Financial conglomerate

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A financial conglomerate ( English financial conglomerate ) is finance a group of financial services companies , the special financial supervision of the Federal Financial Supervisory Authority subject (BaFin).

General

In the economy , the conglomerate (from Latin conglomerare , `` to bunch up '' ) is generally a conglomerate made up of subsidiaries belonging to different branches of the economy . The term “finance” signals that the conglomerate or parts of it are operationally active in finance . The financial conglomerate can be a group , but does not have to be, so that the law speaks of a “group”. The concept is based on the fact that financial conglomerates are formed by at least two different companies that are supervised under EU law , namely credit institutions , insurance companies or investment services companies . Cooperation between insurance companies and credit institutions is characterized by the fact that the companies remain legally and economically independent, but cooperate in particular in the sales and administration sector ( allfinanz in association ). The concept of the financial conglomerate is, however, more broadly defined than the concept of the all-finance group .

Legal issues

The main focus of a financial conglomerate is finance; If extensive non-financial transactions are also carried out within the group, then there is a conglomerate. In order to also subject these to banking supervision , the FKAG has existed as a legal basis since July 2013 . Section 1 (1) of the FKAG regulates that the supervised companies of a financial conglomerate are subject to additional supervision in accordance with the FKAG; supervision is carried out by BaFin. According to Section 1 (2) FKAG, a financial conglomerate consists of a parent company (also holding company ) as a supervised company or in which at least one of the subsidiaries is a supervised company in which at least one of the companies in the group or sub-group is an insurance company and at least one A company in the banking or investment services industry in which the consolidated or aggregated activities of the companies in the group or subgroup operating in the insurance industry and the companies in the group or subgroup operating in the banking and investment services industry are to be regarded as significant within the meaning of Section 8 FKAG are. As "regulated entities" in a financial conglomerate in accordance with § 2 FKAG conglomerate belonging CRR-credit institutions ( § 1 para. 3d KWG ), primary and reinsurance companies ( § 7 33 no. VAG ), insurance special purpose vehicles ( § 168 VAG), securities trading companies ( § 2 para. 10 WpHG ) and capital management companies ( Section 1 para. 14 KAGB ). A financial conglomerate is predominantly active in the financial sector if the share of the total assets of the supervised and unsupervised financial companies of this group in the total assets of the group is more than 40 percent ( § 7 FKAG). A financial conglomerate must have adequate own funds at the conglomerate level according to Section 17 (1) FKAG , which are to be calculated according to Section 18 FKAG. A supervised company of a financial conglomerate may only carry out significant intra-conglomerate transactions on the basis of a unanimous resolution of all managers of the supervised company, without prejudice to the effectiveness of the legal transactions , in accordance with Section 23 (2) FKAG .

In May 2014, BaFin and the Deutsche Bundesbank issued a leaflet on the delimitation of financial conglomerates. According to this, the organizational obligations of the conglomerate ( Section 25 FKAG), risk concentrations ( Section 2 (16) FKAG) and intra-conglomerate transactions (Section 2 (15) KAGB) are of particular importance in terms of supervisory law, in addition to own funds.

statistics

By June 2010, a total of six cross-sector financial groups had been identified as a financial conglomerate with a parent company based in Germany, namely the Allianz SE Group, Debeka Group, Deutsche Bank Group, DZ Bank Group, Inter Versicherungsgruppe , Wüstenrot - and Württembergische Versicherungs - Group. A further 51 financial conglomerates were based in the EU or the EEA , with two each in Switzerland and the USA .

The European Banking Authority (EBA) updated the identified financial conglomerates in 2017, including 80 financial conglomerates headquartered in the EU or in the EEA, one financial conglomerate headquartered in Switzerland and one in Bermuda, and two others headquartered in the USA.

literature

Individual evidence

  1. ^ Kerstin Neumann: The supervision over financial conglomerates . Walter de Gruyter, Berlin / Boston 1998, ISBN 978-3-11-090116-0 , p. 19 ( limited preview in Google Book search).
  2. ^ Deutsche Bundesbank : Monthly Report. April 1994, pp. 49/53.
  3. ^ Jörg Schieber: The supervision of financial conglomerates . Duncker & Humblot, Berlin 1998, ISBN 3-428-09523-5 , pp. 70 ( limited preview in Google Book search).
  4. ^ Deutsche Bundesbank: Monthly Report. April 1994, p. 49 f.
  5. ↑ The FKAG is based on Directive 2011/89 / EU of November 16, 2011
  6. ↑ Leaflet from BaFin and the Deutsche Bundesbank on the delimitation of financial conglomerates. BaFin, May 23, 2014, accessed on February 17, 2020 .
  7. ↑ Christian-Henning Pockrant: Regulatory requirements and powers of intervention against financial conglomerates. 2013, p. 17 f.