Financial services assistants

Investment services providers and investment firms may use financial services assistants for the provision of investment services of investment advice and the receiving and transmitting of orders. Contrary to tied agents, the activity of the financial services assistants are restricted to investment advice and the receiving and transmitting of orders in relation to the financial instruments pursuant to Article 1 no. 6 points a and c WAG 2007 (transferable securities and investment fund units). Financial services assistants are active under the liability umbrella of an investment firm or an investment service provider, and may only perform their activities in Austria. Financial services assistants are only allowed to approach customers in the name of and on the account of an investment firm or an investment service provider. They are obliged to present the power of attorney issued by the investment firm or the investment service provider or a form of identification without being requested to do so. Financial services assistants must hold the appropriate licence to conduct business in accordance with Articles 136a or 136b of the Commercial Code of 1994 (Gewerbeordnung 1994).