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Annual Report 2005 (PDF, 2MB, File Does Not Meet Accessibility President’s Statement A great deal is expected of the supervisory authorities, and these expectations are on the rise. A good supervisor should not only be effective and efficient, it must also be at least as dynamic as the markets and companies that it supervises if it wants to be prepared for the future. There are always new products and risks inspired mostly by international competition – and this is a challenge not only for the companies, but for supervisors as well. We have to consider the best ways to respond. It is virtually impossible to regulate complex and highly intertwined financial markets with rigid and meticulous rules. Internationally, there is almost universal consensus on the future of supervision: it should be principle-based, streamlined and open to individual solutions. BaFin took major steps towards this goal in 2005. The most important of these was the adoption of “risk classification”. This will help us in the future to rank all companies under our supervision in a matrix, according to their risk profiles and importance to the stability of the financial market. The position in the matrix shows how intensive our supervision will be, tailored exactly to the company. With this concept, we are realising the principle of risk orientation – a key precept of modern supervision. It also reflects an important element of integrated financial supervision today: a uniform supervisory approach for all companies subject to supervision, regardless of sector. This Annual Report will present to you in detail the concept of risk classification. BaFin continually updates its methods – remaining a flexible institution which is open to learning from experience. These are the keys that will allow us to continue meeting all requirements as we move into the future. Jochen Sanio President Contents I Highlights 9 II Economic Environment 17 1 Financial Markets ...................................................... 17 2 Banks ...................................................................... 22 3 Insurers .................................................................... 29 4 Retail market developments ........................................ 34 III International 37 1 International harmonisation ........................................ 37 1.1 Market transparency and integrity.......................... 38 1.2 Organisational requirements and rules of conduct .... 43 1.3 Supervisory reporting .......................................... 44 1.4 Rating agencies .................................................. 46 1.5 Occupational retirement provision.......................... 47 1.6 Reinsurance Directive .......................................... 47 2 Basel II .................................................................... 48 3 Solvency II and international developments .................. 50 4 Accounting and enforcement........................................ 56 4.1 Developments in international accounting .............. 56 4.2 Enforcement ...................................................... 58 5 International Cooperation............................................ 59 5.1 Memoranda of Understanding and technical cooperation .......................................... 59 5.2 Companies operating on a cross-border basis.......... 60 5.3 Technical cooperation .......................................... 65 5.4 Offshore financial centres .................................... 66 5.5 Conferences ...................................................... 66 Contents IV Supervision of insurance undertakings and pension funds 69 1 Basis for supervision .................................................. 69 1.1 Authorised insurance undertakings and pension funds...................................................... 69 1.2 Interim reporting ................................................ 70 1.2.1 Business development ................................ 71 1.2.2 Investments .............................................. 73 1.3 On-site inspections .............................................. 74 1.4 Risk classification in insurance supervision .............. 75 1.5 Stress tests ........................................................ 76 1.6 Supervision of financial conglomerates .................. 77 1.7 Seventh amendment to the Insurance Supervision Act .................................................. 78 1.7.1 Capital resources........................................ 78 1.7.2 Empowering provision for forecast statements ................................................ 79 1.7.3 New regulations for Pensionskassen and pension funds ...................................... 79 1.8 Ordinances ........................................................ 81 1.9 Circulars and official announcements...................... 82 1.10 Composition of the risk asset ratio in accordance with the Ordinance on the investment of restricted assets of insurance undertakings .......................... 87 2 Life insurers .............................................................. 90 2.1 Financial situation in 2005 .................................... 90 2.2 Rulings by the German Federal Court of Justice ...... 92 2.3 Capital redemption products ................................ 92 2.4 Official Announcements on annuities ...................... 93 3 Health insurers .......................................................... 93 3.1 Financial situation in 2005 .................................... 93 3.2 Technical interest rate for private health insurance .. 94 3.3 Results of on-site inspections: provisions of trustee agreements.............................................. 96 4 Property and casualty insurance undertakings, reinsurance undertakings ............................................ 96 4.1 Financial situation of property and casualty insurers .. 96 4.2 Financial situation of reinsurers ............................ 97 4.3 2005 stress test results ........................................ 98 5 Pensionskassen and pension funds .............................. 99 5.1 Financial situation of Pensionskassen...................... 99 5.2 Financial situation of pension funds ...................... 100 5.3 Supervision of public-law insurance undertakings .. 101 5.4 On-site inspections ............................................ 101 Contents V Supervision of banks and financial services institutions 103 1 Basis for supervision ................................................ 103 1.1 The Supervisory Review Process .......................... 103 1.2 Minimum requirements for risk management ........ 104 1.3 Amendment of section 10a KWG to include IAS consolidated financial statements......................... 107 1.4 Raising of the threshold in section 18 KWG .......... 109 1.5 Liquidity Ordinance and Ordinance on audit reports.. 109 1.6 Circulars .......................................................... 110 1.7 Pfandbrief legislation .......................................... 111 2 Ongoing solvency supervision .................................... 114 2.1 Authorised banks .............................................. 114 2.2 Supervisory instruments .................................... 116 2.3 IRBA and AMA application procedures .................. 119 2.4 Risk identification and assessment ...................... 121 2.5 Non-performing loans ........................................ 123 2.6 Building and loan businessand approval of terms .. 126 2.7 Phoenix case .................................................... 127 2.8 Financial services institutions .............................. 128 3 Ongoing market supervision ...................................... 131 3.1 Credit institutions and financial services institutions .. 131 3.2 Rules of conduct with regard to financial analysis .. 133 VI Supervision of securities trading and investment business 139 1 Basis for supervision ................................................ 139 1.1 Issuer Guidelines .............................................. 139 1.2 Act implementing the Prospectus Directive and the Prospectus Act .................................................. 140 1.3 New investment regulations ................................ 141 2 Prospectuses............................................................ 142 2.1 Securities prospectuses ...................................... 142 2.2 Non-securities investment prospectuses................ 145 3 Supervision of investment business ............................ 147 3.1 Investment companies........................................ 147 3.2 Market supervision ............................................ 148 3.3 Real estate funds .............................................. 149 3.4 Hedge funds...................................................... 153 3.5 Foreign investment funds.................................... 155 4 Monitoring of market transparency and integrity .......... 157 4.1 Market analysis.................................................. 157 4.2 Insider trading .................................................. 159 4.3 Market manipulation .......................................... 163 4.4 Ad hoc disclosure and directors' dealings .............. 168 4.5 Voting rights .................................................... 172 5 Corporate takeovers ................................................ 172 5.1 Offer procedures................................................ 174 5.2 Exemption procedures ........................................ 178 5.3 Investigations in the case of Deutsche Börse AG.... 179 6 Accounting control/enforcement ................................ 180 Contents VII
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