Statutes of the Bundesanstalt für Finanzdienstleistungsaufsicht

Unofficial table of contents

FinDASa

Date of completion: 29.04.2002

Full quote:

" Articles of Association of the Federal Financial Supervisory Authority of 29 April 2002 (BGBl. I p. 1500), most recently by Article 27 (21) of the Law of 4 July 2013 (BGBl. I p. 1981) "

Status:

Last amended by Art. 27 sec. 21 G v. 4.7.2013 I 1981

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.5.2002 + + +) 
(+ + + Text of the regulation see: FinDASaV + + +) 

  

First section
Construction and management

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§ 1 Name, structure and organisation of the Federal Institute

(1) The Bundesanstalt is named "Bundesanstalt für Finanzdienstleistungsaufsicht" (Bundesanstalt für Finanzdienstleistungsaufsicht, Bundesanstalt für Finanzdienstleistungsaufsicht). In addition, the abbreviation "BaFin" can be used in commercial transactions. (2) In order to fulfil the statutory tasks of the Federal Institute, the four business units "Cross-sectional Tasks/Internal Administration", "Banking Supervision", are used. "Insurance supervision" and "securities supervision". The business units consist of departments and units; the latter can be combined into groups. In addition, units for cross-business tasks can be assigned to the President or the President is directly assigned. The resulting build-up organisation is determined by the Executive Board of the Federal Institute with the approval of the Federal Ministry of Finance (Federal Ministry of Finance). Unofficial table of contents

§ 2 Rights and obligations of the institutions of the Federal Institute

(1) The Executive Board manages and administers the Federal Institute as a whole and without prejudice to the instructions of the Federal Ministry. (2) The President and/or the Federal Ministry of Justice shall be responsible for the The President represents the Federal Institute in court and out of court. Permanent representative or permanent representative of the President or The President is an Executive Director or an Executive Director as Vice-President or Vice President. This the Federal Ministry shall, on a proposal from the President, (3) The Board of Directors, acting unanimously in accordance with Section 6 (1) sentence 3 and (2) sentence 5 of the Financial Services Supervision Act, decides on an organizational statute and a point of order, which as well as its amendments to the approval of the Federal Ministry of Justice. The Management Board shall be consulted if, in the Rules of Procedure, rules specific to the rules are made which lead to additional burdens on one of the financial sectors of banks, insurance companies or the trading of securities. (4) Directorium regularly publishes publications of the Federal Institute.

Second section
Management Board

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§ 3 Order and dismise of the members of the Board of Directors

(1) Member of the Board of Directors shall only be a member of the Board of Directors who shall provide the necessary expertise in carrying out this task. In accordance with § 7 of the Financial Services Supervisory Act, the members are appointed by the Federal Ministry and are recalled. The associations referred to in paragraph 6 of the credit and insurance industry and of the investment companies shall be heard before the members are appointed in accordance with the first sentence of section 7 (3) of the Financial Services Supervision Act. The Chairman of the Board of Directors and his deputy shall be appointed for a period of five years. The appointment of the remaining members and their alternates shall be effected for a period of four years, unless otherwise specified in § 7 (6) of the Financial Services Supervision Act; their reappointment shall be possible in both cases. Orders and dismissiles are to be reported in the publications of the Federal Office. (2) A proposal is to be submitted to the Federal Ministry for a curriculum vitae of the proposed member. A simultaneous membership or proxy function in a representative body of one of the regulated entities, as well as the membership of a supervisory board or to another board of directors of another commercial Company shall be notified to the Chairman of the Management Board with the designation. A reappointment of members with functions within the meaning of sentence 2 shall not be effected. (3) Membership of the Board of Directors shall not be required if the member is to become a member by written declaration to the Federal Government. , or if the Federal Ministry determines to the Administrative Board that the conditions of the appointment of the Member are not fulfilled. A convocation shall be made for particular reason if, after consulting the Board of Directors, the Federal Ministry determines that a member is given an important reason in the person who justifies the convocation. As such, there is in particular a reason that would entitle officials to the prohibition of the management of the services (Section 66 of the Federal Civil Service Act) or to the provisional inversion of services (Section 38 of the Federal disciplinary law), or a violation of the Obligation to comply with § 11 of the Financial Services Supervisory Act. The members of the Board of Directors shall have the opportunity to give their opinion. (4) For the members of the Board of Directors pursuant to § 7 (3) sentence 1 (2) (a) to (e) of the Financial Services Supervision Act, a respective deputy shall be appointed. to appoint a deputy and order through the Federal Ministry. The Vice-Chairman shall represent the Chairman of the Board of Directors; shall be prevented from chairing and deputising; a member of the Board of Directors shall be appointed by the Federal Ministry of the Council; in this case, he shall be entitled to Number of seats of the Federal Ministry additional representatives of the Federal Ministry acting as deputy managing directors. If a member of the Board of Directors fails before the end of the period for which it is appointed, the Federal Ministry shall immediately appoint a new member. The same shall apply to a substitute or a deputy. (5) The members of the Board of Directors act on a voluntary basis. You will receive travel expenses according to the regulations of the Federal Travel Cost Act. A daily allowance is not granted. (6) The following associations are to be heard before the order of the persons named in § 7 (3) sentence 1 (2) (f) of the Financial Services Supervisory Law and have a notable right of proposal for one person in each case:

1.

the German credit industry,

2.

the overall association of the German insurance industry e. V. and

3.

the Federal Association Investment and Asset Management e. V.

The right of consultation and the right of proposal shall apply as long as the legally established distribution of the seats of the Management Board does not change. Unofficial table of contents

Section 4 Powers of the Administrative Board

(1) The Board of Directors supervises and supports the management of the Federal Institute. In particular, he is appointed:

1.

on the determination of the budget (Section 12 (2) of the Financial Services Supervision Act) after presentation by the Executive Board;

2.

for the statement of the annual accounts and the discharge of the Executive Board pursuant to § 12 (3) and (5) of the Financial Services Supervisory Act, taking into account the audit report of the auditor and any findings of the Board of Directors known to the Board of Directors of the Federal Audit Office;

3.

to the hearing prior to the appointment of the auditor for the Federal Institute,

4.

on the adoption of a Rules of Procedure of the Board of Directors (Section 7 (2) of the Financial Services Supervision Act);

5.

for the preparation of the Benehmens for amendments to the Articles of Association of the Federal Institute (§ 5 para. 3 of the Financial Services Supervision Act);

6.

for consultation with formal agreements on cooperation between the Bundesanstalt and other institutions, without prejudice to agreements on cooperation and the exchange of information with other supervisory authorities.

7.

(dropped)

(2) In order to carry out its duties, the Administrative Board shall be informed by the President or, in addition, of the reports to be made regularly. The President is informed of the management of the Federal Institute and of the other members of the Executive Board over their business units. The Board of Directors may, at any time, require any member of the Executive Board to submit a report on the affairs of the Federal Institute. A single member of the Management Board may also request a report to the Board of Directors. If a member of the Executive Board rejects the reporting in this case, the report may be required only if two other members of the Management Board support the request. Unofficial table of contents

§ 5 Representation of the Board of Directors

The Board of Directors shall be represented by the Chairperson and, in the event of its prevention, by the Chairman In addition, only representation by the respective representative appointed in accordance with § 3 (4) sentence 2 is possible. Unofficial table of contents

§ 6 Meetings of the Board of Directors

(1) The Administrative Board shall meet as required, but at least once a year. Meetings shall not be open to the public. (2) The meetings of the Management Board shall be convened by the Chairman or in the event of his or her prevention by his deputy. The Board of Directors is to be convened if the Federal Ministry, the Board of Directors or at least three members of the Board of Directors request it. (3) The President and/or the Board of Directors shall be appointed to the Board of Directors. the President and the Executive Directors, or Executive directors are in principle part. In the event of an obstacle, the President or the President by an Executive Director or an Executive Director as Vice-President or Vice-President and the Executive Directors, respectively Executive directors, respectively, by a department head or representing a department head from her business area. Without prejudice to the rules set out in the fifth sentence, the chairman or the Chairperson of the Staff Council, in the event of prevention, or their deputy or his or her deputy, as well as a representative or a representative of the Bundesbank has the right to attend the meetings. Other members of the Federal Institute, external experts and persons of information may be consulted by the Chairman if their participation is relevant. The participation of members of the Federal Institute and third parties may be excluded for individual items on the agenda. (4) The Administrative Board shall be validly qualified if at least half of the members are present, among which at least one Member of the Bundestag and at least one of the persons referred to in Section 7 (3) sentence 1 (2) (f) of the Financial Services Supervision Act. Decisions of the Management Board shall require a simple majority of the votes cast. In the event of a tie, the vote of the chairman or his/her deputies shall be the result of the vote. The Rules of Procedure shall be laid down in In particular, it shall contain provisions on the convening of the Management Board, the conduct of the deliberations and the final determination of the decisions. (5) A Member shall not be entitled to vote if the person to vote is decision directly affects the interests of a company to which that member is in a legal relationship of the type referred to in Article 3 (2) sentence 2. In case of doubt, the Administrative Board shall advise and decide, on the exclusion of the Member concerned, whether such a case exists. (6) A minutes shall be recorded on the outcome of the meeting and the course of the deliberations, the minutes of which shall be taken up by the Chairman or whose deputy is to be signed. (7) In the case of Section 4 (1), second sentence, No. 1, the Board of Directors must decide within two months of the submission of the proposal. If no decision is taken within the time limit, the budget presented by the Management Committee shall be deemed to have been determined. Unofficial table of contents

