BaFin Archives

Amendment of the Owner Control Regulation

by Kai Grandpierre on Jan 2, 2023
Posted In Banking Law, Financial Services

On December 28, 2022, the amended “Regulation on Notifications in Accordance with Section 2c of the German Banking Act (Kreditwesengesetz – KWG) and Section 104 of the German Insurance Supervision Act (Versicherungsaufsichtsgesetz – VAG)”, the Owner Control Regulation (Inhaberkontrollverordnung – InhKontrollV, also referred to as Holder Control Regulation by BaFin), became effective. The amendment expands the scope of the documents and declarations to be submitted, but at the same time contains partial relief for the party subject to the notification requirement.

Consideration of the changes to the KWG and the VAG

The amendments to the InhKontrollV take into account the [...]

Continue Reading

BaFin considers dark patterns in trading apps and trading portals to be unlawful

by Annabelle Rau on Nov 24, 2022
Posted In Securities Service Providers

On November 21, 2022, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin“) clarified in a statement that investment firms are not allowed to use dark patterns in trading apps or trading portals. Against this background, BaFin also published two new FAQs on the conduct of business rules for investment firms.

In BaFin’s opinion, dark patterns in digital decision worlds (“choice architecture“) violate the ban of misleading information and the principle of fairness and are therefore unlawful.

What are dark patterns?

Dark patterns are when individual buttons in apps or on websites have a significantly lower [...]

Continue Reading

ESG risks & Co. in the 7th MaRisk update

by Annabelle Rau on Oct 14, 2022
Posted In Banking Law, Sustainability Risks

On September 26, 2022, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin“) published an amended draft of its circular “Minimum Requirements for Risk Management” (Mindestanforderungen an das Risikomanagement – “MaRisk“), which is now open for consultation.

MaRisk codifies BaFin’s administrative practice on risk management for German banks, particularly with regard to business organization and outsourcing, and in doing so specifies the statutory requirements of Section 25a of the German Banking Act (Kreditwesengesetz – „KWG“).

The draft of the 7th MaRisk amendment includes, among other things

the implementation of the European [...]

Continue Reading

BaFin on the new sustainability exploration in investment advice and financial portfolio management

by Annabelle Rau on Aug 17, 2022
Posted In Financial Services

In a publication dated August 3, 2022, BaFin referred to the now applicable obligation of investment advisors and financial portfolio managers to conduct customer exploration with regard to the sustainability preferences of customers.

Customer exploration now also includes sustainability factors, which is why the suitability check and declaration is expanded to include the aspect of the customer’s sustainability preference.
The background is the Delegated Regulation (EU) 2021/1253 of the European Commission, which regulates the inclusion of sustainability factors, risks and preferences in certain organizational requirements and conditions for the operation of securities firms.

Amendment of the Owner Control Regulation

BaFin considers dark patterns in trading apps and trading portals to be unlawful

ESG risks & Co. in the 7th MaRisk update

BaFin on the new sustainability exploration in investment advice and financial portfolio management

AUTOREN

FOLGE UNS

THEMENBEREICHE

ARCHIV

Neueste Beiträge