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Models of the Administration of Banking Regulation

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Organisation of Banking Regulation

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Abstract

Banking regulation is a broad field that reaches from banking regulation, to supervision and to bank resolution. According to the variety of regulatory tasks, there are also numerous regulatory actors at a national, European and international level. In the following, eleven actors of the banking regulation are classified and systemised with the help of characteristics of the administrative organisation (Sect. 3.1). Five model types of administrative organisations are set up (Sect. 3.2). In detail: a developer (Sect. 3.3), a processor (Sect. 3.4), a preparer (Sect. 3.5), an implementer (Sect. 3.6) and a controller (Sect. 3.7). In this way, certain forms of actions and their context as well as the influence of organisations on decisions can be deduced.

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Notes

  1. 1.

    Deutsche Bundesbank, International cooperation in banking regulation: past and present, 63 Monthly Report No. 9 (2011), 79.

  2. 2.

    For the historic development: Basel Committee on Banking Supervision, A brief history of the Basel Committee, October 2014 (available online, last downloaded 28.02.2015 at http://www.bis.org/bcbs/history.pdf).

  3. 3.

    Deutsche Bundesbank, International cooperation in banking regulation: past and present, 63 Monthly Report No. 9 (2011), 79 (80, 82).

  4. 4.

    Deutsche Bundesbank, International cooperation in banking regulation: past and present, 63 Monthly Report No. 9 (2011), 79 (80).

  5. 5.

    The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union and extended by Algeria, Columbia, Egypt, Ethiopia, Haiti, Jamaica, Malawi, The Netherlands, Nigeria, Senegal, Spain and Vietnam.

  6. 6.

    C.f. Thiele, Finanzaufsicht, (Mohr Siebeck, 2014), 534 et seq. for the development and role of G-20.

  7. 7.

    The member of the Financial Stability Board are countries and agencies (available online, last downloaded 28.02.2015 at http://www.financialstabilityboard.org/members/links.htm).

  8. 8.

    Thiele, Finanzaufsicht, (Mohr Siebeck, 2014), 536 et seq.

  9. 9.

    Ohler, Internationale Regulierung im Bereich der Finanzmarktaufsicht, in Möllers, Voßkuhle and Walter (Eds.), Internationales Verwaltungsrecht, (Mohr Siebeck, 2007), 259 (264).

  10. 10.

    Communication from the Commission to the European Parliament and the Council, A Roadmap towards a Banking Union, COM (2012) 510, p.6 (online accessible, last downloaded 28.02.2015 at http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2012:0510:FIN:EN:PDF).

  11. 11.

    Eriksson, Einheitlicher Europäischer Bankenaufsichtsmechanismus, Wissenschaftliche Dienste, 2013, 8 (online accessible, last downloaded 28.02.2015 at https://www.bundestag.de/blob/194116/1b35853890a67f88b660d07278354a9c/bankenaufsichtsmechanismus-data.pdf).

  12. 12.

    Deutsche Bundesbank, European Single Supervisory Mechanism for banks – a first step on the road to a banking union, 65 Monthly Report (2013) No. 4, 13 (15 et seq.).

  13. 13.

    Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board, OJ L 331, 15.12.2010, p. 1; see in detail to this topic Deutsche Bundesbank, European Single Supervisory Mechanism for banks – a first step on the road to a banking union, 65 Monthly Report (2013) No. 4, 41 (43 et seq.).

  14. 14.

    Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), OJ L 331, 15.12.2010, p. 12.

  15. 15.

    Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), OJ L 331, 15.12.2010, p. 48.

  16. 16.

    Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), OJ L 331, 15.12.2010, p. 84.

  17. 17.

    Giovanoli, Reflections on International Financial Standards as ‘Soft Law’, 37 Essays in International Financial and Economic Law (2002), 1(6 et seq.).

  18. 18.

    This classification of model types is based on Wellerdt, Organisation der Regulierungsverwaltung, forthcoming.

  19. 19.

