Best practice (also referred to in German)

A term used by the supervisory authorities to describe the search for and specification of such procedures that – make operational processes on the financial market and thus also within the banks as efficient as possible and at the same time – are fully in line with valid legal provisions. – In the course of this, the supervisory authority examines existing experiences of successful financial service providers, compares different solutions that are used in practice, evaluates them against the two above-mentioned objectives and, on this basis, determines which designs and procedures, if any, should be made mandatory for institutions. – See Committee on Internal Auditing, Supervision, Microprudential, Committee of European Banking Supervisors, Enforcement, Goldplating; Minimum Lending Standards. – Cf. 2004 Annual Report of BaFin, p. 32, p. 43 (overview of the various committees).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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