Initial capital

(1) The initial capital amounts to 1. EUR 750,000 for a securities institution a) applying for a licence for dealing on own account or underwriting business, and dealing for its own account in the exercise of that licence; b) applying for a licence to operate an organised trading facility within the meaning of section 2(2), no. 7, and concluding transactions for its own account in the exercise of that licence; or c) applying for a licence for the safekeeping and administration referred to in section 2(3), no. 1, the securities lending business referred to in section 2(3), no. 2, the restricted custody business referred to in section 2(4), no. 1, or own-account business under section 15(4); 2. EUR 75,000 for a securities institution applying for a licence to provide investment broking, contract broking, financial portfolio management, investment advice, or for placement business, whose licence is restricted so that it may not, in connection with those investment services, have ownership or possession of customers' funds or securities; or 3. EUR 150,000 for other securities institutions applying for a licence for investment services not falling under no. 1 or 2.
(2) The initial capital of a securities institution is to be determined under Article 4, point 18 of Regulation (EU) 2019/2033 in conjunction with Article 3, point 18, and Articles 9 and 11 of Directive 2019/2034. The initial capital is composed of the own funds items referred to in Article 11 of Directive 2019/2034 in conjunction with Article 9 of Regulation (EU) 2019/2033.
(3) For sole traders or commercial partnerships that satisfy the conditions for small securities institutions, the risk-weighted assets of the sole proprietor or personally liable partner are to be taken into account as deduction items for Common Equity Tier 1 items or instruments when calculating the initial capital. The free assets of the owners or partners are disregarded in the calculation. The Bundesanstalt communicates to the European Securities and Markets Authority and the European Banking Authority the aforementioned items or instruments recognised as own funds, for inclusion in a list, to be published by the European Banking Authority together with the European Securities and Markets Authority, of all types of funds or instruments in each state party.
(4) For investment advisers, investment brokers, contract brokers, financial portfolio managers, or undertakings carrying on placement business, that are not authorised, in providing financial services, to obtain ownership or possession of customers' funds or securities, holding positions in financial instruments in the investment book, for the purposes of prudential supervision, is not deemed dealing for own account.
(5) Section 309, no. 3, and sections 313, 314, 489, 490, 723 to 725, 727 and 728 of the Civil Code, sections 132 to 135 of the Commercial Code, and section 254, section 297(1), section 304(4) and section 305(5), fourth sentence of the Stock Corporation Act do not apply where the purpose of a capital contribution is the provision of own funds within the meaning of Article 72 of Regulation (EU) No 575/2013. Section 309, no. 3 of the Civil Code also does not apply to liabilities of the institution that satisfy the conditions of Article 12(16), first sentence of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1; L 101, 18.4.2015, p. 62), other than its letter d), or section 49(2) of the Recovery and Resolution Act, other than its no. 4, and have a minimum maturity of one year. Sections 313, 314 and section 490(1) of the Civil Code do not apply, for the agreed term, to contracts giving rise to liabilities of the institution that satisfy the conditions of Article 12(16), first sentence of Regulation (EU) No 806/2014, other than its letter d), or section 49(2) of the Recovery and Resolution Act, other than its no. 4, and have a minimum maturity of one year. Where a silent partner participating with a capital contribution in the commercial business of an institution, which satisfies the conditions of the third sentence and has a minimum maturity of one year, gives extraordinary notice of termination of the partnership or of their participation, the statutory or contractual claim to a settlement or payment does not fall due before the expiry of the agreed term.
(6) (repealed)