    Ohler, Internationale Regulierung im Bereich der Finanzmarktaufsicht, in Möllers, Voßkuhle and Walter (Eds.), Internationales Verwaltungsrecht, (Mohr Siebeck, 2007), 259.

  20. 20.

    The International Financial Institutions are the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD) and the World Bank, comp. Annex-A Financial Stability Board Charter.

  21. 21.

    The international Standard-Setting, Regulatory, Supervisory and Central Bank Bodies are the Basel Committee on Banking Supervision (BCBS), the Committee on Payment and Settlement Systems (CPSS), the Committee on Global Financial System (CGFS), the International Accounting Standards Board (IASB), the International Association of Insurance Supervisors (IAIS) and the International Organisation of Securities Commissions (IOSCO).

  22. 22.

    Declaration on Strenghtening the Financial System – London Summit, 2 April 2009 (online accessible, last downloaded 28.02.2015 at http://www.g20.utoronto.ca/summits/2009london.html).

  23. 23.

    Charter of the Financial Stability Board, as amended and restated, was endorsed by the Heads of State and Government of the Group of Twenty, Los Cabos Summit on 19 June 2012 (online accessible, last downloaded 28.02.2015 at http://www.financialstabilityboard.org/publications/r_120809.pdf).

  24. 24.

    Art 1 Charter of the Financial Stability Board.

  25. 25.

    Thiele, Finanzaufsicht, (Mohr Siebeck, 2014), 543.

  26. 26.

    Standing Committee on Assessment of Vulnerabilities, Standing Committee on Supervisory and Regulatory Cooperation, Standing Committee on Standards Implementation, Standing Committee on Budget and Resources, Art 14-17 Charter of the Financial Stability Board.

  27. 27.

    Art 20 Charter of the Financial Stability Board.

  28. 28.

    Art 22 Charter of the Financial Stability Board.

  29. 29.

    Art 7 Charter of the Financial Stability Board.

  30. 30.

    Art 9 (1), (2) and (3) lit. c) Charter of the Financial Stability Board.

  31. 31.

    Art 2 (1) lit. a), b), c), f) Charter of the Financial Stability Board.

  32. 32.

    Declaration on Strenghtening the Financial System – London Summit, 2 April 2009, para. International Cooperation codified in Art 2 (1) lit.h) Charter of the Financial Stability Board.

  33. 33.

    Grande, Banking Regulation and supervision – developments and prospects at the global and EU levels, in Grieser and Heemann (Hrsg.), Bankenaufsichtsrecht, (Frankfurt School Verlag, 2010), 19 (31); Through the participation of non-national actors a certain neutrality is ensured during the preparation of reports and recommendations, c.f. Thiele, Finanzaufsicht (Mohr Siebeck, 2014), 544.

  34. 34.

    Art 23 Charter of the Financial Stability Board.

  35. 35.

    Ohler, Internationale Regulierung im Bereich der Finanzmarktaufsicht, in Möllers, Voßkuhle and Walter (Eds.), Internationales Verwaltungsrecht, (Mohr Siebeck, 2007), 259 (263); Giovanoli, Reflections on International Financial Standards as ‘Soft Law’, 37 Essays in International Financial and Economic Law (2002), 1 (25 et seq.).

  36. 36.

    Financial Stability Board, Key Attributes of Effective Resolution Regimes for Financial Institutions, 2011, updated version published October 2014 (available online, last downloaded 28.02.2015 at: http://www.financialstabilityboard.org/wp-content/uploads/r_141015.pdf).

  37. 37.

    Preamble of Financial Stability Board Key Attributes of Effective Resolution Regimes for Financial Institutions.

  38. 38.

    Chapter 3 of Financial Stability Board Key Attributes of Effective Resolution Regimes for Financial Institutions in particular transfer of assets and liabilities, establishment of bridge institutions, bail-in.

  39. 39.

    Background is an understanding of the Group of Twenty to establish, in addition to the rules of the general insolvency law, a bank-specific resolution mechanism that allows a structured recovery, restructuring and, if necessary, a resolution, see Directive 2014/59/EC of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms, OJ L 173, 12.06.2014, p. 190; Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund, OJ L 225, 30.07.2014, p. 1.

