Credit Institutions

Regulatory consulting

In the wake of ever increasing regulatory requirements, PBK supports credit institutions in building an adequate internal control system, which in particular complies with the regulatory requirements. In this way, we support our clients in the field of Minimum Requirements for Risk Management (MaRisk), minimum requirements for the compliance function according to §§ 31 ff. WpHG (MaComp) and in implementing the requirements of MiFID II.

Due to the embedding of PBK in the Auditing Association group, our employees are regularly involved in the deposit protection audits of the Auditing Association of German Banks. As a result, we constantly deal with regulatory issues and are familiar with the expectations of the BaFin with respect to InstituteS.

MINIMUM REQUIREMENTS for RISK MANAGEMENT

MaRisk differentiates between the following essential elements:

  • Risk inventory with identification of significant risks
  • Deriving a business and risk strategy
  • Determining its risk bearing capacity
  • Description of the risk cycle (definition, assessment, control, monitoring, reporting)


 

MINIMUM REQUIREMENTS of COMPLIANCE FUNCTION

MaComp are relevant for all securities services providers within the meaning of § 2 para. 4 WpHG. MaComp should promote investors' confidence in the proper functioning of the securities markets and strengthen the protection of all investors and the institutional functioning of the capital markets and serve to protect the securities services providers and its employees. The Circular is aimed at the introduction of appropriate measures to reduce the risk of regulatory actions, damages claims against companies and reputational damage for companies due to violations of the provisions of the 6th section of WpHG.

MaComp contain the following provisions:

  • Compliance function
  • Employee transactions
  • Advertisement
  • Testing the suitability


 

IMPLEMENTATION OF FINANCIAL INSTRUMENTS DIRECTIVE MIFID II

PBK supports institutions in the ongoing implementation of the new requirements provided in MiFID II (EU Directive amending Directive on markets in financial instruments). MiFID II primarily refers to the following areas:

  • Clear separation of dependent and independent advice
  • Business policy decisions / business model
  • If necessary, changes in the fee structure / remuneration model
  • Expansion of organisational requirements and code of conduct (§ 31 is reformulated into § 57 WpHG)
  • Product Governance (conception / distribution of financial products / target market / impact on the product selection process)
  • Adjustments in contract with the customer (framework contracts)
  • Extension of suitability test / loss bearing capacity analysis
  • Obligation of counselling after the deal / regular suitability tests
  • Obligation to record phone calls / more extensive reporting
  • Increased monitoring and control, enhanced compliance / engagement of human and technical resources

 

Questions regarding regulatory counselling?If you have any questions about the regulatory requirements for credit institutions, please contact Mr. WP Martin Glutsch or WP StB Torsten Steinrück.


 

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PBK auditing and consulting company for the Banking mbH
Auditing company

Kattenbug 1
50667 Köln
Fon +49 221 91 26 96 - 529
Fax +49 221 91 26 96 - 571