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Here you will find all the information you need on the subject of financial supervision in Germany and on the requirements for companies. Welcome to BaFin …. You can find an overview of administrative acts issued by BaFin, important interpretative decisions, consultations and legal bases here. Acts and regulations …. In the expert articles which are taken from BaFinJournal you find current supervisory topics.
The annual report contains the most important issues of the last year. Anyone wishing to conduct banking business or to provide financial services in Germany requires written authorisation. Authorisation to conduct other banking business or to provide financial services is granted by BaFin sections 32 and 33 of the KWG. However, BaFin may only grant authorisation if the following requirements, among others, are met:. Credit institutions with a licence in any European Economic Area country are in principle permitted to carry on their business in other member states, too: It is likely that European passports for UK -domiciled companies will lose their validity.
At present, these passports enable such companies to conduct business in other EU member states. Among other things, the Agreement contains provisions regarding the conclusion of contracts by reinsurers from the USA with primary insurance undertakings and reinsurance undertakings from the EU.
This checklist is to be viewed as an aid for preparing an application for the granting of authorisation to conduct banking business. We do not claim that it is exhaustive. BaFin has published a new guidance notice comprising guidelines for the authorisation of insurance joint-stock companies for the pursuit of health insurance business as primary insurance undertakings in Germany. It specifies the documents and information required by BaFin from companies in order to assess whether authorisation can be given.
In addition, the guidance notice states the specificities …. Guidelines for the authorisation of insurance joint-stock companies for the pursuit of health insurance as primary insurance undertakings within the Federal Republic of Germany. Federal Financial Supervisory Authority.
What doesn't BaFin do? Breadcrumb You are here: Topic Authorisation Authorisation of banks, financial services providers, and payment and e-money institutions. However, BaFin may only grant authorisation if the following requirements, among others, are met: When an institution is established, it must demonstrate that it is endowed with a minimum or initial capital, which will depend on the nature of its intended business. For securities trading banks, for example, the initial capital required is at least EUR ,, while for deposit-taking credit institutions it is at least EUR 5m.
Investment advisers, investment brokers, contract brokers and portfolio managers, as well as operators of multilateral trading facilities or companies carrying out security placement business which are not authorised to obtain ownership or possession of funds or securities of customers and which do not trade in financial instruments for their own account must prove that they have a minimum capital of at least EUR 50, 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 practical experience during their professional careers to date to enable them to carry out their new jobs properly.
The applicant must also declare any holders of significant holdings in the proposed institution and the size of any such holdings. Any such persons must also be "proper" persons. If they are not, or if they fail to meet the standards required in the interests of sound and prudent management of the institution for any other reasons, BaFin may refuse to grant authorisation. In addition, the authorisation application must contain a viable business plan indicating the nature of the proposed business, the organisational structure and the proposed internal control systems.
BaFin checks whether the applicant is ready and able to take the necessary organisational measures in order to be able to conduct its business in a proper manner. Notification process updated on Did you find this article helpful? We appreciate your feedback helpful less helpful.
More on this topic Format: Publications on this topic Format: Guidance Notice Erscheinung from 20 July Stand , updated on Tools Share Webcode https: