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69-521: Prudential banking supervision in Germany essentially started as a consequence of the banking crisis of 1931 , prior to which the only supervised credit institutions were the public savings banks . On 19 September 1931, a decree established the office of Reichskommissar für das Bankgewerbe ( lit.   ' Imperial Commissioner for Banking ' ), for which Chancellor Heinrich Brüning appointed Friedrich Ernst  [ de ] . In 1934, this

138-479: A fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting. Banks may be required to obtain and maintain a current credit rating from an approved credit rating agency , and to disclose it to investors and prospective investors. Also, banks may be required to maintain a minimum credit rating. These ratings are designed to provide color for prospective clients or investors regarding

207-521: A bailout, and then continue to take risks once again. The capital requirement sets a framework on how banks must handle their capital in relation to their assets . Internationally, the Bank for International Settlements ' Basel Committee on Banking Supervision influences each country's capital requirements. In 1988, the Committee decided to introduce a capital measurement system commonly referred to as

276-537: A bank, suspend shareholders’ voting rights or appoint an outside supervisor to oversee management. In the past, BaFin has hardly ever made use of its enforcement powers and typically resolved issues discreetly with any bank. Notably, the agency appointed special representatives with executive authority to help to run the European arm of VTB Bank (2022) and the German unit of Ziraat Bank (2022). In 2016, BaFin opened

345-507: A banking supervisor. In the banking union (which includes the euro area as well as countries that join on a voluntary basis, lately Bulgaria ), the European Central Bank , through its supervisory arm also known as ECB Banking Supervision, is the hub of banking supervision and works jointly with national bank supervisors, often referred to in that context as "national competent authorities" (NCAs). ECB Banking Supervision and

414-409: A new office dedicated to corporate whistleblowers, aiming to encourage more business insiders to expose wrongdoing. The new office centralizes the collection of details from whistleblowers and follows a special protocol to ensure identities are kept secret. It can also be contacted anonymously under the procedure. Soon after its establishment, there were signs that there were serious shortcomings within

483-513: A non-European, highly deregulated , private cartel . Banks may be restricted from having imprudently large exposures to individual counterparties or groups of connected counterparties. Such limitation may be expressed as a proportion of the bank's assets or equity, and different limits may apply based on the security held and/or the credit rating of the counterparty. Restricting disproportionate exposure to high-risk investment prevents financial institutions from placing equity holders' (as well as

552-429: A renaming into Generali Deutschland (former: Generali Deutschland Holding) and a relocation from Cologne to Munich. There are numerous insurers and financial services companies working under the umbrella of Generali Deutschland AG, including Generali Versicherungen, AachenMünchener, CosmosDirekt, Central Krankenversicherung, Advocard Rechtsschutzversicherung, Deutsche Bausparkasse Badenia and Dialog. These companies cover

621-421: A struggling bank or to let it fail. The issue, as many argue, is that providing aid to crippled banks creates a situation of moral hazard . The general premise is that while the government may have prevented a financial catastrophe for the time being, they have reinforced confidence for high risk taking and provided an invisible safety net. This can lead to a vicious cycle, wherein banks take risks, fail, receive

690-552: A working group together with the Federal Lawyer’s Chamber, Assessor accountant, notaries, tax advisers and public accountants. The main objective of this group is to define “indications of possible money laundering activities” in connection with the work of the professions represented in this group. Furthermore, the Federal Chamber is in the process of establishing special Guidelines for its members, particularly in

759-408: Is an impact on financial markets stability. In August 2022, BaFin fined Bank of America 5.1 million euros ($ 5.28 million) for delays in reporting voting rights notifications. The main task of BaFin is the supervision of banks, insurance companies, and the trading of securities and ensure the viability, integrity, and stability of the German financial system. On the supply side, it pays attention to

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828-404: Is in effect a law enforcement agency and can initiate legal action. It has the right, when it discovers a crime or even the suspicion of a crime, in particular insider trading, market manipulation , illegal operation of banking, financial fraud, or incitement to establish stock exchange speculation, to forward them to law enforcement authorities. BaFin also has the power to remove the top leaders of

