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Concept
Federal Financial Supervisory Authority
Summary
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) better known by its abbreviation BaFin is the financial regulatory authority for Germany. It is an independent federal institution with headquarters in Bonn and Frankfurt and falls under the supervision of the Federal Ministry of Finance. BaFin supervises about 2,700 banks, 800 financial services institutions, and over 700 insurance undertakings.
Prudential banking supervision in Germany essentially started as a consequence of the banking crisis of 1931, prior to which the only supervised credit institutions were the public savings banks. On , a decree established the office of Reichskommissar für das Bankgewerbe (Imperial Commissioner for Banking), for which Chancellor Heinrich Brüning appointed Friedrich Ernst (Banker)Friedrich Ernst. In 1934, this was transformed into the Aufsichtsamt für das Kreditwesen, by new comprehensive banking legislation (Kreditwesengesetz of ). Initially the Reichsbank was associated with the supervisory process through a newly established Supervisory Office, but that role was transferred to the Economics Minister Reichswirtschaftsminister upon a legislative revision in 1939, and the Aufsichtsamt für das Kreditwesen itself was dissolved in 1944 with its duties taken over by the economics ministry.
After World War II, banking supervision was devolved in West Germany to the Länder, until a national banking supervisor was re-established in 1962 as the Bundesaufsichtsamt für das Kreditwesen (known as BAK or BAKred), which again cooperated closely with the Deutsche Bundesbank.
BaFin was formed on 1 May 2002 with the passing of the Financial Services and integration Act (Gesetz über die integrierte Finanzaufsicht (FinDAG)) on 22 April 2002. The aim of this legislation was to create one integrated financial regulator that covered all financial markets.
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