Financial services institutions and financial services enterprises
According to the definition of the supervisory authorities, these include all companies that provide financial services without formally being credit institutions. The list of financial services includes, in particular, – investment brokerage, – contract brokerage, – portfolio management, – own-account trading on behalf of others, – arrangement of third-country deposits, – financial transfer business, – cash card business and network money business, and – financial service providers with electricity derivatives. – These companies are subject to supervision in Germany by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). They also require a license pursuant to § 32 of the German Banking Act (KWG). – A precise list of the businesses assigned to the financial services institutions in each case can be found in the regulations of the supervisory authorities. Freelancers of institutions for which the latter have assumed liability are indirectly subject to supervision. – See bank, financial service provider, financial institution, monetary. – Cf. 2001 Annual Report of the Federal Supervisory Office for Securities Trading, p. 12 f., BaFin Annual Report 2003, p. 70, p. 107 f., BaFin Annual Report 2004, p. 121 f. (merging market and solvency supervision; cooperation with the Deutsche Bundesbank), BaFin Annual Report 2007, p. 138 ff. (number of institutions; new rules on assumption of liability; supervisory activities and measures), BaFin Annual Report 2008, p. 134 (license applications; statistics on supervised entities; legal situation), BaFin Annual Report 2009, p. 156 (breakdown of financial services institutions supervised by BaFin), BaFin Annual Report 2010, p, 172 f (more recent data), and the respective BaFin Annual Report, chapter “Supervision of Banks, Financial Services Providers, and Payment Institutions.”
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/