Separate Banking Act
| Basic data | |
|---|---|
| Title: | Law on the shielding of risks and planning the restructuring and resolution of credit institutions and financial groups |
| Short title: | Separate Banks Act (not official) |
| Type: | Federal law |
| Scope: | Federal Republic of Germany |
| Legal matter: | Banking supervision |
| Issued on: | 7 August 2013 ( Federal Law Gazette I p. 3090 ) |
| Entry into force on: | predominantly August 13, 2013 |
| Please note the note on the applicable legal version. | |
The German law for the shielding of risks and the planning of the reorganization and resolution of credit institutions and financial groups (often Separate Banks Act) is intended to stabilize the European banking system.
The law comprises three areas of regulation: firstly, a simplified processing and restructuring of credit institutions and financial groups. The credit institutions must draw up plans in good time for their own restructuring and resolution in the event of an emergency. Second, the separation of riskier areas from the deposit business is required. Thirdly, the law introduces clear criminal liability rules for the management of banks and insurance companies if they breach their duties.
The Separate Banks Act is an article law that changes the Banking Act and the Insurance Supervision Act (VAG). Due to the addition of a § 25f KWG and postponement of the existing §§ 25f to 25m KWG without adapting the references to these paragraphs ( Art. 2 No. 4 and 5 of the Act), the legal version created by the Separate Banks Act was replaced with the following Art. 1 of Law to adapt laws in the area of the financial market extensively corrected.
The Bundestag passed the law in May 2013. In June 2013, the Bundesrat gave its approval.
The Separation Banks Act came into force on August 13, 2013, January 2, 2014 and January 31, 2014. The presumably eleven German institutes that fall under the scope of the Shielding Act had until July 1, 2016 to end this business or to transfer it to an economically, organizationally and legally independent institute.
See also
- Glass-Steagall Act (1933, repealed 1999)
Web links
- Text and changes by the Separate Banks Act
- The law for the shielding of risks and for planning the restructuring and liquidation of credit institutions and financial groups in the documentation and information system for parliamentary processes (DIP)
Individual evidence
- ↑ Bundestag decides to separate banks , tagesschau.de, accessed on August 2, 2013
- ↑ Federal Council approves the Separation Banks Act ( memento of June 9, 2013 in the Internet Archive ), tagesschau.de, accessed on August 2, 2013
- ^ Changes by the Separate Banks Act
- ^ Separate banks: Interpretation aid for the Shielding Act , by Andrea Stubbe, BaFin, February 15, 2016. Archived via the Internet Wayback Machine on November 16, 2017
- ↑ Current positions on banking and financial market regulation , Federal Association of Public Banks in Germany, 1st quarter 2016