National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
AFM
Germany (European Union)Autoriteit Financiële Markten
Source / Native Reference: 荷兰金融市场管理
- Supervisory tier
- Tier-1
- License classes
- 3
- Licensed records
- 7
- Active / regulated
- 7
Statutory Supervisory Mandate & Scope
Supervises credit institutions (jointly with Deutsche Bundesbank and ECB), investment firms (Wertpapierinstitute), asset managers (KVGs), payment institutions, and Crypto-Asset Service Providers (CASPs) in Germany.
Prudential Tier Assessment
Tier-1Integrated G7 & Eurozone federal financial supervisor overseeing banking, securities, insurance, and statutory crypto custody under KWG, WpIG, WpHG, and EU MiCA.
National licensing qualifications & statutory authorisation classes (AFM)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by AFM in Germany (European Union).
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| WpIG Class 1 / 2 (§ 15 WpIG — Eigenhandel) | Securities Institution — Proprietary Dealing & Market Making | Principal dealing, market making, underwriting, and operating a Multilateral or Organised Trading Facility (MTF/OTF). | EUR €750,000 initial capital (or EUR €5,000,000 for systemic Class 1 CRR-equivalent investment firms). | IFR K-Factor capital adequacy, MaRisk risk management framework, and Bundesbank monthly solvency reporting. |
| WpIG Medium / Small (§ 15 WpIG — Finanzkommission / Anlageverwaltung) | Securities Institution — Brokerage & Portfolio Management | Principal brokerage, investment broking, contract broking, and discretionary portfolio management. | EUR €150,000 initial capital (if holding client money/securities) or EUR €75,000 (non-custodial advisory/transmission). | Fixed Overheads Requirement (25% of prior year fixed overheads) + annual WpHG compliance audit. |
| MiCA CASP (Art. 59–63 Reg (EU) 2023/1114) | Crypto-Asset Service Provider (Custody, Trading Platform & Exchange) | Custody and administration of crypto-assets, operation of a crypto trading platform, crypto-to-fiat exchange, and order execution across all 27 EU Member States. | EUR €150,000 (Class 3 Trading Platform), EUR €125,000 (Class 2 Custody & Exchange), or EUR €50,000 (Class 1 Advisory/Order Reception). | Higher of permanent minimum capital or 25% of preceding year fixed overheads + DORA ICT resilience & bankruptcy-remote wallet segregation. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under AFM.
Entschädigungseinrichtung der Wertpapierhandelsunternehmen (EdW) / Entschädigungseinrichtung deutscher Banken (EdB)
- Maximum coverage per client
- EUR €20,000 (90% of liabilities) for securities claims via EdW; EUR €100,000 per depositor for credit institutions via EdB
- Eligible counterparties & scope
- Retail and small corporate clients (institutional credit institutions, insurers, and public bodies excluded).
§ 84 WpHG & MaComp BT 10 (Segregation of Client Financial Instruments and Funds)
- Reconciliation & audit cadence
- Daily reconciliation of segregated escrow accounts (Treuhandkonten); strict prohibition on using retail client funds for own-account margin.
- Approved custodian requirements
- Client funds must be deposited immediately with a central bank or CRR credit institution in segregated trust accounts; mandatory Negative Balance Protection and prohibition of additional payment obligations (Nachschusspflicht) for retail CFDs.
EU MiCA CASP Authorisation & German KWG Crypto Custody (Kryptoverwahrgeschäft) / eWpG Electronic Securities
- Travel Rule, custody & stablecoin rules
- EU Transfer of Funds Regulation (TFR — Regulation (EU) 2023/1113) applies a EUR €0 threshold Travel Rule to all CASP transfers; strict IT security audits under DORA.
Primary Governing Statutes & Rulebooks
- German Banking Act (Kreditwesengesetz — KWG) & Investment Firm Act (Wertpapierinstitutsgesetz — WpIG)
- German Securities Trading Act (Wertpapierhandelsgesetz — WpHG) & Capital Investment Code (KAGB)
- EU Regulation (EU) 2019/2033 (IFR) / Directive (EU) 2019/2034 (IFD) & MiFID II
- EU Markets in Crypto-Assets Regulation (MiCA — Regulation (EU) 2023/1114) & German FinmStFG / KMAG
Regulatory Reporting & Audit Obligations
Annual WpHG / KWG statutory audit conducted by an independent Wirtschaftsprüfer and filed with BaFin and Deutsche BundesbankMiFIR Art. 26 T+1 transaction reporting, EMIR Refit derivatives reporting, and DORA ICT incident reportingGwG (German Anti-Money Laundering Act) Money Laundering Officer (Geldwäschebeauftragter) appointment and FIU goAML filings
Cross-Border Equivalence & Passporting
Full EEA Freedom of Services (Art. 34 MiFID II / Art. 65 MiCA) and Freedom of Establishment passporting across all 27 EU Member States plus Norway, Iceland, and Liechtenstein.
