GERMANY: Exemption for Ancillary Activities

Tuesday December 5 2017

The Markets in Financial Instruments Directive II (MiFID II) will apply from the beginning of 2018. Consequently, the new exemption for ancillary activities pursuant to section 32 (1a) sentence 3 no. 3 (proprietary business), section 2 (1) no. 9 (banking business) and section 2 (6) sentence 2 no. 11 (financial services) of the German Banking Act will also enter into force.

Undertakings wishing to benefit from the exemption may send a letter to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) containing the undertaking’s name and address in addition to an e-mail contact. This letter must also specify the undertaking’s main business and the provision of the KWG upon which this business is based.

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