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Banking Act Ofthe Federal Republic of Germany (Kreditwesengesetz, KWG )) Page 1 Of81 Banking Act ofthe Federal Republic of Germany (Kreditwesengesetz, KWG )) Page 1 of81 Banking Act (Kreditwesengesetz, KWG) Long title: Gesetz iiber das Kreditwesen In the amended text ofthe Announcement of September 9, 1998 (Federal Law Gazette I, page 2776), as last amended by Article 3 of the Act amending insolvency and banking law provisions (Gesetz zur Anderung insolvenzrechtlicher und kreditwesenrechtlicher Vorschriften*) of December 8, 1999 (Federal Law Gazette I No. 54, page 2384). * This Act serves to implement Directive 98/26/EC of the European Parliament and Council of May 19, 1998 on settlement finality in payment and securities settlement systems (Official Journal ofthe European Communities No. L 166 page 45) Translation provided by the Deutsche Bundesbank and reproduced with kind permission. Table of Contents Part I General Provisions Division 1. Credit institutions, financial services institutions, financial holding companies and financial enterprises Section 1 Definitions Sec1ion2 Exceptions Section 2a Legal form Section 2b Holders of qualified participating interests S~__ction 3 Prohibited business Section 4 Decision by the Federal Banking Supervisory Office Division 2. Federal Banking Supervisory Office Section 5 Organisation Section 6 Functions Section 7 Cooperation with the Deutsche Bundesbank Section 8 Cooperation with other bodies Section 8a Responsibility for supervision on a consolidated basis Section 9 Secrecy Part II Provisions for Institutions Division 1. Own funds and liquidity Section 10 Provision with own funds Section 1Oa Own funds of groups of institutions and financial holding groups Section 11 Liquidity Section 12 Limitation of qualified participating interests file://C:\Documents and Settings\magrd.AB-DOMAIN\Local Settings\Temporary Internet... 3/27/2009 Banking Act ofthe Federal Republic of Germany (Kreditwesengesetz, KWG )) Page 2 of 81 Section 12a Establishment of corporate ties Division 2. Lending business Section 13 Large exposures of non-trading book institutions Section 13a Large exposures of trading book institutions Section 13b Large exposures of groups of institutions and financial holding groups SeQti_Qn_H Loans of three million Deutsche Mark or more Section 15 Loans to managers, etc. Section 16 (Rescinded) Section_J7 Liability Section 18 Information required of borrowers Section 19 The concepts of "exposure" in sections 13 to 14, and of "borrower" Section 20 Exceptions to the requirements of sections 13 to 14 .S~Q_tiQn21 The concept of "exposure" in sections 15 to 18 Section 22 Authority to issue regulations on exposures Division 3_. (Repealed) Division 4. Advertising, and information requirements of institutions Section 23 Advertising Section 23a Guarantee scheme Division 5. Special duties of institutions, their managers, financial holding companies and mixed-activity holding companies S~~tiQn_2_4 Reports Section 24a Establishment of a branch and provision of cross-border services in other states of the European Economic Area S_~ction 24b Participation in payment and securities transfer and settlement systems Section 25 Monthly returns and other particulars Section 25a Particular organisational duties of institutions Division Sa. Submission of accounting records Section 26 Submission of annual accounts, management report and auditor's reports I2ivisiQn 6. Audits and the appointment of auditors Section 27 (Rescinded) Section 28 Appointment of the auditor in special cases Section 29 Special duties ofthe auditor Section 30 (Rescinded) Division 7. Exemptions file://C:\Documents and Settings\magrd.AB-DOMAIN\Local Settings\Temporary Internet... 3/27/2009 Banking Act ofthe Federal Republic of Germany (Kreditwesengesetz, KWG )) Page 3 of81 Section 31 Exemptions Part III Provisions on the Supervisions of Institutions Division 1. Licence to conduct business Section 32 Granting the licence Section 33 Refusing the licence Section 33a Deferring or qualifying the licence in the case of enterprises domiciled outside the European Communities Section 33b Consultation of the appropriate authorities of another state of the European Economic Area Section 34 Substitution and continuation in the event of death Section 35 Expiry and revocation of the licence Section 36 Dismissal of managers S_~_G.tim:t37 Action to stop unlawful business Section 38 Consequences ofthe revocation and expiry of the licence; measures in the event of liquidation Division 2. Protection of certain designations S~cti_Q_1}_3~ The terms "bank" and "banker" Section 40 The term "savings bank" Section 41 Exceptions Section 42 Decision by the Federal Banking Supervisory Office Section 43 Registration provisions Division 3. Information and audits Section 44 Information from and