Erscheinung:04.03.2024 | Topic Risk management Announcement regarding UmweltBank AG
On 14 June 2023, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) issued an order requiring UmweltBank AG to ensure that it has in place a proper business organisation in accordance with section 25a (2) sentence 2 of the German Banking Act (Kreditwesengesetz – KWG). BaFin published this order on its website on 1 August 2023. Furthermore, in its notification dated 26 February 2024, BaFin ordered the institution to take measures immediately in accordance with section 6 (2) sentences 1 and 2 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) to achieve and ensure ongoing compliance with the following requirements of part 11 of the WpHG: section 63 (6) of the WpHG in conjunction with Article 44 of Delegated Regulation (EU) 2017/565, section 70 (1) sentence 2 of the WpHG, section 80 (1) sentence 1 and sentence 3 in conjunction with the specifications for the organisation of investment firms in Articles 22, 24 and 26 of Delegated Regulation (EU) 2017/565 and section 80 (1) sentence 2 no. 1 and no. 4 of the WpHG.
In order to monitor implementation of the measures ordered, BaFin appointed a special commissioner under section 45c (1) in conjunction with subsection (2) of the KWG on 26 February 2024.
Publication of this order is based on section 126 (1) of the WpHG and section 60b (1) of the KWG.
The notices are final and binding.