Supervised institutions & AFM licence records in our database
7 licence records referencing AFM (7 regulated/registered).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Change | Not supplied | Regulated | Change Securities B.V. | — | |
| Garantibank(Global network record) | Not supplied | Regulated | GarantiBank International N.V. | 1999-10-15 | |
| Rabobank(Global network record) | Not supplied | Regulated | Coöperatieve Rabobank U.A | — | |
| Moneyou B.V.(Global network record) | Not supplied | Regulated | Moneyou B.V. | 2001 | |
| NIBCbank(Global network record) | Not supplied | Regulated | NIBC Bank N.V. | 1988-01-01 | |
| Knab Bank(Global network record) | Not supplied | Regulated | Knab N.V. | — | |
| Triodos Bank N.V.(Global network record) | Not supplied | Regulated | Triodos Bank N.V. | — |
AFM (Germany (European Union)): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under AFM (Germany (European Union))?
AFM (Autoriteit Financiële Markten) supervises financial institutions in Germany (European Union) under German Banking Act (Kreditwesengesetz — KWG) & Investment Firm Act (Wertpapierinstitutsgesetz — WpIG) and German Securities Trading Act (Wertpapierhandelsgesetz — WpHG) & Capital Investment Code (KAGB). Key statutory authorisation classes include: WpIG Class 1 / 2 (§ 15 WpIG — Eigenhandel) (Securities Institution — Proprietary Dealing & Market Making — min. capital: EUR €750,000 initial capital (or EUR €5,000,000 for systemic Class 1 CRR-equivalent investment firms).); WpIG Medium / Small (§ 15 WpIG — Finanzkommission / Anlageverwaltung) (Securities Institution — Brokerage & Portfolio Management — min. capital: EUR €150,000 initial capital (if holding client money/securities) or EUR €75,000 (non-custodial advisory/transmission).); MiCA CASP (Art. 59–63 Reg (EU) 2023/1114) (Crypto-Asset Service Provider (Custody, Trading Platform & Exchange) — min. capital: EUR €150,000 (Class 3 Trading Platform), EUR €125,000 (Class 2 Custody & Exchange), or EUR €50,000 (Class 1 Advisory/Order Reception).). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does AFM provide statutory investor compensation and mandatory client asset segregation?
Under AFM's framework, investor protection is governed by Entschädigungseinrichtung der Wertpapierhandelsunternehmen (EdW) / Entschädigungseinrichtung deutscher Banken (EdB) with maximum coverage of EUR €20,000 (90% of liabilities) for securities claims via EdW; EUR €100,000 per depositor for credit institutions via EdB (Retail and small corporate clients (institutional credit institutions, insurers, and public bodies excluded).). For client money and custody assets, supervised firms must comply with § 84 WpHG & MaComp BT 10 (Segregation of Client Financial Instruments and Funds), performing daily reconciliation of segregated escrow accounts (treuhandkonten); strict prohibition on using retail client funds for own-account margin. with client funds must be deposited immediately with a central bank or crr credit institution in segregated trust accounts; mandatory negative balance protection and prohibition of additional payment obligations (nachschusspflicht) for retail cfds..
How does AFM regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
AFM's digital-asset regime is structured around EU MiCA CASP Authorisation & German KWG Crypto Custody (Kryptoverwahrgeschäft) / eWpG Electronic Securities (Fully operational EU MiCA CASP licensing regime (effective Dec 2024) + Electronic Securities Act (eWpG) for tokenized bonds and fund shares.). Custody and AML/CFT compliance obligations require: EU Transfer of Funds Regulation (TFR — Regulation (EU) 2023/1113) applies a EUR €0 threshold Travel Rule to all CASP transfers; strict IT security audits under DORA.
How can I verify an institution's AFM licence number and check our 7 recorded licence entries?
Our database currently tracks 7 licence records referencing AFM (7 marked regulated or registered). To verify a counterparty at the primary source, open AFM's official public register (https://www.afm.nl/en/sector/registers), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from Euro Firm Ledger relevant to AFM and Germany (European Union).
EEA Passporting
Continental European Firm Roll: Auditing 564 EEA & Swiss Financial Institutions Across MiFID II and MiCA Passports
Tracking how investment firms and digital asset service providers headquartered in Germany, Cyprus, France, Switzerland, and the Netherlands deploy EEA passports.
Competent Authorities
National Competent Authority Tie-Out: Cross-Checking BaFin, AMF, CySEC, and FINMA Registers Against GLEIF LEI Records
Eliminating cross-border clone risk in the European Economic Area by tying national authorisation numbers to active GLEIF Legal Entity Identifiers.
Statutory licensing classes, base capital rules, and investor protection summaries for AFM (Germany (European Union)) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on AFM’s official public register.