DE - Adjustments of the supervisory review process in Germany


On June 3, 2020, the German Federal Financial Supervisory Authority (BaFin) submitted drafts of the information sheets it had revised as well as various forms of the Ordinance on Notification for consultation in anticipation of a later amendment.

The revision of the information sheets serves to incorporate guidance issued by the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) on the assessment of the suitability of members of the management body and holders of key functions as well as on internal governance. As a result of the implementation of the above-mentioned guidelines –  – the BaFin information sheets were extensively revised.
In the future BaFin will pay attention to the existence of procedures at the institutions (suitability, diversity, introduction and training, dealing with conflicts of interest). The level of detail of these procedures should depend on the size of the institution, its internal organization and the nature, scale and complexity of the institution’s business (application of the principle of proportionality).

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