Subject to certain conditions set out in the AIFM- and UCITS-Directives, as transposed into domestic law, German fund management companies may outsource tasks to service providers. Such outsourcing is particularly relevant for the popular business model of the so-called “Master-KVG”-structure in Germany: Fully compliant with the prohibition of a letter box, the German fund management … Continue Reading
The German Federal Ministry of Finance (BMF) has published a draft bill which, inter alia, sets out a national transition regime for UK credit institutions, investment firms and insurance undertakings in case of a hard Brexit. The provisions regarding market access of UK institutions introduced by the draft bill will only apply should the EU … Continue Reading
On 16 July 2018, the BaFin published a speculative study addressing the technological developments of big data (BD) analytics and artificial intelligence (AI). As BaFin President Felix Hufeld mentioned in the study’s foreword the financial sector is undergoing profound technology change with digitalisation reaching new heights. The study describes the BD / AI interaction and … Continue Reading
At the end of March 2018 the German Federal Financial Supervisory Authority (BaFin) published an advisory letter on the classification of tokens as financial instruments. The advisory letter has been published in response to the rising number of queries the BaFin’s Securities Supervision / Asset Management Directorate has received as regards whether the tokens, coins … Continue Reading
We are pleased to advise that the recording for our September 2017 MiFID II Academy webinar is now available. To access the recording, please click here… Continue Reading
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published a consultation paper outlining amendments to the circular relating to the investment of guarantee assets of insurance companies (Kapitalanlagerundschreiben – the “Circular”). The Circular shall specify the German investment ordinance (Anlageverordnung – the “Investment Ordinance”) which has been effective since 22 April 2016 … Continue Reading
We would like to take this opportunity to wish all of our blog subscribers a Merry Christmas and a Happy New Year. Our next blog postings for the UK, Italy, Germany and the Netherlands will be on Wednesday 4 January 2017. Don’t forget that our January 40 minute briefing takes place at our London office … Continue Reading
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published an interpretation circular – which explains the requirements for capital market models for the valuation of technical provisions under Solvency II Directive. The German implementation of the Directive’s provisions can found in s. 74 et seq. Insurance Supervision Act (Versicherungsaufsichtsgesetz – VAG). The … Continue Reading
Our European financial services team will be hosting a series of seminars in November across our offices in France, Germany, Italy and the Netherlands. More information and booking details for each seminar can be found via the hyper-link on the relevant City below: Paris | November 21, 2016 Amsterdam | November 22, 2016 Milan | … Continue Reading
Our European financial services team will be hosting a series of seminars in November 2016 across our offices in France, Germany, Italy and the Netherlands. The seminars will focus on MIFID II and will cover: Update on the European legislative process including local implementation Highlights from the new conduct requirements Thoughts on the new market … Continue Reading
Our Regulation tomorrow blog goes from strength to strength, with the addition of Germany to our existing coverage of Africa, Asia, Australia, Canada, the United Kingdom, Italy, the Netherlands and the United States. EU-level updates will also be featured on our new German page. New blog posts from Germany include: Ban on CFDs by BaFin … Continue Reading
Credit and financial services institutions, which in the course of providing financial services are authorised to obtain ownership or possession of funds or securities of customers, must have at least two management board members, who must be “fit and proper”. Being a “fit” person means that the persons concerned have acquired sufficient theoretical knowledge and … Continue Reading
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published a general decree on the reporting of supervisory financial information in line with the relevant European Regulation. It specifies the dates on which credit institutions, that fall under the European Capital Requirements Regulation (CRR), are required to remit their financial information to the … Continue Reading
On 10 August BaFin has issued a draft decree on the amendment of the Remuneration Regulation for Institutions (Institutsvergütungsverordnung – InstitutsVergV) as well as a related interpretation guideline. The BaFin has also provided a clean version of the draft. The amendments are based on an implementation of the EBA-Guidelines. The most important amendments can be … Continue Reading
On its website, the BaFin has published an interpretative decision setting out the obligations of insurance companies if they fail or will probably fail to provide sufficient funds to meet the solvency capital requirement or the minimum capital requirement. The decision was published in view of the stricter requirements imposed by the new supervisory regime … Continue Reading
BaFin, Deutsche Bundesbank and FMSA (Bundesanstalt für Finanzmarktstabilisierung) have published a joint interpretation guide on the classification of certain liabilities of CRR institutions under insolvency law. The interpretation guide eliminates uncertainties as to the classification of structured notes and money market instruments. By the Resolution Mechanism Act (Abwicklungsmechanismusgesetz – AbwMechG), as from 1 January 2017, … Continue Reading
The German Central Bank (Deutsche Bundesbank) has issued a note (no. 8001/2016) on the ordinance introducing an analytical credit dataset (AnaCredit), which has been published in the Federal Gazette on 28 July 2016. AnaCredit is a project to set up a dataset containing granular information on bank loans in the Euro area, harmonised across all … Continue Reading
The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleisutungsaufsicht – BaFin) has published Circular 04/2016 (GW) – Video Identification Process Following reactions of market participants, particularly in the Fintech sector, BaFin published on 11 July 2016 a notice on its website stating that the Circular 04/2016 (GW) will be postponed until 31 December 2016 in … Continue Reading
