On October 22, 2025, the German regulator, the Federal Financial Supervisory Authority (BaFin), issued a Circular on management board members and on members of administrative and supervisory bodies pursuant to the German Banking Act (Kreditwesengesetz – KWG). The Circular replaces two BaFin Guidance Notices: (i) The Guidance Notice on management board members pursuant to the German Banking Act (Kreditwesengesetz – KWG), the German Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) and the German Capital Investment Code (Kapitalanlagegesetzbuch – KAGB) and (ii) the Guidance Note on Members of Administrative and Supervisory Bodies pursuant to KWG and KAGB.

The Circular outlines the professional and personal criteria for individuals appointed as managing directors or members of an administrative or supervisory board. It provides an overview of the associated reporting obligations and the documents that must be submitted. A number of forms are provided to facilitate reporting.

The Circular incorporates the joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders under Directive 2013/36/EU and Directive 2014/65/EU (ESMA35-36-2319 EBA/GL/2021/06) and the EBA Guidelines on internal governance (EBA/GL/2021/05) into BaFin´s administrative practice.

For companies supervised by the ECB, the BaFin Circular 07/2020 (BA), ‘Use of the joint SSM IMAS portal with the European Central Bank’, also applies. BaFin will use the Circular for audit purposes from 1 January 2026 onwards.