- BaFin
The Federal Financial Supervisory Authority (German: "Bundesanstalt für Finanzdienstleistungsaufsicht"; abbreviated to BaFin) is a federal institution governed by
public law that belongs to the portfolio of the Federal Ministry of Finance; as such, it has alegal personality . Its two offices are located inBonn andFrankfurt /Main , where approximately 1,000 persons are employed. The BaFin supervises about 2,700 banks, 800 financial services institutions and over 700 insurance undertakings.History
On
May 1 ,2002 BaFin became the successor of the Federal Banking Supervisory Office (German: Bundesaufsichtsamt für das Kreditwesen (BAKred)), the Federal Supervisory Office for the Securities Trading (German: Bundesaufsichtsamt für den Wertpapierhandel (BAWe)), and the Federal Insurance Supervisory Office (German: Bundesaufsichtsamt für das Versicherungswesen (BAV)), on the basis of the Law on Integrated Financial Services Supervision ( _de. Gesetz über die integrierte Finanzaufsicht (FinDAG)) from 22 April 2002.With the establishment of the BaFin there is a uniform national supervision for all ranges of financing (all financial control) in Germany for the first time, in addition to credit institutes, institutes for financial services, insurance companies and securities trading enterprises.
The entwinements on the capital markets, and the associated risks, are thereby to become better detectable and manageable. The aim of BaFin is to make a contribution towards the stability and competitiveness of the German financial market.
Since 2003, credit institutes are obligated to lead (automated call system for account master data) § 24c KWG, which makes each-early access possible of the BaFin to the customer data (account evidence centre), without the credit institutes themselves experience of it.
References
External links
* [http://www.bafin.de/EN/ BaFin - official website]
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