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Financial Supervisory

In the field of banking GSK advises on all questions concerning banking supervision, banking agreements and the organization of banks.

One of our main areas of expertise is the setting up of banks, financial services institutions, or payment institutions including providing advice to savings banks and cooperative banks, covered bond banks as well as leasing companies and factoring companies. This includes advising on licensing proceedings according to Section 32 of the German Banking Act (KWG), according to Section 8 of the German Act on the Supervision of Payment Services (ZAG), and Section 2 German Covered Bonds Act (PfandBG) with the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – "BaFin”) as well as providing advice relating to the obtaining of memberships with banking associations such as the Federal Association of German Banks (Bundesverband deutscher Banken e.V.) and regarding the joining of voluntary deposit guarantee schemes.

GSK also advises regulated institutes on legal matters concerning banking supervision and the organization of banks.

These particularly include the following services:

  • Liaising with organizations and authorities such as the German Federal Financial Supervisory Authority (BaFin), the German Federal Bank, the European Banking Supervisors, deposit guarantee and compensation schemes, data protection authorities, chambers of industry and commerce, tax authorities, social security agencies, etc.
  • Agreeing contracts with the service providers that have been engaged, such as IT providers, custodian banks, and other service providers, et al.
  • Legal advice on outsourcing projects
  • Implementation of the "Minimum Standards to be met by Risk Management" (MaRisk) and MaComp (Minimum Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency pursuant to Sections 31 et seq. of the Securities Trading Act- WpHG) including the preparation of organizational manuals
  • Support in setting up compliance and anti-money laundering organizations
  • Attendant advice on annual accounts and audits under the Securities Trading Act (WpHG)
  • Providing advice regarding regulatory equity and questions relating to regulatory consolidation pursuant to the Capital Adequacy Directive and the corresponding regulation
  • Ownership control procedures pursuant to Section 2 c of the German Banking Act (KWG)
  • Bank restructuring
  • Remuneration policy
  • Law of savings banks and law of cooperatives
  • Law of covered bonds
  • Law of currencies and central banks