BaFin Publishes Revised "MaComp" Covering Rules of Conduct, Organization and Transparency for Investment Services Enterprises
BaFin published the revised “MaComp” on 8 March 2017. The MaComp (Governing Rules of Conduct, Organization and Transparency pursuant to Sections 31 et seq. of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) for Investment Services Enterprises) comprise all requirements concerning the conduct of business rules set out in sections 31 et seq. of the WpHG. The MaComp has been revised to reflect the entering into force of the Market Abuse Regulation (EU) no. 595/2014 which governs certain aspects with regard to the analysis of financial instruments. Accordingly, these aspects previously governed in BT 5 of the MaComp were repealed. Other changes include clarifications regarding the responsibility of investment services enterprises who make available to clients information from third-party sources.
BaFin Consults on Regulatory IT Requirements for Banking Institutions
BaFin published a draft circular on regulatory IT requirements on 22 March 2017 for banking institutions (Bankaufsichtliche Anforderungen an die IT – “BAIT”). The circular will further interpret the BaFin’s circular on minimum requirements for the risk management of banking institutions (Circular 10/2012 (BA) - “MaRisk”) and will clarify what BaFin and Bundesbank expect from the bank’s IT security standards. The BAIT will apply alongside the MaRisk.
The deadline for the consultation period of the circular will end on 5 May 2017.
German Parliament to amend Rules on Residential Mortgage Lending
According to press statements, the German parliament will pass the draft “Act Supplementing Financial Supervision Law” (Finanzaufsichtsergänzungsgesetz) to supplement German financial supervision provisions pertaining to measures to prevent risks to financial system stability and to modify national legislation implementing the EU Mortgage Credit Directive. The new legislation intends to add precision to existing legislation and enhance certainty in order to facilitate residential mortgage lending. The Law will also introduce additional instruments that will enable the German regulator BaFin to set certain requirements for residential mortgage lending which could include upper limits for the loan amount to the real estate value. The legislation will only apply to the financing of construction and purchase of real estate, conversion or renovation will not be covered. Follow-up financing and micro-credits will also be exempted from the new rules.
Investment Statistics as of 31 January 2017
The German Investment Fund Association BVI in March 2017 has issued its latest investment statistics report dated January 2017, providing an overview of the net assets and net sales within the German investment fund and asset management markets. The statistics are broken down by asset class and provider. They provide information on net assets and net inflows of investment funds and assets outside investment funds.