897-594: Is no minimum reserve ratio. The purpose of minimum reserve ratios is liquidity rather than safety. An example of a country with a contemporary minimum reserve ratio is Hong Kong , where banks are required to maintain 25% of their liabilities that are due on demand or within 1 month as qualifying liquefiable assets. Reserve requirements have also been used in the past to control the stock of banknotes and/or bank deposits. Required reserves have at times been gold, central bank banknotes or deposits, and foreign currency. Corporate governance requirements are intended to encourage

966-483: Is the premise for government bailouts , in which government financial assistance is provided to banks or other financial institutions who appear to be on the brink of collapse. The belief is that without this aid, the crippled banks would not only become bankrupt, but would create rippling effects throughout the economy leading to systemic failure . Compliance with bank regulations is verified by personnel known as bank examiners . The objectives of bank regulation, and

1035-604: Is the second largest direct insurance company in Germany after Allianz . Its headquarters is in Munich . Companies Generali Deutschland owns include Generali Versicherungen, AachenMünchener, CosmosDirekt and other. The company is fully owned by the Italian group Assicurazioni Generali . Since 2015, Giovanni Liverani has been CEO of the Generali Deutschland. In May 2015, he declares his new strategy which includes

1104-515: Is used to detect insider trading, price, and market manipulation. In particular, the buying and selling of shares by company management in the same company is monitored closely (Directors Dealings). BaFin also ensures market transparency by supervising reporting rules and disclosure requirements and makes sure these are followed. BaFin enforcement powers range from the issuing of subpoenas and questioning people, suspending or prohibition trading in financial instruments up to being able to forward cases to

1173-734: The Aufsichtsamt für das Kreditwesen itself was dissolved in 1944 with its duties taken over by the economics ministry. After World War II , banking supervision was devolved in West Germany to the Länder , until a national banking supervisor was re-established in 1962 as the Bundesaufsichtsamt für das Kreditwesen  [ de ] (known as BAK or BAKred), located in West Berlin , which again cooperated closely with

1242-535: The Basel Capital Accords . The latest capital adequacy framework is commonly known as Basel III . This updated framework is intended to be more risk sensitive than the original one, but is also a lot more complex. The reserve requirement sets the minimum reserves each bank must hold to demand deposits and banknotes . This type of regulation has lost the role it once had, as the emphasis has moved toward capital adequacy, and in many countries there

1311-487: The Basel Committee on Banking Supervision , makes a distinction between three "pillars", namely regulation (Pillar 1), supervisory discretion (Pillar 2), and market discipline enabled by appropriate disclosure requirements (Pillar 3). Bank licensing, which sets certain requirements for starting a new bank, is closely connected with supervision and usually performed by the same public authority. Licensing provides

1380-902: The Deutsche Bundesbank . BAKred relocated from Berlin to Bonn in 1999. BaFin was formed on 1 May 2002 by the merger of the Bundesaufsichtsamt für das Kreditwesen , the Federal Insurance Supervisory Office ( German : Bundesaufsichtsamt für das Versicherungswesen  [ de ] or BAV, est. 1952 in West Berlin and relocated to Bonn in 2000), and the Federal Supervisory Office for Securities Trading ( German : Bundesaufsichtsamt für den Wertpapierhandel  [ de ] or BAWe, est. 1995 in Frankfurt ). This

1449-421: The European Central Bank itself, to rely more than ever on the standardized assessments of "credit risk" marketed aggressively by two US credit rating agencies – Moody's and S&P, thus using public policy and ultimately taxpayers' money to strengthen anti-competitive duopolistic practices akin to exclusive dealing . Ironically, European governments have abdicated most of their regulatory authority in favor of

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1518-853: The National Administration of Financial Regulation in China , the Financial Services Agency in Japan , or the Prudential Regulation Authority in the United Kingdom . The European Union and United States have more complex setups in which multiple organizations have authority over bank supervision. The European Banking Authority plays a key role in EU banking regulation, but is not

1587-588: The 19th century and especially the 20th century, even though embryonic forms can be traced back to earlier periods. Landmark developments include the inception of U.S. federal banking supervision with the establishment of the Office of the Comptroller of the Currency in 1862; the creation of the U.S. Federal Deposit Insurance Corporation as the first major deposit guarantee and bank resolution authority in 1934;

