Dear Readers,
the holidays are just around the corner and at the Christmas markets the mulled wine tastes especially good in wintry temperatures. Therefore, we want to interrupt the pre-Christmas mood only briefly with some important regulatory innovations.
BaFin has published the long-awaited new capital investment circular for the capital investment of smaller insurance companies and pension funds and funds. There is also a new BaFin leaflet on the ZAG and the comments received by BaFin on planned amendments to MaComp ((Consultation 15/2017 (WA)) have been published.
We will leave it at that for this time. We wish you a reflective holiday season, a successful New Year 2018 and look forward to guiding you through the jungle of legal requirements and regulatory challenges in the coming year.
With best regards
Dr. Ulrich Keunecke
On Dec. 12, 2017, BaFin published the capital investment circular that was consulted on in January. It contains information on the investment of protection assets and is aimed at all companies licensed to conduct primary insurance business and covered by the regulations for small insurance companies (sections 212 to 217 of the German Insurance Supervision Act – VAG), as well as German Pensionskassen and pension funds.
The new circular essentially adopts the consulted draft with some amendments.
The administrative practice outlined in the circular is applicable with immediate effect.
The circular can be found on the BaFin website under this link.
In anticipation of the future scope of application of the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) amended by the Second Payment Services Directive, which will enter into force on January 13, 2018, BaFin published a revised leaflet on November 29, 2017.
You can find more information here.
On November 2, 2017, BaFin published the planned amendments to MaComp for consultation. The consultation period ended on 30.11.2017.
BaFin has made the comments received from the Verband unabhängiger Vermögensverwalter Deutschland e.V. (Association of Independent Asset Managers in Germany), the Verband der Auslandsbanken (Association of Foreign Banks), the IDW, the Deutsche Kreditwirtschaft (German Banking Industry), the Bundesverband der Wertpapierfirmen e.V. (Federal Association of Securities Companies), the Bundesverband Investment und Asset Management e.V. (Federal Association of Investment and Asset Management) and Bank für Vermögen Aktiengesellschaft available on its website.
You can find more information here.
Partner
Leiter Sector Legal FS Insurance
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60549 Frankfurt am Main
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ukeunecke@kpmg-law.com
KPMG Law
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