  40. 40.

    Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, Russia, Saudia Arabia, Singapore, South Africa, Sweden, Switzerland, Turkey, United Kingdom, United States of America; observers on the Basel Committee are the European Commission, the European Banking Authority, the European Central Bank, the International Monetary Fund and the Financial Stability Institute.

  41. 41.

    Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, United Kingdom, United States of America since 1962 extended by Switzerland in 1983.

  42. 42.

    Ohler, Internationale Regulierung im Bereich der Finanzmarktaufsicht, in Möllers, Voßkuhle and Walter (Eds.), Internationales Verwaltungsrecht, (Mohr Siebeck, 2007), 259 (261).

  43. 43.

    Chapter 3 Basel Committee on Banking Supervision Charter.

  44. 44.

    Chapter 1 Basel Committee on Banking Supervision Charter.

  45. 45.

    Chapter 7 Basel Committee on Banking Supervision Charter.

  46. 46.

    Chapter 8 Basel Committee on Banking Supervision Charter.

  47. 47.

    Chapter 8.4 Basel Committee on Banking Supervision Charter.

  48. 48.

    Ohler, Internationale Regulierung im Bereich der Finanzmarktaufsicht, in Möllers, Voßkuhle and Walter (Eds.), Internationales Verwaltungsrecht, (Mohr Siebeck, 2007), 259 (262).

  49. 49.

    Chapter 9 Basel Committee on Banking Supervision Charter encompasses Accounting Experts Group, Supervision and Implementation Group, Policy Development Group, Macroprudential Supervision Group, Basel Consultative Group, Joint Forum.

  50. 50.

    Chapter 11 Basel Committee on Banking Supervision Charter.

  51. 51.

    Chapter 2 lit. a), b), c), e) and f) Basel Committee on Banking Supervision Charter.

  52. 52.

    Chapter 12 – 14 Basel Committee on Banking Supervision Charter.

  53. 53.

    For detailed information see Deutsche Bundesbank, International cooperation in banking regulation: past and present, 63 Monthly Report No. 9 (2011), 79 (80 et seq.).

  54. 54.

    Ohler, Internationale Regulierung im Bereich der Finanzmarktaufsicht, in Möllers, Voßkuhle and Walter (Eds.), Internationales Verwaltungsrecht, (Mohr Siebeck, 2007), 259 (269).

  55. 55.

    For detailed infomation see Bundesbankpublikation: Basel III – Leitfaden zu den neuen Eigenkapital und Liquiditätsregeln für Banken, (Deutsche Bundesbank, 2011).

  56. 56.

    Ohler, Internationale Regulierung im Bereich der Finanzmarktaufsicht, in Möllers, Voßkuhle and Walter (Eds.), Internationales Verwaltungsrecht, (Mohr Siebeck, 2007), 259 (269).

  57. 57.

    Basel Committee on Banking Supervision, Core Principles for Effective Banking Supervision, September 2012 (available online, last downloaded 28.02.2015 at http://www.bis.org/publ/bcbs230.pdf) paras. 19, 20, 24, 25, 39 et seq.

  58. 58.

    Chapter 3 Basel Committee on Banking Supervision Charter.

  59. 59.

    Deutsche Bundesbank, International cooperation in banking regulation: past and present, 63 Monthly Report No. 9 (2011), 79 (83).

  60. 60.

    Deutsche Bundesbank, International cooperation in banking regulation: past and present, 63 Monthly Report No. 9 (2011), 79 (84).

  61. 61.

    On the basis of Chapter 16 Basel Committee on Banking Supervision Charter.

  62. 62.

    Gleeson, International Regulation of Banking, 1st ed. (Oxford University Press, 2010), 33 (3.01); critical Ohler, Internationale Regulierung im Bereich der Finanzmarktaufsicht, in Möllers, Voßkuhle and Walter (Eds.), Internationales Verwaltungsrecht, (Mohr Siebeck, 2007), 259 (266 et seq.).