1656-516: The 31 January 2010 and was not renewed at that time. On 19 May 2010, in response to 2010 European sovereign debt crisis , BaFin banned naked short selling of credit default swaps on euro-area government bonds until 31 March 2011. At the same time they re-introduced a ban on naked short selling of the previous 10 banks and insurers companies. In 2019, BaFin banned short-selling in response to accusations of accounting fraud in Wirecard . Following

1725-471: The Bonn district court. In the sentencing notes the court criticized BaFin for its "nonexistent" internal controls. In September 2006 a report by PricewaterhouseCoopers and BaFin internal audit found that the requirements of the federal government to prevent corruption had not been implemented. In April 2009 an internal BaFin list containing the volume of loans and securities "from troubled business” and banks

1794-778: The Bundesbank on the spot. The Banking Law provides BaFin an extensive arsenal of sanctions including criminal sanctions, ranging from written warnings of fines to withdrawal of banking license . Similar to bank supervision, the Insurance Supervision Law (VAG) requires insurance companies to receive and maintain their business with the approval of BaFin, and the conditions are similar to those of banking supervision. BaFin supervises insurance companies (including pension and burial funds), holding companies, security, and pension funds. This excludes insurers that operate in only one province. The supervisor shall include

1863-539: The Euribor interest rate, the first fine imposed under a 2018 regulation that seeks to prevent manipulation of Euribor. In May 2022, the Federal Ministry of Finance gave BaFin more leeway and independence in conducting its work. According to new cooperation principles between the two authorities, BaFin is to only inform the ministry in critical cases, for example when a large corporation is involved or if there

1932-611: The NCAs together form European Banking Supervision , also known as the Single Supervisory Mechanism. Countries outside the banking union rely on their respective national banking supervisors. The United States relies on state-level bank supervisors (or "state regulators", e.g. the New York State Department of Financial Services ), and at the federal level on a number of agencies involved in

2001-488: The West African Monetary Union in 1990 and then, at a much larger scale, with the start of European Banking Supervision in 2014. Given the interconnectedness of the banking industry and the reliance that the national (and global) economy hold on banks, it is important for regulatory agencies to maintain control over the standardized practices of these institutions. Another relevant example for

2070-679: The agency providing its service: the company or the market? European financial economics experts – notably the World Pensions Council (WPC) have argued that European powers such as France and Germany pushed dogmatically and naively for the adoption of the " Basel II recommendations", adopted in 2005, transposed in European Union law through the Capital Requirements Directive (CRD). In essence, they forced European banks, and, more importantly,

2139-483: The allegations, BaFin itself came under scrutiny the following year. In November 2020, the European Securities and Markets Authority (ESMA) published the results of its review which assessed the events leading to the collapse of Wirecard and the supervisory response by BaFin. This review identifies a number of deficiencies, inefficiencies and legal and procedural impediments relating to the following areas:

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2208-485: The annual report has issued an attestation report on management's assessment of the company's internal control over financial reporting. Under the new rules, a company is required to file the registered public accounting firm's attestation report as part of the annual report. Furthermore, the SEC added a requirement that management evaluate any change in the company's internal control over financial reporting that occurred during

2277-449: The applicable AML/CFT framework. Deposit insurance and resolution authority are also parts of the banking regulatory and supervisory framework. Bank (prudential) supervision is a form of "microprudential" policy to the extent it applies to individual credit institutions, as opposed to macroprudential regulation whose intent is to consider the financial system as a whole. Banking supervision and regulation are closely intertwined, to

2346-433: The bank to be well managed, and is an indirect way of achieving other objectives. As many banks are relatively large, and with many divisions, it is important for management to maintain a close watch on all operations. Investors and clients will often hold higher management accountable for missteps, as these individuals are expected to be aware of all activities of the institution. Some of these requirements may include: Among

2415-438: The company; management's assessment of the effectiveness of the company's internal control over financial reporting as of the end of the company's most recent fiscal year; a statement identifying the framework used by management to evaluate the effectiveness of the company's internal control over financial reporting; and a statement that the registered public accounting firm that audited the company's financial statements included in

2484-647: The creation of the Belgian Banking Commission , Europe's first modern banking supervisor in 1935; the start of formal banking supervision by the Bank of England in 1974, marking the eventual generalization of the practice among jurisdictions with large financial sectors; and the emergence of supranational banking supervision, first by the Eastern Caribbean Central Bank in 1983 and the Banking Commission of

