In Germany, a Haftungsdach (liability umbrella) allows placement professionals to operate under the license and liability of a regulated investment firm — without needing their own license.
A Haftungsdach (liability umbrella) is a regulatory arrangement under German and European securities law where a licensed investment firm — such as substnz Capital Partners GmbH (BaFin registry 157452) — assumes supervisory responsibility and liability for tied agents operating under its umbrella. This allows qualified placement professionals to provide regulated investment brokerage and advice across 17+ EEA markets without obtaining their own securities license.
A Haftungsdach (literally: liability roof) is a regulatory arrangement under German and European securities law where a licensed investment firm assumes supervisory responsibility and liability for tied agents operating under its umbrella. The concept enables qualified professionals to provide regulated investment services without establishing their own investment firm.
substnz Capital Partners operates as a Haftungsdach for placement agents in the alternative investments space. We hold the BaFin license under the Securities Institutions Act (WpIG) and extend its coverage to our tied agents — allowing them to focus on capital raising while we manage the regulatory obligations.
Our BaFin WpIG license covers investment brokerage and investment advice. Tied agents operate under this license with full regulatory legitimacy.
substnz assumes the supervisory responsibility required by law. We monitor compliance, manage regulatory reporting, and ensure adherence to all applicable rules.
Unlike a purely German license, our MiFID II passporting extends the umbrella across 17+ EEA markets. Your regulatory coverage is pan-European.
We provide a complete compliance infrastructure: AML/KYC processes, conflicts of interest management, suitability assessments, and regulatory reporting.
While we provide the regulatory framework, you retain full independence over your business: your clients, your mandates, your economics.
Professional liability coverage and a robust risk management framework protect both the tied agent and the end investor.
The Haftungsdach model is ideal for capital markets professionals who have the expertise and networks to raise capital independently, but who do not want the cost, complexity, and time burden of establishing and maintaining their own regulated entity.
This includes independent placement agents, former heads of distribution at asset managers, wealth advisors transitioning into alternative investments, and small teams that want institutional-grade regulatory infrastructure without the institutional overhead.
A Haftungsdach is not the right solution for firms that want to build their own brand as a regulated entity, need to hold client assets, execute transactions on their own behalf, or intend to serve retail investors. It is also not suited for activities outside investment brokerage and advice, such as portfolio management or proprietary trading.
With your own license, you bear the full regulatory burden: capital requirements, ongoing reporting, compliance staffing, and supervisory costs. Under a Haftungsdach, the licensed firm assumes these obligations. You focus on your business while operating with full regulatory legitimacy.
Yes. The tied agent concept is defined under MiFID II and recognized across the European Economic Area. Through our passported license, tied agents under the substnz umbrella can serve professional investors in 17+ European markets.
Our fee model is transparent and straightforward. There are no hidden charges. We are happy to discuss the specific economics during an initial conversation.
As the Haftungsdach provider, substnz assumes liability for the activities of its tied agents within the scope of their registered activities. This is supported by professional liability coverage and a robust compliance framework.
Let’s discuss how the substnz regulatory umbrella can serve your placement practice.