Guide Corporate evaluation in the German banking sector

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Contents:
  1. Financial Stability Reviews
  2. Financial sector development
  3. Buy Corporate Evaluation in the German Banking Sector Book at 29% off. |Paytm Mall
  4. Justification of the list of indicators financial stability of the banking system

In certain exceptional cases, BaFin may exempt a foreign bank from the licensing requirement in Germany if such a bank is effectively supervised in its home country in line with appropriate international standards, and the competent supervisory authority effectively cooperates with BaFin.

Financial Stability Reviews

The procedure to obtain a licence in Germany requires an application and the submission of numerous documents such as: a viable business plan; evidence of meeting capital adequacy requirements; detailed information on liquidity and risk management, organisational structure and internal control procedures; adequate staffing and technical resources; and an adequate contingency plan, in particular for IT systems. Further, the application for a licence must also include information and documents indicating that the members of the management board and the supervisory board Germany follows the two-tier system for corporate governance purposes are eligible for such positions, as well as information and documents on qualified holdings i.

In addition, the KWG includes general requirements on the business organisation of financial institutions and constitutes the legal basis for various supervisory actions which BaFin may take. The CRR includes, in particular, capital and liquidity requirements for credit institutions, limitations on large exposures and rules on the leverage ratio, i. The WpHG includes, in particular, rules of conduct and organisational requirements for the offering of investment services. Further, the WpHG contains a licence requirement for certain markets in financial instruments from outside the EEA which allow traders in Germany direct electronic access to the trading venue.

Finally, the WpHG contains various capital market rules such as, for instance, the voting rights notification regime, restrictions on short-selling, and certain disclosure obligations. In view of the imminent Brexit, the German parliament recently adopted a bill aimed at ensuring smooth transitional rules. According to the bill, in case of a Brexit without an agreement pursuant to Art. The extension would only apply to those regulated services which are closely connected to agreements already existing at the time of Brexit. A corresponding transitional privilege would apply to payment institutions.

Further, the bill includes an additional transitional provision in a no-deal Brexit allowing proprietary traders to take advantage of an already existing transitional privilege, so that they may continue trading in financial instruments on their own account and own behalf, as market participants of German trading venues if they submit a complete application for a certain exception within three months after Brexit.

A further amendment in the bill concerns employees of significant institutions whose professional activities have a material impact on the risk profile of such institutions and whose earnings exceed three times the assessment ceiling in the statutory pension insurance system currently ca. The implementation of EU Directive no. The revised ZAG provides for two new categories of payment services: payment initiation service providers PIS ; and account information service providers AIS , which are now subject to licence or registration in case only AIS are rendered. PIS is a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider.

AIS is an online service to provide consolidated information on one or more payment accounts held by the payment service user with one or more other payment service providers. The introduction of these activities as regulated payment services goes along with the obligation of credit institutions and payment systems to grant payment service providers access to the accounts maintained on a non-discriminatory basis.

Key changes also include requirements on customer information, adequate security measures, and strong customer authentication requirements the latter will enter into force in September Strong authentication is based on the use of two or more elements categorised as: knowledge something only the user knows ; possession something only the user possesses ; and inherence something the user is. EBA has already issued under PSD2 a number of technical standards, guidelines and recommendations such as on security measures for operational and security risks arising from electronic payments and on strong customer authentication and secure communication.

So far, Germany does not have special legislation for fintechs and their innovative business models.

Financial sector development

Nevertheless, the adequate treatment of fintechs and their businesses by regulatory authorities and the legislator has been intensively discussed. Generally speaking, however, the approach pursued by the German legislator consists in efforts to find an international, or at least EU-wide, solution for the regulatory challenges which go along with technical innovations. Abstaining from developing special rules for crypto currencies and digitised assets such as tokens may illustrate this approach.

It remains to be seen how long the German legislator will take this route, as it causes side-effects like legal uncertainty in some important areas as, for instance, the qualification of crypto currencies or tokens generally as financial instruments, and the possibility to offer tokens in accordance with the prospectus regime applying to securities.

The revised GwG imposes a number of obligations on the obliged entities which includes financial institution and certain other persons and entities e. Annexes 1 and 2 to the GwG provide for a catalogue of factors of potentially higher or potentially lower risk customer risk factors, product, service, transaction or delivery channel risk factors and geographical risk factors ; in the case of politically exposed persons PEPs , a high risk has to be assumed.

