BaFin

Topic Authorisation requirements GLSSTOCKS has no authorisation pursuant to section 32 of the German Banking Act (Kreditwesengesetz – KWG)

Date: 25.09.2017

On its website GLSSTOCKS offers customers the opportunity to open an account for trading in foreign currencies and derivatives, i.e. in contracts for difference (CFDs).

The company has no suitable address to accept service in Germany. Neither the address in Frankfurt/Main which is included in the website’s legal information (“Impressum”) nor the telephone number for contacting the company exists.

In light of this, BaFin cannot rule out that GLSSTOCKS conducts banking business and/or provides financial services which require an authorisation pursuant to section 32 of the German Banking Act.

As a precaution, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) clarifies that GLSSTOCKS has not been granted an authorisation pursuant to section 32 of the German Banking Act to conduct banking business or provide financial services. So far, no company of this name has been subject to supervision by BaFin.

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