[PDF] BaFin Annual Report Federal Financial Supervisory Authority 2014

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Federal Financial Supervisory Authority

(Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin)

Interview with the Federal Minister of Finance 10

ISpotlights 14

1 Low interest rates 14

1.1 Life insurers 14

Building societies 15

2.1 II 2.1

Focus:

Regulation of credit rating agencies 34

Implementation of the Regulation on Credit Rating Agencies 34

New functions for BaFin 34

Focus:

Focus:

4 International supervision 41

4.1 4.2 4.2.1 4.2.2

5 Consumer protection 43

5.1 5.1.1 5.1.2 5.1.3 5.2 5.2.1 5.2.2 5.3 5.3.1 5.3.2 5.3.3 5.4 5.5 5.6 5.6.1 5.6.2 5.6.3 5.6.4 5.6.5 5.6.6 5.7

6 Authorisation requirements and prosecution of unauthorised

business activities 60 6.1 6.1.1 6.1.2 6.1.3 6.2 6.3

7 Financial accounting and reporting 69

7.1 7.2 7.3

Money laundering prevention 72

9

Risk modelling 73

9.1 9.2 9.2.1 9.2.2 9.2.3 10 10.1 10.2 1 1.1 1.1.1 1.1.2 1.2 1.3 1.4 1.5 1.6 1.7 2

Preventive supervision 103

2.1 2.1.1 2.1.2 2.2 2.3 2.4 3

Institutional supervision 109

3.1 3.1.1 3.1.2 3.1.3 3.1.4 3.2 3.3 3.3.1 3.3.2 3.3.3 3.3.4 3.3.5 3.3.6 3.3.7 3.3.9

3.3.10

3.4 3.4.1 3.4.2 3.4.3 3.4.4 3.4.5 4

Market supervision 131

4.1 4.2 4.3 4.4 4.5 4.6 1 1.1 1.2 1.2.1 1.2.2

1.2.2.1

1.2.2.2

1.2.3 1.3 1.4 1.4.1

1.4.1.1

1.4.1.2

1.4.1.3

1.4.2

1.4.2.1

1.4.2.2

1.4.2.3

1.4.2.4

1.4.2.5

1.4.3

The prudent person principle 154

1.5 1.5.1 1.5.2 1 1.6 1.6.1 1.6.2 1.6.3 1.6.4 1.7 1.9 1.9.1 1.9.2 2

Preventive supervision 166

2.1 2.2 2.3 2.4 2.5 2.5.1 2.5.2 2.6 2.6.1 2.6.2 3

Supervision of undertakings 172

3.1 3.2 3.3 3.3.1 3.3.2 3.3.3

3.3.3.1

3.3.3.2

3.3.3.3

3.3.3.4

3.3.3.5

3.3.3.6

3.4 Supervision of securities trading and the investment business 190 1

Bases of supervision 190

1.1 1.2 1.3 1.4

Reform of the sanctioning regime 198

1.5 1.6 1.7 2 Monitoring of market transparency and integrity 211 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.7.1 2.7.2 3

Prospectuses 223

3.1 3.2 3.3 4

Corporate takeovers

5

Financial reporting enforcement 231

6 Supervision of investment business 232

6.1 6.2 6.2.1 6.2.2 6.2.3

7 234

7.1 7.2

1 Human resources

2 Organisational developments 240

3 Budget 241

4 Press and Public Relations 243

Appendix 246

1 Organisation chart 246

2 BaFin bodies 251

2.1 2.2 2.3 2.4 2.5

3 Complaints statistics for individual undertakings 256

3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.9 3.10

4 Memoranda of Understanding (MoUs)* 272

5 Index of tables 273

6 274

Interview with the Federal Minister

of Finance

Minister, the political powers-that-be have

provided banking supervisors with many new tools in the recent past. Has the time now come to implement these measures or do you still see gaps that need to be plugged? just one example: the "too big to fail" problem important aspect here is the G20's agreement TLAC 1 minimum standards, which means global

One of the things we are therefore supporting is

and rigorous implementation in Europe of the

Board, for instance.

There are increasing demands internationally

that supervision should remain independent of political inuence. In Germany, BaFin is subject to the legal and technical supervision by your Ministry. How do you see the relationship between government and supervisors? fact requires quite a complex answer. It is one 11 delegated to it in this respect. We are also accountable to Parliament for this.

On 4 November 2014, the Single Supervisory

Mechanism (SSM) for euro zone banks came

into operation. You helped to shape it. Will it actually be able to deliver more than national supervisory authorities could with their own national resources?

When euro zone Heads of State and

Are the functions of monetary policy and

supervision in the current supervisory mechanism construction separated cleanly enough? Would an independent European banking supervisor, divorced from monetary policy, not be better? What do you think are the prospects of a Treaty amendment becoming necessary in that case? of what is possible under European law, the

ECB structures laid down in the SSM Regulation.

of the ECB mediation panel prescribed in the SSM Regulation, which is intended to

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acceptable. But that does not alter fact that the support of our partner countries for this.

Do we now need such a supervisory mechanism

for insurers and critical infrastructures as well?

European cooperation between national

2

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