# Best practice (also referred to in German)

- Canonical URL: https://www.gerhardmerk.de/best-practice-also-referred-to-in-german
- Post ID: 594459
- Modified: 2023-07-25T20:59:14+00:00
- Language: en

## Definition

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). Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! 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/

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