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In the EU, a waiver is a subsidiary that is admitted to trading on the stock exchange and whose parent company is located in another Member State. For these group companies, the member states can decide, under certain conditions, to refrain from complying with statutory control and reporting obligations.

The legal basis for companies based in Germany is Section 2a KWG . According to this narrowly defined exception for domestic groups of institutions (waiver rule), the establishment of internal control procedures in accordance with Section 10 KWG (requirements for capital adequacy), Sections 13 and 13a KWG (large exposure regulations) and Section 25a para. 1 KWG (monthly passes) can be waived. The institutions are not in the context of reporting in accordance with § 9 also WpHG the German Federal Financial reporting requirements, so BaFin does not receive any communication on stock exchange transactions.

However, extensive prerequisites are tied to the application of the waiver rule, e.g. B. the establishment of group-wide processes for the identification, assessment, control, monitoring and communication of the risks and the submission of a comfort letter to the supervisory authority.

In addition, the waivers are subject to a comparable monitoring and reporting obligation in the country where they are admitted to trading on the stock exchange.

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