Topic BaFin (Organisationsstatut für die Bundesanstalt für Finanzdienstleistungsaufsicht – OsBaFin)
Organisational Statute for the Federal Financial Supervisory Authority
Most recently amended pursuant to section 6 (1) of the Act Establishing the Federal Financial Supervisory Authority (Finanzdienstleistungsaufsichtsgesetz – FinDAG) by resolution of the Executive Board of BaFin of 29 November 2017.
Overall responsibility and directorates
(1) The members of the Executive Board share overall responsibility for managing BaFin.
(2) BaFin's statutory functions are performed by four directorates, namely Internal Administration and Legal Affairs, Banking Supervision, Insurance and Pension Funds Supervision, Securities Supervision/Asset Management and Resolution, each of which is overseen by one Chief Executive Director. The President oversees the International Policy, Financial Stability and Regulation department, the Strategy and Risk organisational unit, the President's Office, the Internal Audit Office as well as the Communications group. The Communications group as well as the International Policy, Financial Stability and Regulation department and the Strategy and Risk organisational unit also assist the other members of the Executive Board.
(3) The details are stipulated in the schedule of responsibilities (Geschäftsverteilungsplan).
(1) The President is the supreme official authority for employees of the Supervisory Authority. The Federal Ministry of Finance is the supreme official authority for the President and the Chief Executive Directors.
(2) The President, with the participation of the Executive Board, decides on the strategic orientation of the Supervisory Authority as an integrated financial services supervisor at a national and international level within the realms of its authority to issue guidelines. The President exercises such authority by issuing guidelines and making guideline-related decisions. The Chief Executive Directors shall give timely notice to the President of individual cases of strategic significance in which decisions need to be taken. The President may, in consultation with the competent Chief Executive Director, take charge of such cases.
(3) The President's guidelines and decisions on the Supervisory Authority's strategic orientation are binding on the Chief Executive Directors, and they are independently and individually responsible for implementing such guidelines and decisions within their directorates.
(4) If the President is unable to perform his functions, he shall be represented by the longest serving Chief Executive Director (based on the date on which they were accepted into the civil service on a permanent basis) as Deputy President. If the Deputy President is also unable to perform his functions, he shall be represented by the next longest serving Chief Executive Director.
(5) The President shall keep the Administrative Council informed of the Supervisory Authority's management activities.
The Executive Board
(1) The Executive Board consists of the President and the five Chief Executive Directors. The Executive Board shall unanimously adopt rules of procedure for itself. The members of the Executive Board shall work together in a collegial and co-operative manner and keep one another informed regularly and in a timely fashion of all important decisions and matters.
(2) The members of the Executive Board shall mutually represent one another on the Executive Board with the right to vote.
(3) The Executive Board shall take decisions in matters pertaining to the overall management of BaFin and in all other matters requiring an Executive Board resolution by law, the articles of association or this organisational statute. This includes, in particular:
1. risk-oriented control of the use of resources across all directorates,
2. preparation of the budget, including the separate section of the budget referred to in section 17a of the FinDAG,
3. preparation of the accounts of income and expenditure,
4. amendments to the organisational statute,
5. amendments to the rules of procedure,
6. adoption of administrative provisions applicable across all directorates relating to BaFin's internal organisation and administrative practice (supervisory practice),
7. differences of opinion between the members of the Executive Board where no agreement between directorates as referred to in section 4 (1) sentence 2 can be achieved.
(4) Any member of the Executive Board may request a matter to be put before the Executive Board, even if such matter is not within the ambit of their directorate.
(5) The Executive Board acts as the superior body for BaFin's employees. The Executive Board shall take decisions in all personnel matters in accordance with the President's guidelines and decisions, unless the supreme official authority is responsible for the matter or a special rule applies. The Executive Board may delegate decisions in personnel matters to the Chief Executive Director of Internal Administration and Legal Affairs. Personnel matters are handled by the Internal Administration and Legal Affairs directorate.
(6) The Executive Board is deemed head of the authority within the meaning of section 7 of the Act on the Representation of Federal Personnel (Bundespersonalvertretungsgesetz – BPersVG), and in this respect is represented by the Chief Executive Director of Internal Administration and Legal Affairs. If the Chief Executive Director is unavailable, the President shall represent the Executive Board. Where the President acts in their capacity as the supreme official authority or pursuant to a special statutory power, they shall be deemed head of the authority within the meaning of section 7 of the BPersVG.
(7) The Executive Board is deemed head of the authority within the meaning of section 9 of the Federal Budget Code (Bundeshaushaltsordnung – BHO), and in this respect is represented by the Chief Executive Director of Internal Administration and Legal Affairs. If the Chief Executive Director is unavailable, the President shall represent the Executive Board. The Budget Officer shall be appointed by and report directly to the Executive Board.
(8) The Executive Board is deemed head of the authority within the meaning of section 4f of the Federal Data Protection Act (Bundesdatenschutzgesetz – BDSG). The Data Protection Officer shall be appointed by and report directly to the Executive Board.
(9) The Gender Equality Officer shall report to the Executive Board in its capacity as head of the authority within the meaning of section 24 of the Federal Equal Opportunity Act (Bundesgleichstellungsgesetz – BGleiG).
Chief Executive Directors
(1) The Chief Executive Directors are individually responsible for managing their directorates and shall take all decisions pertaining to the operating activities of their directorates. Where the affairs of one directorate also fall within the competence of at least one other directorate, an agreement must be reached with the other directorate(s). The foregoing shall not affect the provisions of BaFin's rules of procedure concerning the involvement of other organisational units.
(2) Subject to compliance with the powers and guidelines and decisions of the President, the Executive Board and the Budget Officer, and subject to the limits of BaFin's budget, the Chief Executive Directors are free to determine the organisational structure of their directorates and how staff and resources should be used.
(3) The Chief Executive Directors shall report to the Administrative Council on material developments within their directorates.