MiFID II: Exemption for ancillary activities
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 (Kreditwesengesetz – KWG - only available in German) 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.
Contact address for the letter:
Federal Financial Supervisory Authority
Authorisation Requirement and Enforcement relating to Unauthorised Business
Graurheindorfer Straße 108