Legal bases & organisation
BaFin’s By-Laws represent a major set of precepts for how it acts. They contain regulations governing its structure and organisation and its rights and obligations. They also govern the functions and powers of BaFin’s supervisory body, its Administrative Council (Verwaltungsrat), and details of its budget.
BaFin also bases the way in which it carries out its supervisory activities on the Mission Statement it gave itself shortly after it was established. According to this Mission Statement, BaFin’s function is to limit risks to the German financial system at both the national and international level and to ensure that Germany as a financial centre continues to function properly and that its integrity is preserved.
As part of the Federal administration, BaFin is subject to the legal and technical oversight of the Federal Ministry of Finance, with the framework of which the legality and fitness for purpose of BaFin's administrative actions are monitored.
From 1 January 2016, large parts of BaFin have been reorganised, partly as a result of new duties in areas such as consumer protection. BaFin President Felix Hufeld explains the key changes in an interview.