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Banking Business in Germany - 5th revised edition

Banking Business in Germany - 5th revised edition

von: Jens Rönnberg, Dr. Oliver Wagner

Fachverlag Moderne Wirtschaft GmbH, 2016

ISBN: 9783934803824 , 430 Seiten

5. Auflage

Format: PDF, OL

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Banking Business in Germany - 5th revised edition


 

Preface

4

Figures

18

Tables

21

Abbreviations

24

A Germany in facts and figures

32

1 General information

32

2 Population

32

3 Language and education

33

4 A very brief history

34

5 Political system

34

6 Some structural aspects of the legal system

36

7 Business geography and infrastructure

37

8 Economy

39

9 Currency

39

10 Influence of the EU

40

11 Further information

41

B The banking industry in Germany

42

1 Specific characteristics of the German banking system

42

1.1 Universal banking system

42

1.2 Bank based financial system

42

1.3 House bank principle

42

1.4 Fragmentation

43

1.5 Three pillars

43

2 Structure of the German banking industry

43

2.1 Commercial banks

44

2.2 Savings banks (Sparkassen) and Landesbanken

45

2.3 Cooperative banks (‘Volks- und Raiffeisenbanken’)

45

2.4 Mortgage banks

46

2.5 Development banks

46

2.6 Building and loan associations

47

2.7 Non-bank financial intermediaries

47

3 Foreign banks in Germany

47

3.1 Presence of foreign banks in Germany

48

3.2 Business model

48

3.3 Market shares

49

4 Recent developments

50

5 Further information

50

C Supervisory authorities

52

1 The new European supervisory environment

52

2 The SSM banking supervision

52

3 German banking supervision

54

3.1 The Federal Financial Supervisory Authority

55

3.2 The Bundesbank

56

4 The Resolution Agencies

57

D Deposit guarantee and investor compensation schemes

58

1 Two schemes for foreign banks

58

2 Access to the schemes

58

3 Scope of protection

59

3.1 Claims protected

59

3.2 Creditors protected

59

3.3 Amounts protected

60

4 Contributions

60

5 Additional obligations of banks

61

6 Scheme for foreign investment firms

61

E Market access to Germany – legal and regulatory implications

62

1 Subsidiary – make or buy?

63

1.1 Establishment of a subsidiary

63

1.1.1 Legal forms

63

1.1.2 ‘Banking’ licence

63

1.1.2.1 Banking business

64

1.1.2.2 Financial services

65

1.1.2.3 Payment services

66

1.1.2.4 E-money business

67

1.1.2.5 General remarks

67

1.1.2.6 Exceptions

67

1.1.2.7 Competent authorities: Federal Financial Supervisory Authority, the Bundesbank and ECB

68

1.1.2.8 Preconditions for granting the licence

69

1.1.2.9 Application for the licence

73

1.1.2.10 Refusing the licence by the Federal Financial Supervisory Authority

74

1.1.2.11 Start of business

75

1.2 Acquisition of an institution

75

1.2.1 Notification procedure

75

1.2.2 Possibilities available to the regulatory authorities

77

1.2.3 Additional notification requirements for the holders of a major participating interest

79

1.2.4 Breach of the notification requirements

80

1.3 Pros and cons

80

2 Branches

81

2.1 Concept of a branch

81

2.1.1 Commercial law

81

2.1.2 Banking Act

81

2.2 Under the European Passport

81

2.2.1 Requirements

82

2.2.2 Obligations in Germany – Banking Act

82

2.3 Branches of non-EEA Member States

83

2.3.1 Licensing procedure

83

2.3.2 Supervision

84

2.3.3 Privileges for the USA, Japan and Australia

84

2.4 Specifics of the Payment Services Supervision Act

85

3 Cross-border activities

85

3.1 Under the European Passport

85

3.2 Third country

86

4 Representative office

86

5 Pros and cons

87

6 Summary

88

F Strategy and operations

92

1 The retail banking market in Germany

92

1.1 Framework conditions in Germany

92

1.2 Characteristics and recent developments of the retail banking industry in Germany

93

1.3 Product portfolio in retail banking

99

2 Business model and strategy

102

2.1 Bank formation and market entry approach

102

2.2 Mergers and acquisitions

105

2.3 Business model

111

2.4 Outsourcing

116

3 Organisation and process management

119

3.1 Trends

119

3.2 Business process management

122

G Outsourcing

124

1 Introduction

124

2 Legal sources and definition of outsourcing

125

3 Conditions and special requirements

126

4 Notification and reports

129

5 The German outsourcing market for financial institutes

129

6 Right steps towards successful outsourcing

134

6.1 Sourcing Requirement Assessment

134

6.2 Request for Information and Proposal

136

6.3 Setting up Service Level Agreements

137

6.4 Preparation for the transition

139

6.5 Successful management of providers

139

H Prudential Supervision in Germany

142

1 Introduction

142

2 Scope of application of prudential requirements and definitions

146

2.1 CRR Institutions

147

