Financial Conglomerate Supervision Act
| Basic data | |
|---|---|
| Title: | Law on the additional supervision of supervised companies of a financial conglomerate |
| Short title: | Financial Conglomerate Supervision Act |
| Abbreviation: | FKAG |
| Type: | Federal law |
| Scope: | Federal Republic of Germany |
| Legal matter: | Capital market law |
| References : | 7610-19 |
| Issued on: | June 27, 2013 ( Federal Law Gazette I, p. 1862 ) |
| Entry into force on: | 4th July 2013 |
| Last change by: |
Art. 14 para. 4 G of 17 July 2017 ( Federal Law Gazette I p. 2446 ) |
| Effective date of the last change: |
August 1, 2017 |
| GESTA : | D104 |
| Please note the note on the applicable legal version. | |
The Financial Conglomerates Supervision Act (FKAG) is a German law that the financial market supervision over financial conglomerates controls.
History of origin
The law is used to implement Directive 2011/89 / EU of the European Parliament and the Council of November 16, 2011 amending Directives 98/78 / EC, 2002/87 / EC, 2006/48 / EC and 2009/138 / EC with regard to the additional supervision of the financial companies of a financial conglomerate . The German legislature has taken this amending directive as an opportunity that previously separated the Insurance Supervision Act (ISA) and the Banking Act to unify regulations contained (KWG) by essentially unchanged considering the EU directives these regulations transformed has. The FKAG therefore has supranational roots .
content
The aim of the FKAG is to subject financial companies of a financial conglomerate to financial supervision. For this purpose, Section 1 of the FKAG stipulates that the supervised companies of a financial conglomerate are subject to additional supervision in accordance with the FKAG; supervision is carried out by the Federal Financial Supervisory Authority (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 subgroup is an insurance company and at least one is 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 those in the group or subgroup operating in the banking and investment services industry are each considered to be significant within the meaning of Section 8 FKAG are to be seen. According to Section 2 FKAG, CRR credit institutions ( Section 1 (3d) KWG), primary insurance and reinsurance companies ( Section 7 No. 33 VAG), special-purpose insurance companies ( Section 168 VAG), securities trading companies ( Section 2 para. 10 WpHG ) and capital management companies ( Section 1 para. 14 KAGB ). A financial conglomerate is primarily 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.
Financial conglomerates
By June 2010, a total of 6 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 Insurance Group and Wüstenrot - and Württembergische Versicherung - 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.
Individual evidence
- ↑ OJ. L 326 of 8 December 2011, p. 113
- ↑ Christian-Henning Pockrant, Regulatory requirements and powers to intervene against financial conglomerates , 2013, p. 18
- ↑ Christian-Henning Pockrant, Regulatory requirements and powers to intervene against financial conglomerates , 2013, p. 16
- ↑ Christian-Henning Pockrant, Regulatory requirements and powers to intervene against financial conglomerates , 2013, p. 17 f.
