5 key considerations for marketing financial products in Germany

Sarah-Jane Elsner, Specialist FinReg Lawyer

Author: Sarah-Jane Elsner, Specialist FinReg Lawyer

20 March 2025

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Area: Cross-border distribution

5 key considerations for marketing financial products in Germany

Our content on cross-border marketing restrictions for Germany has recently been updated - here’s what you need to know if you're marketing or selling financial products or investment services on a cross-border basis:

1. General Licensing Requirements

Unless your firm is a MiFID II investment firm or a CRD credit institution with passported authorisation into Germany - or an exemption applies - a local licence will likely be required

2. Existing Client Exemption

If you're marketing to an existing client, additional transactions within the existing business relationship do not require a licence - provided the relationship was established in compliance with German laws (e.g., the reverse solicitation exemption)

3. Third-Country Regulated Firms Exemption

Third-country firms may apply for a BaFin "exemption order" if they only serve institutional clients. However, BaFin must be satisfied with the regulatory cooperation in place - which isn't always seamless

4. Limited EEA Firm Exemption

A narrow exemption exists for EEA firms offering only custody of securities or lending in Germany - but BaFin approval is still required

5. CRD VI Impact

Changes may be on the horizon! The implementation of CRD VI into German law could impact third-country firms relying on exemptions - stay tuned for updates.

Check out our latest content for the most up-to-date insights!

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