  63. 63.

    Neumann, The supervisory powers of national authorities and cooperation with the ECB – a new epoch of banking supervision, Europäische Zeitschrift für Wirtschaftsrecht (2014), Supplement, 9(13); Herdegen, Banking Supervision within the European Union, (De Gruyter, 2010) 2.

  64. 64.

    Herdegen, Banking Supervision within the European Union, (De Gruyter, 2010) 41.

  65. 65.

    Grande, Banking Regulation and supervision – developments and prospects at the global and EU level, in Grieser and Heemann (Eds.), Bankenaufsichtsrecht, (Frankfurt School Verlag, 2010), 19(33).

  66. 66.

    Herdegen, Banking Supervision within the European Union, (De Gruyter, 2010) 56; Grande, Banking Regulation and supervision – developments and prospects at the global and EU levels, in Grieser and Heemann (Eds.), Bankenaufsichtsrecht, (Frankfurt School Verlag, 2010), 19 (34).

  67. 67.

    Rec. 14 of Regulation (EU) No 1093/2010; Art 5 (1) and (2) of Regulation (EU) No 1093/2010.

  68. 68.

    Rec. 8 and 9 of Regulation (EU) No 1093/2010; Rec. 11 of Regulation (EU) No 1022/2013.

  69. 69.

    Rec. 5 of Regulation (EU) No 1093/2010, Rec. 7 of Regulation (EU) No. 1022/2013.

  70. 70.

    Art 6 of Regulation (EU) No 1093/2010.

  71. 71.

    Art 40 (1), 42 of Regulation (EU) No 1093/2010.

  72. 72.

    Art 43 (1) und (2) of Regulation (EU) No 1093/2010.

  73. 73.

    Art 44 (1) of Regulation (EU) No 1093/2010 in conjunction with Art 3 Decision adopting the Rules of Procedure of the European Banking Authority Board of Supervisors of 11 December 2013.

  74. 74.

    Art 48 (1) and (3) of Regulation (EU) No 1093/2010.

  75. 75.

    Art 45 (1) of Regulation (EU) No 1093/2010, the composition is determined by Art 8.4 Decision adopting the Rules of Procedure of the European Banking Authority Board of Supervisors of 11 December 2013, last recently the head of the European Banking Authority and the European Commission were represented by one non-voting participant Art 45 (2) of Regulation (EU) No 1093/2010.

  76. 76.

    Art 47 (1) of Regulation (EU) No 1093/2010.

  77. 77.

    Art 51 (1) und (3), Art 53 of Regulation (EU) No 1093/2010; Art 11.1 Decision adopting the Rules of Procedure of the European Banking Authority Board of Supervisors of 11 December 2013.

  78. 78.

    Art 58 (1) and (2), Art 59 (1) of Regulation (EU) No 1093/2010.

  79. 79.

    Art 60, 61 of Regulation (EU) No 1093/2010.

  80. 80.

    Art 8 (1) lit. a), Art 10-16 of Regulation (EU) No. 1093/2010.

  81. 81.

    Art 8 (1) lit. e), f), g) and Art 17 of Regulation (EU) No. 1093/2010.

  82. 82.

    Art 19 of Regulation (EU) No. 1093/2010.

  83. 83.

    Art 8 (1) lit. i), Art 21 of Regulation (EU) No. 1093/2010.

  84. 84.

    Art 22-27 of Regulation (EU) No 1093/2010.

  85. 85.

    Rec. 36 of Regulation (EU) No 1093/2010.

  86. 86.

    Art 21 (1) lit. a), Art 32 of Regulation (EU) No 1093/2010.

  87. 87.

    Matters subject to technical standards should be genuinely technical, to explain, develop or supplement the provisions in the basic acts, Rec. 12 of Directive 2010/78/EU.

  88. 88.

    Art 10 (1) subparas. 1 and 2 of Regulation (EU) No 1093/2010.

  89. 89.

    Art 10 (3) of Regulation (EU) No 1093/2010.

