Source of all law is the constitution or “Basic Statute” (Grund-gesetz) Legal system The ultimate source of all law is the constitution or “Basic Statute” (Grund- gesetz). Acts of either the federal or a provincial parliament are void if they conflict with the constitution or are passed in an unconstitutionalRead More →
Strict environmental regulations Special business permits Germany has strict environmental regulations. Business activ- ities which are inherently dangerous, polluting, or otherwise clearly harmful to the environment require special authorization. The Federal Pollution Control Act (Bundesimmissionsschutzge- setz – BImSchG) is at the center of such legislation. Industrial facilities and their modifcationsRead More →
Abbreviations Abbreviations AIF AIFMD BaFin BCBS BMF CAR CCP CPSS CRD CRR CSD DGS EBA EC ECB EIOPA EMIR ESMA ESRB EU EUR FMIs FMSA FSA FSAP FSB FSC FSR GDP G-SII IAIS ICAAP ICPs IMF IORPs IOSCO IRB IT JST MoU OTC ROSC SCSI SIB SIFI SoFFin SREP SSMRead More →
Bills are enacted on signature by the federal president Bills are enacted on signature by the federal president (Bundespräsident) to whom they are submitted after acceptance by both chambers of parliament. The signed acts then take effect on promulgation in the Federal Journal of Statutes (Bundesgesetzblatt). The present government isRead More →
Special licenses are necessary for certain businesses Regulated industries In order to protect the general public from risky business prac- tices, special licenses are necessary for certain businesses, including the following: – Insurance business – Commercial banking – Brokers and agents for real estate, housing, investment, and mutual funds –Read More →
findings and conclusions of the Germany peer review This focus describes the findings and conclusions of the Germany peer review, including the key elements of the discussion in the FSB’s Standing Committee on Standards Implementation (SCSI) on 10 March 2014. It is the eleventh country peer review conducted by theRead More →
Federal parliament has two chambers The federal parliament has two chambers. The lower chamber (Bundestag) is elected by the population for a four-year term. Its seats are allocated on a system of proportional representation. The government is formed by the party or coalition (in practice, invariably a coalition) with aRead More →
Freedom of enterprise is a valid principle under Section 1 Notifcation requirements While freedom of enterprise is a valid principle under Section 1 of the Business Practice Act (Gewerbeordnung – GewO), any business, factory, trade, or industrial establishment, whether Ger- man or foreign, must notify the respective local administration andRead More →
Country reviews focus Country reviews focus on the implementation and effectiveness of regulatory, supervisory or other financial sector standards and policies agreed within the FSB, as well as their effectiveness in achieving desired outcomes. They examine the steps taken or planned by national authorities to address International Monetary Fund (IMF)–WorldRead More →
Federal Republic of Germany (Bundesrepublik Deutschland) Political system The constitutional form is the Federal Republic of Germany (Bundesrepublik Deutschland). Sixteen provinces (Länder) form the federation implied by the name. Each level of government (federation, province, district and local community) is directed by an elected body competent to take decisions onRead More →
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