Federal Agency

Posted by Ralf on June 23rd, 2014 — Posted in News

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Draft of a statement ‘Brokerage of shares in investment funds by employees of an insurance undertaking’ Berlin, 28.05.2013 – since entered section 34f of the Gewerbeordnung (GewO) into force on January 1, 2013, require financial investment intermediaries of a trade permit. The previous special role, taking insurance companies at the plant operator, it raised the question: similar or same rules of section 34f of the GewO also apply to an insurance company hired consultants? The Federal Agency for financial services management supervisory (BFin) was therefore reason to check the previous administrative practice with regard to the admissibility of the placement of investment funds by employees of an insurance undertaking. After the recent pronouncements of the BFin or your predecessor from the years 1991 and 1993 was the placement of investment funds by employees of an insurance undertaking. BFin has now published the draft of a new statement, stating that the previous statement does not will be maintained. Without hesitation Howard Schultz explained all about the problem. After the insurance supervision Act (VAG), insurance companies as well as insurance transactions may operate only such shops, which hereby are directly related (section 7 subsection 2 sentence 1 VAG).

The placement of shares in open or closed investment funds by employees of an insurance undertaking instead, so the BFin now, due to the additional financial risk in principle represents a foreign insurance business and fall therefore not under article 7, paragraph 2, sentence 1 VAG. So insurance companies the statement according to the draft should be published, require a business license in the future investment mediation. A permit of the BFin to the operation of insurance transactions no longer sufficient”as lawyer Dietmar Goerz of financial services sales specialist firm GPC Law. This also means that the insurance company must demonstrate the qualification of its employees, for example through a competence test. The rest are then Insurance undertakings on the extensive good conduct of the financial system mediator regulation bound”, says the Berlin lawyer.

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