  90. 90.

    Implementing technical standards shall determine a uniform application of binding acts of law and contain no political decisions Rec. 12 Directive 2010/78/EU.

  91. 91.

    Art 15 (1) subpara. 5; (3) subpara. 3 of Regulation (EU) No 1093/2010.

  92. 92.

    Art 16 (3) of Regulation (EU) No 1093/2010.

  93. 93.

    Art 8 (2) lit. e), (f); Art 17 (6), Art 18 (3) and (4), Art 19 (3) and (4) of Regulation (EU) No 1093/2010.

  94. 94.

    Consolidated version of the Treaty on European Union, OJ C 326, 26.10.2012, p. 13.

  95. 95.

    Art 289 (1) TFEU, Art 12 (a) TEU.

  96. 96.

    Art 294 (2) TFEU.

  97. 97.

    Art 294 (3) TFEU.

  98. 98.

    Art 294 (4) TFEU.

  99. 99.

    Art 294 (5) and (6) TFEU.

  100. 100.

    Art 294 (7) lit. a), b), c) and (8) lit. a) or b) TFEU.

  101. 101.

    Haratsch, Koenig and Pechstein (Eds.), Europarecht, 9th ed. (Mohr Siebeck, 2014), 146 para. 327.

  102. 102.

    Streinz, Europarecht, 9th ed. (C.F. Müller, 2012) § 6, para. 560.

  103. 103.

    Haratsch, Koenig and Pechstein (Eds.), Europarecht, 9th ed. (Mohr Siebeck, 2014), 153 para. 347.

  104. 104.

    Commission Delegated Regulation (EU) No 529/2014 of 12 March 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for assessing the materiality of extensions and changes of the Internal Ratings Based Approach and the Advanced Measurement Approach.

  105. 105.

    Commission Implementing Regulation (EU) No 710/2014 of 23 June 2014 laying down implementing technical standards with regard to conditions of application of the joint decision process for institution-specific prudential requirements according to Directive 2013/36/EU.

  106. 106.

    Gurlit, The ECB’s relationship to EBA, Europäische Zeitschrift für Wirtschaftsrecht (2014), Supplement, 14 (17).

  107. 107.

    Art 1 subpara. 1 and Rec. 12, 15, 16, 20 of Regulation (EU) 1024/2013.

  108. 108.

    Art 2-8 Rules of Procedure of the Supervisory Board of the European Central Bank.

  109. 109.

    Art 9-12 Rules of Procedure of the Supervisory Board of the European Central Bank.

  110. 110.

    Art 6.5 Rules of Procedure of the Supervisory Board of the European Central Bank.

  111. 111.

    Art 3-10; Art 96-100 of Regulation (EU) No 468/2014; for concrete information see König, Einheitlicher Aufsichtsmechanismus, BaFin-Journal 5/2014, 18 (19), of which in Germany exist 24 significant institutions und about 1650 less significant institutions.

  112. 112.

    Art 6 (4) of Regulation (EU) 1024/2013; Art 39-72 of Regulation (EU) No 468/2014 with further interpretation Schuster, The banking supervisory competences and powers of the ECB, Europäische Zeitschrift für Wirtschaftsrecht (2014), Supplement, 3 (5).

  113. 113.

    Deutsche Bundesbank, European Single Supervisory Mechanism for banks – a first step on the road to a banking union, 65 Monthly Report (2013) No. 7, 13 (15).

  114. 114.

    Deutsche Bundesbank, Macroprudential Oversight in Germany: framework, institutions and tools, 65 Monthly Report (2013) No. 4, 39 (47).

  115. 115.

    Art 9-12 of Regulation (EU) 1024/2013.

  116. 116.

    Art 6 (4) and (5) lit. a) of Regulation (EU) 1024/2013.

  117. 117.

    Art 6 (4) and (5) lit. b), Art 9 (1) subpara. 3 of Regulation (EU) 1024/2013, for different opinion see König, Einheitlicher Aufsichtsmechanismus, BaFin-Journal 5/2014, 18 (20).