audits of institutions, ancillary banking services enterprises, financial holding companies and enterprises included in supervision on a consolidated basis Section 44a Cross-border information and audits Section 44b Information from and audits of the holders of qualified participating interests Section 44c Prosecution of unauthorised banking business and financial services Division 4. Measures in special cases Section 45 Measures in cases of inadequate own funds or inadequate liquidity Section_~5a Measures relating to financial holding companies Section 46 Measures in cases of danger Section 46a Measures in cases of a danger of insolvency; appointment of persons authorised to represent the institution Section 46b Insolvency petition Section 46c Calculation of prescribed periods Section 4 7 Moratorium, suspension of banking and stock market business Section 48 Resumption of banking and stock market business file://C:\Documents and Settings\magrd.AB-DOMAIN\Local Settings\Temporary Internet... 3/27/2009 Banking Act ofthe Federal Republic of Germany (Kreditwesengesetz, KWG )) Page 4 of81 Division 5. Enforceability, sanctions, costs and charges Section 49 Immediate enforceability Section 50 Sanctions Section 51 Costs and charges Part IV Special Provisions S~ction-.5_2 Special supervision Section 53 Branches of enterprises domiciled abroad Section 53 a Representative offices of institutions domiciled abroad Se~tioll_53b Enterprises domiciled in another state of the European Economic Area Section 53c Enterprises domiciled in a non-EEA state Section 53d Reports to the Commission of the European Communities .earLY Provisions on Penalties and Fines Section 54 Prohibited business, operating without a licence S_ec_tion_5_5_ Violation of the duty to report insolvency or overindebtedness Section 55a Unauthorised use of data on loans of three million Deutsche Mark or more Section 55b Unauthorised public disclosure of data on loans of three million Deutsche Mark or more Section 56 Provisions governing fines Section 57 (Repealed) Section 58 (Repealed) Section 59 Fines imposed on enterprises Section 60 Appropriate administrative authority Section 60a Notifications in cases of criminal prosecution Part VI Transitional and Final Provisions S_ectimlhl Licence for existing credit institutions Section 62 Transitional provisions Section 63 (Legislation rescinded and amended) S_~c_tion___6_3_a Special provisions relating to the territory specified in Article 3 of the Unification Treaty Section 64 Successor enterprises to Deutsche Bundespost Section 64a Limits on investments by existing credit institutions Section 64b Capital of existing credit institutions Section 64c Transitional arrangement for asset-side balances Section 64d Transitional arrangement for large exposures Secti.Qn_61~ Transitional provisions for the Sixth Act Amending the Banking Act Entry into force Part I General Provisions Division 1. Credit institutions, financial services institutions, financial holding companies and financial enterprises file://C:\Documents and Settings\magrd.AB-DOMAIN\Local Settings\Temporary Internet... 3/27/2009 Banking Act ofthe Federal Republic of Germany (Kreditwesengesetz, KWG )) Page 5 of81 1. Definitions (1) Credit institutions are enterprises which conduct banking business commercially or on a scale which requires a commercially organised business undertaking. Banking business comprises 1. the acceptance of funds from others as deposits or of other repayable funds from the public unless the claim to repayment is securitised in the form of bearer or order debt certificates, irrespective of whether or not interest is paid (deposit business), 2. the granting of money loans and acceptance credits (lending business), 3. the purchase of bills of exchange and cheques (discount business), 4. the purchase and sale of financial instruments in the credit institution's own name for the account of others (principal braking services), 5. the safe custody and administration of securities for the account of others (safe custody business), 6. the business specified in section 1 of the Act on Investment Companies (Gesetz tiber Kapitalanlagegesellschaften) (investment fund business), 7. the incurrence of the obligation to acquire claims in respect of loans prior to their maturity, 8. the assumption of guarantees and other warranties on behalf of others (guarantee business), 9. the execution of cashless payment and clearing operations (giro business), 10. the purchase of financial instruments at the credit institution's own risk for placing in the market or the assumption of equivalent guarantees (underwriting business), 11. the issuance of prepaid cards for payment purposes, unless the card issuer is also the service provider and hence the recipient of the payment made using the card (prepaid card
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