Designations relating to independent fee-based investment advice

(1) The designations "independent fee-based investment adviser" (male or female form) or "independent fee-based investment advice", including in a variant spelling, or a designation containing these words, may, unless otherwise provided by statute, be used in a business name, as an addition to a business name, to designate the business purpose, or for advertising purposes, only by investment services undertakings entered in the register of independent investment advisers under section 93.
(2) Subsection (1) does not apply to undertakings that use the designations referred to there in a context that excludes any impression that they provide investment services. Investment services undertakings having their seat abroad may, in their activity in Germany, use the designations referred to in subsection (1) in a business name, as an addition to a business name, to designate the business purpose, or for advertising purposes, where they are entitled to use that designation in their home state and supplement the designation with an addition indicating their home state.
(3) The Bundesanstalt decides, in cases of doubt, whether an investment services undertaking is entitled to use the designations referred to in subsection (1). It must notify its decisions to the register court.
(4) The provision of section 43 of the Banking Act applies correspondingly, with the proviso that the entry in the register of independent fee-based investment advisers under section 93 takes the place of the authorisation under section 32 of the Banking Act.