The amended version of the Minimum Requirements for Risk Management ( Mindestanforderungen an das Risikomanagement – MaRisk) is. After comments on the MaRisk draft of 18 February had been examined in detail and Bundesbank and BaFin have jointly redrafted the ICAAP guideline and published it on MaRisk in the version of 15/12/ Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) Annex 1: Annotated text of the Minimum Requirements for Risk Management (MaRisk) in Securities Trading Act in conjunction with Circular 4/ (WA) –.

Author: Kaziramar Mekus
Country: Zimbabwe
Language: English (Spanish)
Genre: Business
Published (Last): 17 June 2005
Pages: 181
PDF File Size: 2.21 Mb
ePub File Size: 4.82 Mb
ISBN: 871-5-32140-998-7
Downloads: 7674
Price: Free* [*Free Regsitration Required]
Uploader: Meztilkis

This is to ensure all conditions are met. In particular, the financial condition of solvency and liquidityincluding having appropriate risk control – and management systems as described in the MaRisk -circulaire. The aim was to increase customer protection and the reputation of the financial system.

The Banking Law provides BaFin an extensive arsenal of sanctions including criminal sanctions, ranging from written warnings of fines to withdrawal of banking license. Retrieved from ” https: It shares responsibility here with the Bundesbank. BaFin also monitors in general compliance with all laws applicable to the operation of insurance businesses.

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. In particular, the buying and selling of shares by company management in the same company is monitored closely Directors Dealings. As institutions are increasingly obtaining IT services from third parties, including as part of outsourcing arrangements, the BAIT also set out the requirements for the external procurement of IT services.

This information is used to detect insider trading, price and market manipulation. Moreover, the MaRisk contain numerous opening clauses which ensure that smaller institutions can also comply with the requirements in a flexible way. It is an independent federal institution with headquarters in Bonn and Frankfurt and falls under the supervision of the Federal Ministry of Finance Germany.

In addition, BaFin may order special tests, which are also carried out by members of the Bundesbank on the spot.


The MaRisk provide a comprehensive framework for the management of all significant risks based on section marisj of the German Banking Act Kreditwesengesetz — KWGwhich governs the organisational requirements for institutions with regard to their internal risk management. BaFin is in effect a law enforcement agency and can initiate legal action.

The BAIT describe what BaFin considers to be suitable technical and organisational resources for IT systems, with particular regard to information security and suitable contingency plans.

BaFin also ensures market transparency by bwfin reporting rules and disclosure requirements and makes sure these are followed. We appreciate your feedback helpful less helpful. The MaRisk have a modular structure. The General Section AT modules contains basic requirements for internal risk management including outsourcing standards.

As part of this BaFin collects information on all securities traded as well as disclosures from listed companies from mariak market participants.

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 the public prosecutor.

This page was last edited on 15 Novemberat From Wikipedia, the free encyclopedia.

Federal Financial Supervisory Authority

The Examination by the Federal Koblenz noted in March that the internal control system of authority is insufficient.

Views Read Edit View history. The MaRiskwhich were developed in bafjn with industry professionals, provide a principles-based framework that gives institutions the flexibility to implement solutions individually.

BaFin supervises insurance companies including pension and burial fundsholding companies, security and pension funds.

BaFin – Circulars – Circular 10/ Minimum Requirements for Risk Management (MaRisk BA)

BaFin employs roughly 2, at its two offices [6] and is fully funded by fees and levies of the supervised institutions and companies and so is independent of the federal budget. At the same time they re-introduced a ban on naked short selling of the previous 10 banks and insurers companies. The supervisor shall include the monitoring of security assets and solvency to ensure that insurance contracts can be met.

These are subject to supervision by the competent local authority. This information must be provided to BaFin by all financial institutions in Germany. This excludes insurers that operate in only one province. For investors, bank customers and insured it ensures confidence in the financial markets and the companies operating therein.


As ofBaFin is in transition, after major responsibilities for banking supervision shifted to the purview of the European Central Bank in November The MaRisk have undergone several revisions due to recent developments and international regulatory initiatives. In view of the rapid developments on the financial markets, modern regulation cannot rely on compliance with quantitative indicators alone, but must focus in particular on institutions’ risk management.

To maintain 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. BaFin supervises about 2, banks, financial services institutions and over insurance undertakings.

It can also be contacted anonymously under the procedure. Frank Grund insurance supervision and Beatrice Freiwald cross-functional areas and internal administration.

Bonn and Frankfurt am MainGermany. More on this topic Format: All information will be assessed and evaluated in close cooperation with the Deutsche Bundesbank. Inthe Federal Court revealed the embezzlement of more than 4 million euro by Michael Raumann, the former head of information technology at BaFin, [11] for which he was indicted and convicted by the Bonn district court. The establishment of new banks in Germany are subject to a compulsory license subject to law, BaFin, as the competent authority, approves such licenses.

InBaFin opened a new office dedicated to corporate whistleblowers, aiming to encourage more business insiders to expose wrongdoing. Archived from the original on Similar to bank supervision, the Insurance Supervision Law VAG requires insurance companies to receive and maintain their business with approval of BaFin, and marrisk conditions are similar to those of banking supervision.