Your regulatory umbrella, under German securities supervision.

For tied agents, issuers, and investment platforms. Concedus holds the MiFID II license; you build the product under our regulated perimeter. Full client lifecycle, full compliance stack, one API.

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What is a Haftungsdach

One regulator. Many tied agents. Shared infrastructure.

A Haftungsdach is a regulatory construction under § 3 of the German Securities Institutions Act (WpIG). Firms without their own BaFin license — tied agents (vertraglich gebundene Vermittler, VGVs) — operate investment brokerage and advisory services under the license of a supervised securities institution. The institution carries the regulatory responsibility; the tied agent focuses on the business. Concedus is one of a small number of German Haftungsdach providers, and the only one combining MiFID II with MiCAR under a single perimeter.

§ 3 WpIG · Securities Institutions Act
Licensed institution
Concedus GmbH
BaFin-licensed Wertpapierinstitut · BaFin-ID 10157094
Tied agent AVGV
Tied agent BVGV
Issuer COTE

One license, many operators. Concedus supervises; tied agents execute.

Division of responsibilities

What we handle. What you keep.

Concedus handles

The regulatory perimeter.

  • Regulatory license and BaFin reporting
  • Client classification (retail / professional / institutional)
  • KYC, KYB, AML, PEP and sanctions screening
  • Suitability assessments (§ 64 WpHG) where advisory is in scope
  • Appropriateness assessments (§ 63(10) WpHG) for execution-only
  • Target-market alignment and product governance
  • Cost disclosure (ex-ante and ex-post, § 63 WpHG)
  • Complaints handling (§ 3e WpDVerOV)
  • Record retention (§ 83 WpHG)
You keep

Everything that defines your product.

  • Product design and business model
  • Brand, marketing, and customer acquisition
  • Platform UX and customer experience
  • Technical integration (via our APIs)
  • Commercial pricing toward your end customers
  • Strategic decisions and growth
Typical clients

Who operates under our umbrella.

Investment platforms

Platforms offering primary-market subscriptions in securities, asset investments, or tokenized instruments.

Crowdinvesting platforms

Consumer-facing platforms intermediating retail investment in startups, real estate, or thematic projects.

Renewable energy platforms

Issuers and distributors of energy-specific investment products, including citizens' participation schemes.

Startup equity platforms

Platforms facilitating equity and convertible notes in early-stage companies.

Business-angel pooling

Structured pooling vehicles for professional angel syndicates.

Single-product issuers (OTEs)

One-off issuers using Concedus distribution infrastructure without a persistent platform.

Running under our umbrella

Platforms building on Concedus.

CoIQ Capital

Collective intelligence fund — a BaFin-regulated alternative investment product.

ISIN DE000A3C91C5 coiq.capital
wiwin

Ethical crowdinvesting platform for sustainable energy and impact projects.

wiwin.de
GLS Crowdfunding

Crowdfunding platform backed by GLS Bank, Germany's largest sustainable bank.

gls-crowd.de
heartstocks

Tokenization platform for collectibles and alternative assets.

heartstocks.com
Penteract Capital Partners

Tokenized asset-backed bonds under eWpG. Short-duration, secured Inhaberschuldverschreibungen as crypto securities — for qualified and professional investors.

penteract.capital
AQUATY

Securitization-as-a-Service platform turning private market assets — venture capital, private equity, real estate, infrastructure — into bankable, distributable securities.

aquaty.capital
Onboarding

From first call to live operations.

  1. 01

    Scoping call

    30–60 minutes with our team. We map your product, target customer segment, and license requirements.

    ~1 WEEK ON CALENDAR
  2. 02

    Fit assessment & term sheet

    Written assessment of fit, regulatory scope, and commercial terms.

    ~1–2 WEEKS
  3. 03

    Documentation & BaFin notification

    Tied agent agreement, procedures, and BaFin registration under § 3 WpIG.

    ~3–6 WEEKS
  4. 04

    API integration & go-live

    Connection to Concedus APIs, end-to-end testing, compliance sign-off, live.

    ~2–6 WEEKS

Total time from first call to go-live: typically 8–16 weeks. Migrations from another umbrella can be significantly faster.

Common questions

Regulatory umbrella — the usual questions

What's the difference between a tied agent (VGV) and an issuer (OTE) under Concedus?
A tied agent operates as an ongoing intermediary — a persistent platform or firm that brokers or advises on investments. An OTE (Einmaliger Emittent) is a one-off issuer that uses Concedus infrastructure for a specific product without becoming a tied agent. Different contractual structures, different regulatory profiles.
Can a tied agent use Concedus for MiCAR / crypto products?
No. MiCAR has no tied agent construction — only Concedus itself can provide crypto-asset services directly. Tied agents can only intermediate MiFID-scope business. A Bitcoin ETF (MiFID instrument) can be intermediated by a tied agent; a Bitcoin direct holding (MiCAR instrument) cannot.
Does Concedus take custody of client assets?
No. Concedus operates execution-only on primary markets. Custody is handled by specialized partners — banks, depositaries, or crypto custodians — that integrate with the Concedus platform.
What happens to my existing clients if I migrate from another umbrella?
Depending on your previous setup, clients may need re-documentation, or existing documentation may be relied upon under § 17 GwG. We map this case-by-case during scoping. Most migrations are completed within 4–8 weeks.
Can I operate cross-border within the EEA?
Yes — through Concedus. We hold MiFID II passporting rights across the EEA, with active markets continuously expanding. Tied agents are individually notified into each target market under § 70 WpIG — a process Concedus runs on your behalf, with no separate BaFin proceeding required from you.
How is this structured commercially?
We operate a transparent pricing model combining a fixed regulatory retainer (covering license use, supervision, and standard operations) with volume-based fees on brokered transactions. Exact terms are scoped in the fit assessment. No hidden pass-through commissions.

Start your scoping with our team.

We'll map the license fit, timeline, and commercials. Typical first call within two working days.

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