Investors participate in a limited partnership as limited partners (partners liable to a fixed amount) or as trustors via a limited partner in trust (company at limited partners). The limited partnership buys and sells financial instruments. Because transactions are ultimately not carried out in one’s own name for the account of third parties (the investors are usually contractually granted [at least on paper] the possibility of participation and involvement in the investment strategy of the company), this is not a financial commission business according to case law. Consequently, there is no obligation to obtain a license in this case. – It is questionable that the distributed financial products are often advertised as old-age provision. The risk of total loss provided for in the contracts is, of course, hardly compatible with the intention to provide for old age. – Cf. BaFin’s 2005 Annual Report, p. 189 ff. (detailed description of the [very unsatisfactory] legal situation).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/

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