Pursuant to Section 36 of the German Securities Trading Act (WpHG), financial services companies may be exempted from the annual audit by the supervisory authority if the audit does not appear necessary in view of the nature and scope of the business activities of the institution concerned. – Cf. BaFin Annual Report 2007, p. 147 (BaFin may exempt for a period of up to three years; conditions), BaFin Annual Report 2009, p. 169 (increase in exemptions), and the respective BaFin Annual Report, chapter “Supervision of Banks, Financial Service Providers and Payment Institutions.”
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