Germany

German minister announces plans for super-regulator

Ute Reumann, Clifford Chance, Frankfurt. Marc Benzler, Clifford Chance, Frankfurt

German finance minister Hans Eichel (Mr Eichel) has announced plans to merge the country`s three existing regulatory bodies for banking, securities and insurance into one, central regulator called the Bundesanstalt für Finanzmarktaufsicht (Federal Institute for Supervision of Financial Markets). Mr Eichel has also announced that plans for the restructuring of the German Bundesbank will be put to the German Parliament before its summer break. Reacting to the development, the Bundesverband Deutscher Banken (Federal Association of German Banks) has welcomed the proposed measures. Meanwhile, the Bundesaufsichtsamt für das Versicherungswesen (Federal Insurance Supervisory Office) has insisted on the independence of insurance experts within the new structure.