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The new GwG introduces also an electronic transparency register which shall constitute a central database on ultimate beneficial owners UBOs of companies, trusts and similar entities. The 5th AMLD extends the catalogue of obliged entities to include also providers engaged in exchange services between virtual currencies and fiat currencies as well as custodian wallet providers. Entities engaged in the above activities will have to fulfil a wide range of requirements imposed on obliged entities, such as conducting customer due diligence, and will be subject to registration. EU Regulation no. EU member states shall not extend the prospectus requirements below this threshold, but may impose other, proportionate disclosure requirements.


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The Securitisation Regulation contains a specific definition of securitisation as a transaction or scheme whereby the credit risk associated with an exposure or a pool of exposures is tranched , provided that the concerned transactions has certain other characteristics. As a general rule, subject to exceptions, the Securitisation Regulation prohibits re-securitisations i. The Securitisation Regulation distinguishes STS from complex and risky products to provide for a more risk-sensitive prudential framework.

According to previous changes already made in , the conclusion of a purchase agreement relating to such transactions has been made subject to a notification requirement. As to the finance sector, this concerns inter alia software for the operation of equipment, and systems for cash supply, card payments and the offsetting and settlement of securities and derivatives. Recent amendments of InstitutsVergV applicable to credit institutions and other financial institutions aim at implementing the EBA guidelines on sound remuneration policies in line with the EU provisions on own funds included in CRR and directive no.

Remuneration within the meaning of InstitutsVergV covers all financial benefits, irrespective of their nature, including pension. The amended InstitutsVergV distinguishes between two types of remuneration: fixed and variable any remuneration component which cannot be qualified as fixed is considered variable. The review aims to introduce more proportionate and risk-sensitive rules for investment firms, without compromising financial stability.

This also entails that their operations in member states participating in the banking union would be subject to direct supervision by the ECB in the SSM. Non-systemic investment firms would be split into two groups. The capital requirements for the smallest and least risky investment firms would be set in a new tailored regime, with simpler requirements. These firms would not be subject to any additional requirements on corporate governance or remuneration.

For larger firms, a new way of measuring their risks would be introduced, based on their business models. For firms which trade financial instruments, these will be combined with a simplified version of existing rules. As a general rule, institutions must appoint at least two management board members. Management board members and supervisory board members are subject to a fit and proper assessment. Board members are required to be adequately qualified, trustworthy and in a position to dedicate sufficient time to performing their functions properly.

To ensure the latter, the KWG limits the number of mandates than can be held simultaneously by the board members. SMEs are typically labor-intensive and create more jobs than large firms, which contributes significantly to economic development in emerging economies.

Additionally, financial sector development also entails establishing robust financial policies and regulatory framework. The absence of adequate financial sector policies could have disastrous outcome, as illustrated by the global financial crisis. The crisis has challenged conventional thinking in financial sector policies and sparked debate on how best to achieve sustainable development.

The Global Financial Development Report, a new initiative by the World Bank, highlights issues that have come to the forefront after the crisis and presents policy recommendation to strengthen systems and avoid similar crisis in the future. By gathering data and knowledge on financial development around the world, the GFDR report aims to put into spotlight issues of financial development and hopes to present analysis and expert views on current policy issues. Acemoglu , Johnson and Robinson emphasize the importance of the distribution of political power in shaping the differing paths of financial sector development in the United States and Mexico in the 19th and early 20th century.

The federal nature of the US political system meant that states ended up competing with each other to attract inward investment. This in turn, made the restriction of competition in the banking sector untenable. Suffrage was highly restricted and there were no competing federal states which meant that political power was not widely spread.

As a result, "the central government granted monopoly rights to banks" [9] which enabled them to "raise revenue and redistribute rents to political supporters. Rajan and Zingales focus on the power of interest groups to explain cross-sectional and time-series variation in financial sector development.

Cross border capital flows limit the government's ability to direct credit and give out subsidies to these firms is restricted. The arrival of new foreign firms will cause banks to push for improved disclosure standards and contract enforcement because they would not have personal connections with foreign firms.

Incumbent firms will be unable to rely on connections in the banking sector to provide them with loans and will therefore push for more competition and lower barriers to entry in the financial sector so their access to finance improves. In this model, increased trade and capital flows are an exogenous shock that can change the incentives of the economic elite. They now have an incentive to level the playing field and ensure that everyone plays by the same set of rules.

Justification of the list of indicators financial stability of the banking system

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