  118. 118.

    Schuster, The banking supervisory competences and powers of the ECB, Europäische Zeitschrift für Wirtschaftsrecht (2014), Supplement, 3 (6).

  119. 119.

    Art 3 and 8 of Regulation (EU) 1024/2013.

  120. 120.

    Art 6 (2) of Regulation (EU) 1024/2013.

  121. 121.

    Regulation (EU) 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund.

  122. 122.

    Intergovernmental Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund of the Council of the European Union (8457/14), 14 May 2014; see short analysis of Wojcik and Ceyssens, Der einheitliche EU-Bankenabwicklungsmechanismus, Europäische Zeitschrift für Wirtschaftsrecht (2014), 893 (895).

  123. 123.

    Deutsche Bundesbank, Europe’s new recovery and resolution regime for credit institutions, 66 Monthly Report (2014) No. 6, 31 (44).

  124. 124.

    National Resolution Funds according to Art 100 et seq. of Directive 2014/59/EU of the European Parliament and of the European Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms, OJ L 173, 12.06.2014, p. 190 are taken in by the Single Bank Resolution Fund. The Single Bank Resolution Fund is filled according to the rules agreed on in the Intergovernmental Agreement by the transfer of national funds, Art 67 (1) of Regulation (EU) No 806/2014. The Single Bank Resolution Fund is administered through the Single Resolution Board and can be consulted within the scope of the directive for the effective application of the resolution instruments, Art 75 (1), Art 76 (1)1 of Regulation (EU) No. 806/2014.

  125. 125.

    Art 42, 47 of Regulation (EU) No 806/2014.

  126. 126.

    Art 43 of Regulation (EU) No 806/2014.

  127. 127.

    Art 49, 53 of Regulation (EU) No 806/2014.

  128. 128.

    Art 52 (1) and (2) of Regulation (EU) No 806/2014.

  129. 129.

    Art 8 and 9 of Regulation (EU) No. 806/2014.

  130. 130.

    Art 10-12 of Regulation (EU) No. 806/2014.

  131. 131.

    Waschbusch and Rolle, Testament von Banken. Sanierungs- und Abwicklungspläne im Rahmen aktueller Reformprozesse, Wirtschafswissenschaftliches Studium, 42 (2013), 453 (454).

  132. 132.

    Art 5-9 of Directive 2014/59/EU.

  133. 133.

    Art 10, 11 of Directive 2014/59/EU.

  134. 134.

    Art 34-36 of Regulation (EU) No. 806/2014.

  135. 135.

    Art 13 of Regulation (EU) No. 806/2014; Art 27-29 of Directive 2014/59/EU.

  136. 136.

    Art 18 (1) lit. a)- c), paras. 2-10 of Regulation (EU) No. 806/2014.

  137. 137.

    Art 16 (1), Art 22 (2), 24-27 of Regulation (EU) No. 806/2014.

  138. 138.

    A sale of the business is any sovereign disposal activities to another institution by the resolution authority.

  139. 139.

    The establishment of a bridge institution serves the maintenance of critical functions.

  140. 140.

    In contrast, the separation of assets in a special purpose vehicle serves not just the continuation of critical functions, but the subsequent purchase.

  141. 141.

    A bail-in is a direct loss absorbency by the investor, comparable Art 48a et seq. German Banking Act; a bail-out as ultima ratio is a measure by the government to stable a credit institute, which is foreseen in Art 56 et seq. BRRD, but not adopted in Regulation (EU) No. 806/2014.

  142. 142.

    Art 30-32, Art 45 of Regulation (EU) No. 806/2014.

  143. 143.

    Art 1 (1) Finanzdienstleistungsaufsichtsgesetz (FinDAG = Act Establishing the Federal Financial Supervisory Authority), as published in the announcement of 22 April 2002 (Federal Law Gazette I p. 1310), last amended 6 December 2011 (Federal Law Gazette I, p. 2481).

  144. 144.

    Art 5 (1) Act Establishing the Federal Financial Supervisory Authority.

