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Supervision

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Undertakings already being supervised and those thinking of applying for authorisation can gain some idea here of supervision and many associated subjects. In addition to guidance on the authorisation procedure, this section also includes, among other things, explanations of the requirements that supervisory law imposes on market participants in Germany.

Banks & financial services providers

A properly functioning banking and financial services system is indispensable for the performance potential of a country's economy. An efficient banking supervision system is therefore essential for the whole economy. BaFin currently supervises around 1,850 banks and 700 financial services institutions.

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Insurance undertakings & pension funds

All private and public insurance undertakings which carry on private insurance business within the scope of the Insurance Supervision Act and have their registered office in Germany are subject to supervision either by BaFin or by the supervisory authorities of the Federal States. Pension funds have also been subject to insurance supervision by BaFin under the Act since the beginning of 2002, as have domestic reinsurance undertakings since December 2004.

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Stock exchanges & markets

Listed companies and market participants must comply with various regulations under the Securities Trading Act (WertpapierhandelsgesetzWpHG); BaFin is responsible for monitoring whether they do so.

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Asset management companies & investment funds

BaFin supervises domestic management companies (Kapitalverwaltungsgesellschaften) and investment funds offered by such domestic management companies under the Investment Code (Kapitalanlagegesetzbuch – KAGB). At present, 6,069 investment funds and 78 domestic management companies are supervised by BaFin (as at 31 December 2012).

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Anti-money laundering

All companies in the financial sector are expected to have formal business policies to prevent transactions with a criminal background and to work towards detecting and combating such transactions. This is of particular relevance to transactions that support money laundering or terrorist financing and other criminal offences that may imperil the assets of an institution. Such criminal activities may not only threaten the reputation and financial strength of an institution that is abused for these purposes, but may also endanger the integrity and stability of the whole financial market.

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Prospectuses

Securities and other investment products may not be offered for sale to the public in Germany without a prospectus; and the publication of any such prospectus requires the prior permission of BaFin.

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Supervisory Disclosure

Article 144 of the recast Capital Requirements Directive (2006/48/EC) stipulates that all EU member states must publish information on national implementation of Basel II. To mark the transposition of Basel II into German law, The Deutsche Bundesbank and BaFin have published a joint website. The structural specifications for this were drawn up by the Committee of European Banking Supervisors (CEBS) and have been adopted uniformly by all national supervisory authorities.

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