Legal Framework

All licenses were granted by the Federal Financial Supervisory Authority, BaFin (German Equivalent to U.S. Securities and Further allowances granted:Exchange Commission (SEC)).
For further information see http://bafin.de

Further allowances granted:

Anlageberatung (§ 1 Abs. 1a Satz 2 Nr. 1a KWG)
Anlageverwaltung (§ 1 Abs. 1a Satz 2 Nr. 11 KWG)
Eigengeschäft (§32 Abs. 1a KWG)