Securities Broker (Wertpapiervermittler)
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
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
Qualification: how to prove it
Wertpapiervermittler is a regulated trade under §94 Z.70 of the Austrian Trade Act (GewO 1994). The standard route is the qualification exam (befähigungsprüfung).
- Examined by: WK
- Exam modules: 5
- Exam fee: €0 — exam fees are covered by the federal government
If you cannot sit the exam, these routes are open to you:
- Individual assessment under §19 GewO
- Appointing a qualified managing director
Registering the trade
- Cost: Free — registration itself carries no fee
- Where: District administrative authority (Bezirksverwaltungsbehörde)
- Decision within: max. 3 months
- Typically takes: 1-5 Werktage (bei vollstaendigen Unterlagen)
- Start trading: immediately on registration — you do not have to wait for the decision
You can register in these ways:
- Online via GISA (the trade register)
- Online via USP (the business service portal)
- In person at the authority
Who may register
- Minimum age: 18
- Citizenship or residence: Austria, EU, EEA or Switzerland
- Clean record: no disqualifying convictions (checked by the authority)
Documents to bring
- Photo ID
- Certificate of competence (Befähigungsnachweis)
- Criminal record certificate
Terms shown in German are the ones printed on the Austrian forms — you will meet them exactly like this at the authority.
Where to go, by province
| Province | Competent authority |
|---|---|
| Vienna | Magistrat der Stadt Wien, MA 63 |
| Lower Austria | Bezirkshauptmannschaft |
| Upper Austria | Bezirkshauptmannschaft / Magistrat Linz/Wels/Steyr |
| Styria | Bezirkshauptmannschaft / Magistrat Graz |
| Tyrol | Bezirkshauptmannschaft / Magistrat Innsbruck |
| Salzburg | Bezirkshauptmannschaft / Magistrat Salzburg |
| Carinthia | Bezirkshauptmannschaft / Magistrat Klagenfurt/Villach |
| Burgenland | Bezirkshauptmannschaft |
| Vorarlberg | Bezirkshauptmannschaft / Magistrat Bregenz |
Legal basis: GewO 1994 §94 Z.70 . Last reviewed April 2026. This is not legal advice.