BaFin
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| BaFin | |
| |
| Founded | 2002 |
|---|---|
| Headquarters | Bonn, Germany |
| Key People | Jochen Sanio, President; Karl-Burkhard Caspari, Deputy President |
| Products | Supervision of banking, financial services, insurance and securities markets |
| Web site | http://www.bafin.de |
"BaFin" is the acronym for Bundesanstalt für Finanzdienstleistungsaufsichtthe, Germany's Federal Financial Supervisory Authority. BaFin is a member of the Committee of European Securities Regulators. Jochen Sanio serves as BaFin's representative on the Committee.
Organization and Purpose
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The German Federal Financial Supervisory Authority (BaFin) [1], has assumed the responsibilities of the former supervisory offices for banking, insurance and securities, and, thus, supervises banks, financial services institutions and insurance companies, starkly different than in the United States, where different regulatory groups have responsibility for these areas.
BaFin essentially pursues three supervisory goals. Its main objective is to ensure that the entire financial sector in Germany remains operational.
Sub-objectives are to ensure the solvency of banks and financial services institutions and to ensure the protection of clients and investors.
At the core of the German Federal Financial Supervisory Authority (BaFin) there are the three supervisory pillars fulfilling the tasks of the former German Federal Supervisory Offices: Banking (BAKred), Insurance and Securities (BaWe – securities supervision/asset management), which have been combined and are continuing their work as part of BaFin.[2]
References
- ↑ BaFin homepage. BaFin. Retrieved on January 10, 2008.
- ↑ German Federal Financial Supervisory Authority (BaFin) Deutsche Bank. Deutsche Bank. Retrieved on December 31, 2007.
