This article LTG
Goldrock introduces the German Federal Financial Supervision Bureau ~
On May 1, 2002, Germany merged Germany's federal banks, insurance supervision, and securities regulatory agencies to establish a unified regulatory organization, Bafin, Germany.The establishment of the German Federal Financial Supervision (Bafin) marks another major change in the reform of the German financial regulatory system.
In Germany, with the differences between banks and financial service agencies, the differences between banks and insurance business are gradually disappearing, the integrated financial products of banks, financial service institutions, and insurance companies are constantly emerging.The financial service industry and insurance institutions have formed a cross -industry joint group.With this adaptation, the establishment of a modern integrated regulatory structure has become inevitable.
At the same time, the structure of the German Federal Financial Supervision (Bafin) considers the differences in the industry: an independent organizational department has been established for bank supervision, insurance supervision and securities supervision/asset management.Those cross -industry tasks are performed by several cross -business departments separated from traditional regulatory functions.
Therefore, the German Federal Financial Supervision Bureau (Bafin), which was established on May 1, 2002, is a federal bank regulatory bureau
(BAKRED), Federal Insurance Regulatory Authority (BAV), and Federal Securities Regulatory Authority (BAWE), one,
It represents a complete integration regulatory mode.It integrates the functions of previous federal bank supervision (BAKRED), Federal Insurance Supervision (BAV), and Federal Securities Supervision (BAWE) as a single financial regulatory agency and integrate the functions of supervision banking, financial services, and insurance services.
The Federal Financial Regulatory Authority (Bafin) is a federal institution that is under the public law of the Federal Ministry of Finance through the Public Law.It has legal characteristics.The two offices are divided into Bonn and Frankfurt, with about 1,000 employees. The Federal Financial Regulatory Authority (Bafin) regulates 2,700 banks, 800 financial service institutions and more than 700 insurance institutions.The new German financial regulatory system is significantly conducive to the information exchange between regulatory bureaus, which is conducive to the synergy between organizations, and is conducive to strengthening Germany's status as a financial center and consolidating its position and role in international finance.