2553-432: The emphasis, vary between jurisdictions. The most common objectives are: Among the reasons for maintaining close regulation of banking institutions is the aforementioned concern over the global repercussions that could result from a bank's failure; the idea that these bulge bracket banks are " too big to fail ". The objective of federal agencies is to avoid situations in which the government must decide whether to support

2622-516: The exact structure of the reports that the SEC requires. In addition to preparing these statements, the SEC also stipulates that directors of the bank must attest to the accuracy of such financial disclosures. Thus, included in their annual reports must be a report of management on the company's internal control over financial reporting. The internal control report must include: a statement of management's responsibility for establishing and maintaining adequate internal control over financial reporting for

2691-558: The extent that in some jurisdictions (particularly the United States) the words "regulator" and "supervisor" are often used interchangeably in its context. Policy practice, however, makes a distinction between the setting of rules that apply to banks (regulation) and the oversight of their safety and soundness (prudential supervision), since the latter often entails a discretionary component or "supervisory judgment". The global framework for banking regulation and supervision, prepared by

2760-451: The financial condition of solvency and liquidity , including having appropriate risk control - and management systems as described in the MaRisk -circulaire. Financial institutions must provide BaFin with: All information will be assessed and evaluated in close cooperation with the Deutsche Bundesbank . In addition, BaFin may order special tests, which are also carried out by members of

2829-1294: The firm's) capital at an unnecessary risk. In the US in response to the Great Depression of the 1930s, President Franklin D. Roosevelt 's under the New Deal enacted the Securities Act of 1933 and the Glass–Steagall Act (GSA), setting up a pervasive regulatory scheme for the public offering of securities and generally prohibiting commercial banks from underwriting and dealing in those securities. GSA prohibited affiliations between banks (which means bank-chartered depository institutions, that is, financial institutions that hold federally insured consumer deposits) and securities firms (which are commonly referred to as "investment banks" even though they are not technically banks and do not hold federally insured consumer deposits); further restrictions on bank affiliations with non-banking firms were enacted in Bank Holding Company Act of 1956 (BHCA) and its subsequent amendments, eliminating

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2898-575: The full spectrum of financial services, such as life, health, property and legal expense insurances, construction financing, as well as additional solutions like third-party asset management and real estate brokerage. The operating result for Generali in Germany during fiscal year 2015 was €792 million (+5% vs. 2014). Total contributions for 2015 amounted to €17.8 billion. The insurance group has 13.5 million customers across Germany. As of 31 December 2015, Generali Deutschland had approximately 13,000 employees. This German corporation or company article

2967-429: The imposition of concentration risk (or large exposures) limits, and related reporting and public disclosure requirements and supervisory controls and processes. Other components include supervision aimed at enforcing consumer protection , sometimes also referred to as conduct-of-business (or simply "conduct") regulation and supervision of banks, and anti-money laundering supervision that aims to ensure banks implement

3036-650: The independence of BaFin from issuers and government; market monitoring by both BaFin and the Financial Reporting Enforcement Panel (FREP); examination procedures of FREP; and the effectiveness of the supervisory system in the area of financial reporting. In April 2021, German prosecutors in Frankfurt announced the opening of a criminal investigation into BaFin's supervision of Wirecard. In December 2021, BaFin fined Deutsche Bank 8.66 million euros ($ 9.77 million) for controls related to

3105-461: The individuals and corporations with whom they conduct business. Its main component is prudential regulation and supervision whose aim is to ensure that banks are viable and resilient ("safe and sound") so as to reduce the likelihood and impact of bank failures that may trigger systemic risk . Prudential regulation and supervision requires banks to control risks and hold adequate capital as defined by capital requirements , liquidity requirements,

3174-474: The integrity and stability of the financial system and combat money laundering BaFin is obliged, under the Banking Act, to run a centralized computer system that stores information on all accounts and their account holders. This information must be provided to BaFin by all financial institutions in Germany. The Banking Act (KWG) is the legal basis for banking supervision by BaFin. It monitors compliance with

3243-425: The interconnectedness is that the law of financial industries or financial law focuses on the financial (banking), capital, and insurance markets. Supporters of such regulation often base their arguments on the " too big to fail " notion. This holds that many financial institutions (particularly investment banks with a commercial arm) hold too much control over the economy to fail without enormous consequences. This