  145. 145.

    Consists of one President and four Chief Executive Directors for banking supervision, securities supervision, insurance supervision and cross-sectional tasks/ internal administration.

  146. 146.

    For expert advice Advisory Boards can be created (Art 8, 8a) or third parties (e.g. auditors) can be used to accomplish tasks (Art 4 (3) Act Establishing the Federal Financial Supervisory Authority).

  147. 147.

    Art 6 (2) sentence 2, the President has policy-making powers for the strategic orientation of the integrated financial supervision, that examines the relationship of the President to the Executive Directors (Art 6 (3) Act Establishing the Federal Financial Supervisory Authority).

  148. 148.

    Art 7 (3) Act Establishing the Federal Financial Supervisory Authority.

  149. 149.

    The embodiment for the organisational purpose of the banking supervision equals according to Art 7 German Banking Act a hermaphrodite construction between the Federal Financial Supervisory Authority and the Deutsche Bundesbank, see Höfling, Gutachten zum 68. Deutschen Juristentag, (C.H. Beck, 2010), F46; the reason lies in Art 87 (3) GG, whereby the federal government gets the possibility of establishing the Federal Financial Supervisory Authority, but the establishment of the administrative infrastructure for a higher federal authority is denied, BVerfGE 14, 197 (210 et seq.); this is followed by the integration of the Deutsche Bundesbank. The interaction shall also help the administrative economics, since the Bundesbank maintains a further branch network, which is missing within Federal Financial Supervisory Authority, it can supervise credit institutions locally, Schäfer, in Boos/Fischer/Schulte-Mattler (Eds.), KWG, 4th ed. (C.H. Beck, 2012), § 7 para. 5.

  150. 150.

    Assessment of the documents submitted by the institutions, evaluation of audit reports, analysis of the annual financial statements, implementation and evaluation of the banking business audits for the assessment of capital adequacy and risk management, see Schäfer, in Boos/Fischer/Schulte-Mattler (Eds.), KWG, 4th ed. (C.H. Beck, 2012), § 7 para. 20.

  151. 151.

    Schäfer, in Boos/Fischer/Schulte-Mattler (Eds.), KWG, 4th ed. (C.H. Beck, 2012), § 7, para. 39.

  152. 152.

    Schäfer, in Boos/Fischer/Schulte-Mattler (Eds.), KWG, 4th ed. (C.H. Beck, 2012), § 6 para. 5.

  153. 153.

    In particular based on the legal basis of § 6 (2) and (3), § 35 (2), § 45, § 56 and § 60 German Banking Act.

  154. 154.

    Schäfer, in Boos/Fischer/Schulte-Mattler (Eds.), KWG, 4th ed. (C.H. Beck, 2012), § 6 para. 9.

  155. 155.

    Schäfer, in Boos/Fischer/Schulte-Mattler (Eds.), KWG, 4th ed. (C.H. Beck, 2012), § 6 paras. 15, 23.

  156. 156.

    Schäfer, in Boos/Fischer/Schulte-Mattler (Eds.), KWG, 4th ed. (C.H. Beck, 2012), § 7 para. 8.

  157. 157.

    Art 1 Verordnung über die Satzung der Bundesanstalt für Finanzmarktstabilisierung (FMSASatzV = Statute of the Federal Agency for Financial Market Stabilisation) as published in the announcement of 21 February 2011 (Federal Law Gazette I p. 272), last amended 20 December 2012 (Federal Law Gazette I, p. 2777).

  158. 158.

    Art 2 (1) Statute of the Federal Agency for Financial Market Stabilisation.

  159. 159.

    Art 4 (1), Art 5 (1) and (3) Statute of the Federal Agency for Financial Market Stabilisation.

  160. 160.

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    Alexander Wellerdt

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Wellerdt, A. (2015). Models of the Administration of Banking Regulation. In: Organisation of Banking Regulation. SpringerBriefs in Law. Springer, Cham. https://doi.org/10.1007/978-3-319-17638-3_3

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