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Annual Report Federal Financial Supervisory Authority (Bundesanstalt Für Finanzdienstleistungsaufsicht – Bafin)

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Annual Report Federal Financial Supervisory Authority (Bundesanstalt Für Finanzdienstleistungsaufsicht – Bafin) Annual Report Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) Preface From the perspective of an integrated financial services supervisor, 2012 was a year of ups and downs. For example, the cheap money policy that the European Central Bank has been pursuing for some time now benefited not only indebted countries, but also banks. Above all, it bought time for both sides – time that the banks, for instance, must use to review their business models and improve their earnings. On the other hand, the low level of interest rates caused and continues to cause problems for other companies, especially life insurers. The good news is that they will be able to meet their benefit obligations in the short to medium term, thanks to various measures such as, for instance, the Zinszusatzreserve. This has been confirmed by BaFin’s stress tests and projections. These and many other issues that occupied us in 2012 will continue to accompany us in 2013 – and beyond. Chief among them are a number of regulatory reform projects. For example, the question of how to deal with systemically important banks has not been finally answered. Although we have made some progress in the regulation of the shadow banking sector, we still have a long way to go. Another European reform project that we have carried over into 2013 is the revision of the Markets in Financial Instruments Directive (MiFID). Unfortunately, even major projects that were already at an advanced stage have slipped behind schedule. Examples include the European CRD IV regulatory package that is intended to implement Basel III, among other things. Solvency II is another project that is taking its time. Another issue that is keeping us busy well into the current year is the planned establishment of a single supervisory mechanism for banks in the eurozone led by the European Central Bank. Although the final decisions have yet to be taken in Brussels, work is already progressing on the development of this new European banking supervisor. My goal for BaFin is to play an active role in shaping this new supervisory environment. This represents a challenge for us not only in 2013, but also beyond. Bonn/Frankfurt am Main | March 2013 Dr Elke König President Contents I Highlights 9 II Economic environment 19 1 Sovereign debt crisis ................................................. 19 2 Financial markets ..................................................... 26 3 Banks ..................................................................... 30 4 Insurers .................................................................. 35 III International issues 39 1 Systemic risks ......................................................... 40 1.1 Banks .............................................................. 40 1.2 Insurance undertakings ...................................... 43 1.3 Non-banks ........................................................ 45 2 Recovery and resolution ............................................ 45 2.1 Banks .............................................................. 45 2.2 Insurance undertakings ...................................... 47 3 Shadow banks ......................................................... 48 4 Banking union .......................................................... 53 5 CRD IV/CRR ............................................................ 54 6 Solvency II .............................................................. 55 7 Securities supervision initiatives ................................. 58 8 Further regulatory initiatives ...................................... 61 8.1 Directive on Deposit Guarantee Schemes .............. 61 8.2 Occupational retirement provision ........................ 62 8.3 Financial conglomerates ..................................... 63 8.4 Rating agencies ................................................. 64 8.5 Peer reviews ..................................................... 65 9 Consumer protection ................................................. 66 10 Financial Accounting and Reporting ............................. 70 11 Supervisory cooperation ............................................ 73 IV Supervision of insurance undertakings and pension funds 77 1 Bases of supervision ................................................. 77 1.1 Implementation of Solvency II ............................ 77 1.2 Improving life insurers’ risk-bearing capacity ......... 79 1.3 Consultation procedure on the ban on special allowances and preferential contracts ................... 82 1.4 Revision of circulars addressing investments and guarantee assets ............................................... 83 2 Ongoing supervision ................................................. 84 2.1 Authorised insurance undertakings and pension funds ................................................... 84 2.2 Interim reporting ............................................... 86 2.2.1 Position of the insurance sector .................. 86 2.2.2 Business trends ....................................... 87 2.2.3 Investments ............................................ 90 2.3 Composition of the risk asset ratio ....................... 94 2.4 Solvency .......................................................... 96 2.5 Stress test ........................................................ 98 2.6 Risk-based supervision ..................................... 100 2.7 Group supervision ........................................... 103 2.8 Developments in the individual insurance classes .......................................................... 104 V Supervision of banks, financial services institutions and payment institutions 113 1 Bases of supervision ............................................... 113 1.1 Implementation of CRD IV ................................ 113 1.2 Minimum Requirements for the Design of Recovery Plans ................................................ 115 1.3 Guidance notice on vetting administrative and supervisory bodies .......................................... 116 1.4 Minimum Requirements for Risk Management amended in 2012 ............................................ 117 1.5 Amendment of the Pfandbrief Act ...................... 118 1.6 Minimum Requirements for the Compliance Function ........................................................ 121 2 Preventive supervision ............................................ 122 2.1 Risk-bearing capacity ....................................... 122 2.2 Reporting system ............................................ 123 2.3 Shareholder control ......................................... 124 2.4 IT infrastructure of institutions .......................... 125 3 Institutional supervision .......................................... 126 3.1 Authorised banks ............................................ 126 3.2 Economic development .................................... 130 3.3 Risk classification ............................................ 138 3.4 Supervisory activities ...................................... 139 3.5 Securitisations ................................................ 147 3.6 Financial services institutions ............................ 149 3.7 Payment institutions and e-money institutions ..... 153 3.8 Market supervision of credit and financial services institutions ......................................... 156 VI Supervision of securities trading and the investment business 161 1 Bases of supervision ............................................... 161 1.1 Act Implementing the AIFM Directive ................. 161 1.2 EMIR Implementation Act ................................. 162 1.3 Regulating short selling .................................... 163 1.4 Implementation of the revised Prospectus Directive ........................................................ 163 2 Monitoring of market transparency and integrity ......... 164 2.1 Monitoring of short selling ................................ 164 2.2 Market analysis ............................................... 167 2.3 Insider trading ................................................ 170 2.4 Market manipulation ........................................ 174 2.5 Ad hoc disclosures and directors’ dealings .......... 181 2.6 Voting rights and duties to provide information to security holders .......................................... 184 3 Prospectuses ......................................................... 185 3.1 Securities prospectuses .................................... 185 3.2 Non-securities investment prospectuses ............. 187 4 Corporate takeovers ............................................... 188 5 Financial reporting enforcement ............................... 191 5.1 Monitoring of financial reporting ........................ 191 5.2 Publication of financial reports ........................... 193 6 Supervision of the investment business ..................... 194 6.1 Asset management companies and custodian banks ............................................................ 195 6.2 Investment funds ............................................ 196 6.3 Real estate funds ............................................. 196 6.4 Hedge funds ................................................... 198 6.5 Foreign investment funds ................................. 198 7 Administrative fines ................................................ 199 VII Cross-sectoral issues 203 1 Deposit protection, investor compensation and guarantee schemes ................................................ 203 2 Authorisation requirements and prosecution
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