English
Securities Broker (Wertpapiervermittler)
GewO §94 Z.74
Verified: April 2026
Key Facts
- Type: Regulated trade
- Qualification: Qualification exam (Befaehigungspruefung)
- Registration cost: Free (€0)
- Supervision: FMA (Financial Market Authority) oversight applies
- Scope: Brokerage only — NOT asset management or portfolio advice
What This Trade Covers
- Brokering securities transactions (stocks, bonds, funds)
- Transmitting client orders to banks or brokers
- General investment product information
Strict Scope Limitation
This trade license covers order transmission only. Individual investment
advice, portfolio management, and asset management require a WAG 2018
license from the FMA (Financial Market Authority). Operating beyond the
brokerage scope without FMA authorization is a criminal offense.
WAG 2018 & MiFID II
Securities brokers must comply with the Austrian Securities Supervision Act (WAG 2018), which implements the EU MiFID II directive. This includes client suitability checks, conflict-of-interest policies, record-keeping, and ongoing reporting obligations to the FMA.
Distinction from Financial Advisor
The financial advisor trade (Gewerbliche Vermoegenberatung, §94 Z.75) covers broader investment advisory services. Securities brokerage is limited to transmitting orders without giving personalized investment recommendations.
Related Guides
Legally binding: German text of GewO 1994.