3312-643: The internal structure of BaFin. An examination by the German Federal Court of Audit ( Bundesrechnungshof ) in Koblenz noted in March 2004 that the internal control system of authority is insufficient. In 2006, the Federal Court revealed the embezzlement of more than 4 million euro by Michael Raumann, the former head of information technology at BaFin, for which he was indicted and convicted by

3381-654: The interpretation of the Money Laundering Act. Accusations of suspect accounting at Wirecard were levelled in 2008, 2015 and 2016 and 2019. Each time Wirecard alleged market manipulation, sparking investigations by BaFin which defended the company. Wirecard wound up in 2020 and its CEO was arrested, sparking criticism of BaFin itself. The Federal Ministry of Finance later disclosed that one fifth of BaFin staff had engaged in some kind of investment activity in 2019 and 2020, with an increasing interest in Wirecard in

3450-413: The licence holders the right to own and to operate a bank. The licensing process is specific to the regulatory environment of the jurisdiction where the bank is located. Licensing involves an evaluation of the entity's intent and the ability to meet the regulatory guidelines governing the bank's operations, financial soundness, and managerial actions. The supervisor monitors licensed banks for compliance with

3519-610: The monitoring of security assets and solvency to ensure that insurance contracts can be met. BaFin is required to ensure the functioning of the German markets for securities and derivatives in accordance with the Securities Trading Act (WpHG). This includes in particular the prevention of insider trading and other market abuses such as price and market manipulation. As part of this BaFin collects information on all securities traded as well as disclosures from listed companies from all market participants. This information

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3588-696: The months ahead of its collapse. Only in September 2020, BaFin banned its staff from trading shares and other securities of the companies that it oversees. Banking supervision Banking regulation and supervision refers to a form of financial regulation which subjects banks to certain requirements, restrictions and guidelines, enforced by a financial regulatory authority generally referred to as banking supervisor , with semantic variations across jurisdictions. By and large, banking regulation and supervision aims at ensuring that banks are safe and sound and at fostering market transparency between banks and

3657-650: The most important regulations that are placed on banking institutions is the requirement for disclosure of the bank's finances. Particularly for banks that trade on the public market, in the US for example the Securities and Exchange Commission (SEC) requires management to prepare annual financial statements according to a financial reporting standard , have them audited, and to register or publish them. Often, these banks are even required to prepare more frequent financial disclosures, such as Quarterly Disclosure Statements . The Sarbanes–Oxley Act of 2002 outlines in detail

3726-445: The most important requirement in bank regulation that supervisors must enforce is maintaining capital requirements . As banking regulation focusing on key factors in the financial markets, it forms one of the three components of financial law , the other two being case law and self-regulating market practices. Compliance with bank regulation is ensured by bank supervision . Banking regulation and supervision has emerged mostly in

3795-400: The most influence over how banks (and all public companies) are viewed by those engaged in the public market. Following the 2007–2008 financial crisis , many economists have argued that these agencies face a serious conflict of interest in their core business model. Clients pay these agencies to rate their company based on their relative riskiness in the market. The question then is, to whom is

3864-545: The possibility that companies owning banks would be permitted to take ownership or controlling interest in insurance companies, manufacturing companies, real estate companies, securities firms, or any other non-banking company. As a result, distinct regulatory systems developed in the United States for regulating banks, on the one hand, and securities firms on the other. Most jurisdictions designate one public authority as their national prudential supervisor of banks: e.g.

3933-602: The prudential supervision of credit institutions: for banks, the Federal Reserve , Office of the Comptroller of the Currency , and Federal Deposit Insurance Corporation ; and for other credit institutions, the National Credit Union Administration and Federal Housing Finance Agency . AMB Generali Generali Deutschland AG (until 2008: AMB Generali) is a German holding company consisting of about 20 insurance companies . It

4002-482: The public prosecutor. Since 2002, under the Securities Acquisition and Takeover Act ( German : Wertpapiererwerbs- und Übernahmegesetz, WpÜG ), it also deals with monopoly issues during mergers and acquisitions . BaFin acts as the central depository for prospectus , however, BaFin only checks basic information and does not check for the accuracy and creditworthiness of the issuer. BaFin

