Financial company
Financial companies (English financial institutions ) acquire and hold investments , acquire monetary claims against remuneration , are leasing -Objektgesellschaft trade any financial instruments for their own account, advise individuals or companies , or provide loans between banks, without self Monetary financial institution , that institution or capital management company to be.
Concrete services
The acquisition of monetary claims against payment includes factoring and debt collection , so factoring and debt collection companies are among the financial companies. This also applies to the acquisition and management of investments, which applies to all holdings ; Pure industrial and insurance holdings are also financial companies. Leasing property companies within the meaning of Section 2 Paragraph 6 Clause 1 No. 17 KWG (so-called “single property leasing property companies”) also belong to the group of financial companies. The rest of the leasing business has been part of the financial services according to Section 1 (1a) KWG since January 2009 . If a company operates wholly or predominantly its own trading in financial instruments or arranges loans between credit institutions (“money brokerage”), it is also a financial company. For advice, the requirement as a financial company is met if the company
- advises natural persons and has a license as a financial investment broker according to § 34f GewO and this represents his main activity and / or
- advises other companies on the capital structure , industrial strategy and related issues as well as on mergers and acquisitions of companies (in particular mergers and acquisitions ).
Legal issues
The regulatory consideration of financial companies takes into account the fact that companies were founded in the past whose operational purpose did not consist in whole or in part of banking , but rather related to peripheral areas of the banking sector. The legislator considered it necessary to take these companies into account from a regulatory perspective. With the concept of the financial company in section 1 (3) sentence 1 KWG, he created a specific legal term that contains an enumerative list of transactions that can be described as bank-related transactions. The KWG thus defines companies based on the services they offer and differentiates, among other things, between credit institutes and financial companies. It has identified a total of 7 business areas, which - carried out as main activity - make a company irrefutably a financial company.
The classification as a credit institution or as a financial company is related to the risk potential that arises from the respective business activity. While credit institutions for conducting banking business pursuant to Section 32 (1) sentence 1 KWG and capital management companies with their services pursuant to Section 20 KWG are subject to the concession principle, financial companies do not require such a banking license from BaFin . However, according to § § 44c , § 37 KWG, the banking supervisory authority can also take action against financial companies if there is a suspicion of unauthorized banking or financial services . According to Section 2, Paragraph 1, No. 3 of the GwG, financial companies are subject to the anti-money laundering regulations as “obliged entities”. This obligation exists if they generate at least 50% of the business volume from transactions that are named in section 1 (3) sentence 1 KWG.
Supervisory issues
In October 2011 the Financial Stability Board presented a catalog of measures for dealing with systemically important financial institutions (“G-SIFIs”) (“Key Attributes”). The Separate Banks Act of August 2013 authorizes BaFin to remove obstacles that prevent financial companies from resolving.
Demarcation
According to Section 1 (1a) KWG, the financial holding company is a financial company whose subsidiaries are exclusively or mainly credit institutions, financial services or financial companies, and which have at least one deposit-taking credit institution or a securities trading company as a subsidiary.
Individual evidence
- ^ Rolf-E. Breuer, Financing Handbook , 2013, p. 416
- ↑ BaFin circular 19/1999 of December 23, 1999, deduction of shares in pure industrial and insurance holdings, reference number I 5 - 21 - 14/98
- ^ Daniela Kleinheisterkamp, Banking Act and Criminal Proceedings , 2010, p. 38
- ↑ BaFin of October 1, 2013, Systemically Relevant Financial Companies