Germany

Innovative changes to German financial market supervision

Peter Scherer & Gregor Ordon. Clifford Chance, Frankfurt (+49 69 71 99 01)

In view of increased competition between financial centres and of the international integration of financial markets, a flexible and efficient supervisory regime is essential. Recently the German Federal Authority for Financial Services Supervision ( Bundesanstalt für Finanzdienstleistungsaufsicht or BAFin) was established and provides a combined regulatory authority for banking, securities and insurance. The single regulator approach represented by BAFin is important because in future banks, insurance companies and funds will operate under the same rules.