§ 7 Procedure

A decision by the Board of Directors in the written procedure or in the telecommunications procedures shall be admissible. The Rules of Procedure shall be laid down in Unofficial table of contents

§ 8 Advisory Council

(1) The Advisory Board shall elect a chairman from among its members and shall adopt its rules of procedure for the implementation of its meetings. The Advisory Board shall be appointed, as required, at least once a year, by the Chairperson or by the chairman or by the chairman, whose prevention from his/her/ their deputy or his/her/ The Advisory Board shall be convened by the Executive Board if both are prevented or not yet elected. The Advisory Board is to be convened if the Federal Ministry or the Executive Board request it. It shall also be convened at the request of one-quarter of its members. Each member of the Advisory Board has the right to submit advisory proposals. These shall be notified to the members of the Advisory Board before the decision on the agenda and shall be advised when four members of the Advisory Board support this. The President or the President, the Executive Directors, or Executive Directors and a representative A representative of the Federal Ministry is taking part in the meetings of the Advisory Board. For the representation of the President or the President and the Executive Directors, or The Executive Directors shall apply in accordance with Section 6 (3) sentence 2. The sessions are not public. The the Chair of the Advisory Board may be an external consultant or (2) The members are appointed by the Federal Ministry for the duration of five years; their reappointment is possible. The members of the Advisory Board shall comply with the provisions of Section 3 (3), (4) sentence 3 and (5). In the case of prevention, Members shall be entitled to appoint substitutes under the right of the right to propose paragraph 4. This is the Federal Ministry and the of the Chairman of the Advisory Board before the sitting. (3) The President or the President, or in the event of prevention, their deputy or his/her deputy your deputy shall oblige the members of the Advisory Board and their representatives, or Representatives as well as external consultants or External advisors orally to conscientiously carry out their tasks and to secrecy. The obligation shall be subject to a record. In the case of revocation, the reference to the former obligation is sufficient. (4) For the appointment of the members from the groups of companies mentioned in Section 8 (2) sentence 3 of the Financial Services Supervisory Act, the following associations have a reputable right of proposal:

1.

for a representative of the credit industry of the Bundesverband deutscher Banken e. V.,

2.

for a representative of the credit industry of the Deutsche Sparkassen-und Giroverband e. V.,

3.

for a representative of the credit industry of the Bundesverband der Volks-und Raiffeisenbanken e. V.,

4.

for a representative of the credit industry of the Association of Foreign Banks e. V.,

5.

for a representative of the credit industry of the Federal Association of Public Banks of Germany e. V.,

6.

for a representative of the credit industry of the Verband deutscher Pfandbriefbanken e. V. in coordination with the Association of Private Building Savings Banks e. V. and the Federal Office of the Landesbausparkassen,

7.

for a representative of the capital management companies and the financial services institutions of the Federal Association Investment and Asset Management e. V.,

8.

for four representatives of the insurance industry of the Gesamtverband der Versicherungswirtschaft e. V.,

9.

for a representative of the Association of Private Health Insurance e. V.,

10.

for a representative of the working group for occupational retirement provision e. V..