4071-660: The purview of the European Central Bank in November 2014. On 19 September 2008, in response to threats from the 2007–2008 financial crisis and following measures taking by the United States , BaFin banned short selling on eleven German finance stocks. These were Aareal Bank , Allianz , AMB Generali , Commerzbank AG , Deutsche Bank , Deutsche Börse , Deutsche Postbank , Hannover Re , Hypo Real Estate , MLP AG and Munich Re . The ban expired on

4140-462: The relative risk that one assumes when engaging in business with the bank. The ratings reflect the tendencies of the bank to take on high risk endeavors, in addition to the likelihood of succeeding in such deals or initiatives. The rating agencies that banks are most strictly governed by, referred to as the "Big Three" are the Fitch Group , Standard and Poor's and Moody's . These agencies hold

4209-412: The requirements and responds to breaches of the requirements by obtaining undertakings, giving directions, imposing penalties or (ultimately) revoking the bank's license. Bank supervision may be viewed as an extension of the licence-granting process. Supervisory activities involve on-site inspection of the bank's records, operations and processes or evaluation of the reports submitted by the bank. Arguably

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4278-424: The rules and guidelines of the Banking Act relating to credit and financial institutions. The establishment of new banks in Germany is subject to a compulsory license subject to law, BaFin, as the competent authority, approves such licenses. It takes into account the management, minimum capital requirements, reliability, solid leadership, and the sustainability of the business when approving licenses. In particular,

4347-680: The scope and authorization of total assets. An appeal to the Constitutional Court regarding the unconstitutionality of this (forced) levy in 2009 was rejected as unfounded. In the opinion of the court, the levy is 'intended to strengthen investor confidence and the soundness and integrity of these companies. These are a necessary condition for a functioning financial framework'. As of December 2014, BaFin regulated approximately 1,780 banks , 676 financial services institutions, 573 insurance companies , 31 pension funds, 6,000 domestic investment funds and 260 investment companies. To maintain

4416-421: The so-called "operational pillars", there are a number of departments that have cross-organizational or perform administrative tasks, such as "risk modeling", "money laundering" and "international responsibilities". BaFin employs roughly 2,530 at its two offices and is fully funded by fees and levies of the supervised institutions and companies and so is independent of the federal budget. The levy amounts depend on

4485-432: The solvency of banks, insurance companies, and financial institutions. For investors, bank customers, and the insured it ensures confidence in the financial markets and the companies operating therein. BaFin is run by a Board consisting of the president and four executive directors for securities, banking supervision, insurance supervision and cross-functional areas and internal administration. In addition to these divisions,

4554-579: Was achieved under the Financial Services and integration Act ( German : Gesetz über die integrierte Finanzaufsicht , known as FinDAG) enacted on 22 April 2002. The aim was to create one integrated financial regulator that covered all financial markets. Thus, uniform national supervision of banks , credit institutions , insurance companies , financial service companies, brokers and stock exchanges would be achieved, providing transparency and manageability and to make sure all financial activity

4623-571: Was leaked to the newspaper Sueddeutsche Zeitung . The internal paper estimated the volume of debt to be 816 billion euros. This confidential information was seen as potentially damaging to the creditworthiness of the banks and their sustainability and was seen as a serious breach by BaFin. Shortly after the publication of the information, BaFin asked the Munich public prosecutor's to raise a criminal complaint against persons unknown on suspicion of breach of statutory duty of confidentiality. BaFin created

4692-585: Was regulated. In 2003 changes to the Kreditwesengesetz (KWG) gave BaFin further responsibility to monitor the creditworthiness of financial institutions and to collect detailed information from those institutions. The aim was to increase customer protection and the reputation of the financial system. It shares responsibility here with the Bundesbank . As of 2015, BaFin is in transition, after major responsibilities for banking supervision shifted to

4761-543: Was transformed into the Aufsichtsamt für das Kreditwesen , by new comprehensive banking legislation ( German : Kreditwesengesetz of 5 December 1931). Initially the Reichsbank was associated with the supervisory process through a newly established Supervisory Office, but that role was transferred to the Economics Minister (German: Reichswirtschaftsminister ) upon a legislative revision in 1939, and

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