking transaction.
Investment services providers who manage client portfolios in accordance with mandates given by investors (Article 1 para 1 no. 19 lit. b BWG) have to be members of a statutory compensation scheme. The statutory compensation scheme for investment services providers is the Anlegerentschädigung von WPDLU GmbH (Investor compensation of investment services providers limited liability company).
Further informations:
The scope of the licenses was defined in WAG 2007. All licenses valid on 1st November 2007 were carried over and remained valid. Advisory Invest GmbH is authorized to provide financial services in Germany under the Single passport rule (“EU-Passport”). |
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