For all of you, who "THINK" that they know actually a lot about Compliance issues in the European Union - here is a shocker: Actually you haven´t heard every about the "FREEDOM TO PROVIDE REQUESTED SERVICES" - an issue very important for NON MIFID REGULATED BROKERS.
This is directly from the websites of BAFIN (yeah, the "nasty" German "allmighty, arrogant regulator"):
In German: http://www.bafin.de/SharedDocs/Veroe...chreitend.html
In English: http://www.bafin.de/SharedDocs/Veroe...border_en.html
"There is no restriction on the so-called freedom to provide requested services (passive Dienstleistungssfreiheit[1]), i.e. the right of persons and entities domiciled in Germany to request the services of a foreign entity on their own initiative. Transactions requested on the client's own initiative are therefore not subject to the licensing requirements under section 32 (1) of the KWG."
This is not legal advice.
This is directly from the websites of BAFIN (yeah, the "nasty" German "allmighty, arrogant regulator"):
In German: http://www.bafin.de/SharedDocs/Veroe...chreitend.html
In English: http://www.bafin.de/SharedDocs/Veroe...border_en.html
"There is no restriction on the so-called freedom to provide requested services (passive Dienstleistungssfreiheit[1]), i.e. the right of persons and entities domiciled in Germany to request the services of a foreign entity on their own initiative. Transactions requested on the client's own initiative are therefore not subject to the licensing requirements under section 32 (1) of the KWG."
This is not legal advice.
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Errare humanum est