FSAP recommended frequent and open exchange of information

The FSA enshrines this principle in statute
and provides for the Bundesbank and BaFin to share the necessary information
(“observations, findings and assessments”) required by BaFin for the purposes of performing
its supervisory functions and by the Bundesbank for the purposes of discharging its
responsibility to safeguard financial stability. The FSA also provides backstop powers to
allow the Bundesbank to collect such information if relevant data cannot be obtained from
BaFin. These include, if necessary, an authorisation for the BMF to issue statutory orders
defining the specific economic and commercial data (not already obtained by BaFin) that the
Bundesbank can collect from financial corporations. While the FSC itself does not generally
review institution-specific information, it does receive system-wide risk surveillance and
other reports on special topics that may include such information.

Information exchange also takes place between the FMSA and the FSC. Through its
attendance of FSC meetings, the FMSA can provide input on issues relevant to its
stabilisation and resolution experience. Conversely, the chair of the FMSA reports on
financial stability issues and any FSC decisions to the governmental Steering Committee
established by the Financial Market Stabilisation Act.