In addition, the Advisory Board is to be made up of three members of the scientific community, in particular the banking and insurance business administration, as well as scientific associations, three representatives of consumer protection organisations, one representative the Deutsche Bundesbank, as well as a representative of the liberal professions, of the small and medium-sized associations, of the trade unions and of a representative of the industry. A simultaneous membership in other advisory councils of the Federal Institute is possible. (5) The President or The President of the Federal Institute shall regularly inform the Advisory Board, at least once a year, in a report on current issues of supervision. (6) The Advisory Board may, at the request of the Executive Board, the Federal Ministry of Finance, or At least one quarter of its members make recommendations to the Federal Institute in technical matters. To this end, it is necessary that more than half of the members of the Advisory Council support this recommendation. The representative of the Deutsche Bundesbank is not entitled to vote in discussions on aspects of cooperation between the Bundesanstalt and the Deutsche Bundesbank. (7) The outcome of the meeting and the course of the deliberations are subject to a protocol. which are to be produced by the the chairman or his/her whose substitutes or Deputy to sign. The Rules of Procedure shall be laid down in Unofficial table of contents

§ 8a Consumer Advisory Council

(1) As members of the Consumer Advisory Council, the Federal Ministry shall appoint:

1.

three scientists or scientists researching to a significant degree in the field of consumer protection or investor protection,

2.

four representatives or representatives of consumer or investor protection organisations,

3.

three employees or employees of out-of-court dispute settlement systems,

4.

a representative or a representative of the Federal Ministry of Food, Agriculture and Consumer Protection and

5.

a representative or a representative of the trade unions.

A simultaneous membership of other advisory councils of the Federal Institute is possible. (2) The President or the President of the Federal Institute shall regularly inform the Consumer Advisory Council, at least once a year, in a report on current issues. for consumer and investor protection in financial services. (3) The Consumer Advisory Council may, at the request of the Executive Board, the Federal Ministry or at least one quarter of its members, on matters relating to consumer or investor protection Make recommendations to the Federal Institute. To this end, it is necessary that more than half of the members of the Consumer Advisory Council support this recommendation. (4) The provisions of § 8 (1) to (3) and (7) shall apply accordingly.

Third Section
Budgetary management

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Section 9 Budget

(1) The budget shall be drawn up in accordance with the principles of § § 105 to 112 of the Federal Budget Regulations. (2) The Board of Directors must be submitted by the Executive Board:

1.

on 31 March each year, proof of the funds actually made available in the last financial year,

2.

no later than 1 September of each year, the draft budget for the following financial year.

Extension of the deadline may be extended by up to one month at the request of the Executive Board. The date for the preparation and presentation of the budget is determined by the Federal Ministry subject to statutory regulations. (3) Measures of fundamental or significant financial importance as well as the entry of obligations for which No authorisation shall be given in the budget, shall be subject to the consent of the Administrative Board. (4) (omitted) Unofficial table of contents

§ 10 Budget

(1) The Bundesanstalt's financial year shall be the calendar year. (2) The provisions of the Federal Budget Regulations shall apply to the financial management and to the accounts. The books are to be set up and run according to the principles of the federal budget order. Payments in the administrative area are to be made via the bank account of the Federal Institute. Within three months of the end of the financial year, the Management Committee shall, in the appropriate application of the accounting rules of the Federal Government, draw up an annual statement of the actual revenue and expenditure incurred by the Board of Directors (3) The annual accounts shall be examined by a statutory auditor, without prejudice to the audit of the Federal Court of Auditors pursuant to Section 111 of the Federal Budget Code, with at least every four years being a different auditor in agreement with the Federal Ministry after tender is to be commissioned by the Executive Board; the Federal Ministry is acting in agreement with the Federal Court of Auditors. Auditors may be auditors or accountancy firms. The Executive Board shall submit the annual accounts and the auditor's report to the Federal Court of Auditors. The Federal Court of Auditors informs the Board of Directors of the findings that are relevant to the decision on the discharge of the Executive Board.

Fourth Section
Transfer of rights and obligations, publication

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§ 11 Transition of rights and obligations

The administrative agreements reached by the Federal Ministry with the Federal Supervisory Offices for the credit sector and for the insurance sector, in particular for property management, the IT service centre and staff exchange, go to the Federal institution with the same rights and obligations inasmuch as nothing else is determined. They shall be notified to the Management Board. Unofficial table of contents

§ 12 Publication of the Articles of Association

The articles of association and amendments to the articles of association are to be published in the publications of the Federal Institute.