Applying for BaFin’s authorisation to provide banking and financial services

Providing banking or financial services in Germany requires BaFin’s authorisation (or authorisation of the supervisory authority of another EU member state, which is then “passported” to Germany). We have extensive experience in counselling clients regarding the necessity of being authorised under German law, and in applying for such authorisation, if necessary.

The first step, of course, is to examine whether BaFin’s authorisation is required to transact the client’s business. We are familiar with many different business models and will present all possible solutions to our clients, including possible work-arounds to avoid existing authorisation requirements.

If BaFin’s authorisation is required to implement a certain business model, but the client is not yet authorised accordingly (or will not be able to make use of an existing authorisation in the future, e.g. due to Brexit), we deliberate possible ways forward with our clients. If the client, having been briefed about all existing possibilities by us, decides that applying for authorisation in Germany is his best option, we devise a plan, in close cooperation with the client, to obtain authorisation as quickly and effectively as possible.

On the basis of that plan, we draft the necessary application and help our client prepare and gather all necessary documents. After filing the application for authorisation with BaFin, we handle the communication with all competent authorities (which will, in addition to BaFin, include Deutsche Bundesbank) and help the client getting all necessary procedures in place in order to make sure that his business operations are compliant with applicable law at all times.