A financial services provider domiciled abroad that does not have a branch in Germany approaches customers in the domestic market – purposefully via the Internet or – through domestic intermediaries. – The German Federal Financial Supervisory Authority (BaFin) considers such activities to be subject to licensing and has also published a fact sheet on the subject. – Cf. BaFin Annual Report 2007, p. 209 f. (legal dispute in this case), BaFin Annual Report 2009, p. 233 (fundamental decision).
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