2.2 Credit institutions and financial services institutions according to the Banking Act

148

2.3 Financial holding companies and other relevant entities

150

2.4 Trading book (business)

152

3 The Capital Requirements Regulation (CRR)

153

3.1 Own funds

154

3.1.1 Own funds requirements for institutions and groups

154

3.1.2 Capital elements

160

3.2 Capital requirements

165

3.2.1 Credit risk

166

3.2.1.1 Standardised Approach

166

3.2.1.2 Internal Ratings Based Approaches

169

3.2.1.3 Securitisations and requirements for transferred credit risk

172

3.2.2 Operational risk

176

3.2.3 Market risk

177

3.2.4 CVA risk and counterparty credit risk

181

3.3 Large exposures

183

3.3.1 Excursus: EBA Guidelines on limits on exposures to shadow banking entities

185

3.4 Liquidity

186

3.4.1 EU branches

189

3.4.2 Non-EU branches

189

3.5 Leverage

189

3.6 Disclosure

190

3.7 Reporting requirements

192

4 The German Banking Act

193

4.1 Capital buffers

194

4.2 Loans exceeding €1 million and loans to related parties

196

4.3 Information required of debtors

197

4.4 Notifications and reporting requirements

198

4.5 Submission of annual accounts

199

4.6 Organisational duties and corporate governance

199

4.7 Remuneration policies

203

5 Outlook: Further Reforms induced by the Basel Committee

204

I Minimum Requirements for Risk Management (MaRisk)

206

1 Overview of MaRisk

206

2 Risk-bearing capacity

207

3 Strategies

208

4 Internal Control System

208

5 Special functions

209

6 Operational and organisational structure

210

7 Latest revision of MaRisk under consultation

211

J Prevention of money laundering, terrorist financing and other crimes

214

1 Laws to be observed and materials to be used

214

2 The role of the German supervisor

215

3 Scope of application

216

4 Internal security measures

216

4.1 AML officer and Central Office

216

4.1.1 Outsourcing

217

4.1.2 Reliability verification

217

4.1.3 Data protection laws and conflicts of interest

217

4.2 Threat analysis

218

5 Elements of money laundering

219

6 Elements of terrorist financing

219

7 Elements of other crimes

220

8 Diligence requirements

220

8.1 General diligence requirements

220

8.1.1 Identifying customers

221

8.1.2 Identifying the purpose of the business relationship

221

8.1.3 Identifying beneficial owners

221

8.1.4 Monitoring the business relationship

222

8.2 Simplified diligence requirements

223

8.3 Enhanced diligence requirements

223

8.3.1 Politically exposed persons

223

8.3.2 Physically non-present customers

224

8.3.3 Other high risk scenarios

225

9 Documentation and record keeping

225

10 Suspicious activity reports

225

K Securities Trading Act

228

1 Scope of the Securities Trading Act (STA)

228

2 Reporting requirements

228

3 Rules of conduct

229

3.1 Client classification

229

3.2 Suitability and appropriateness tests

230

3.3 Client information

231

3.4 Inducements

231

3.5 Best execution

232

3.6 EEA branches and foreign service providers

233

4 Organisational requirements

233

4.1 General requirements

233

4.2 Managing conflicts of interest and staff transactions

234

4.3 EEA branches and foreign service providers

234

5 Other provisions

235

5.1 Insider Dealing and Market Abuse

235

5.2 Notification of shareholders’ voting rights

235

L Reporting requirements

236

1 Banking statistical reporting

236

1.1 Balance sheet statistics – BISTA

237

1.2 External positions of banks

238

1.3 MFI interest rate statistics

238

1.4 Statistics concerning the issuance of bonds

239

1.5 Borrowers’ statistics

239

1.6 Securities holdings statistics

240

1.7 OTC derivatives statistics

240

1.8 Payment statistics

241

1.9 Statistics on the money markets

241

2 Prudential supervisory reporting

242

2.1 Regular prudential supervisory reporting

243

2.1.1 Financial information

243

2.1.1.1 Financial information according to the CRR (FINREP)

243

2.1.1.2 Financial information according to the Banking Act

244

2.1.2 Reporting regarding the institution’s own funds

245

2.1.3 Leverage ratio

246

2.1.4 Reporting regarding the institution’s liquidity and stable funding

246

2.1.5 Reporting concerning loans

246

2.1.5.1 Reporting of large exposures

246

2.1.5.2 Reporting of loans of €1 million or more

247

2.1.6 Submission of annual accounts, management report and auditor’s reports

247

2.1.7 Further regular reports

248

2.1.8 Specifics with respect to EEA branches

249

2.2 Ad hoc prudential supervisory reporting

249

2.2.1 Notification of a qualified participating interest

249

2.2.2 Further notification duties

250

2.3 Exemptions

252

2.4 Prudential supervisory reporting with respect to payment service institutions and e-money institutions

252

3 External sector statistics reporting

253

3.1 Monthly reporting of incoming and outgoing payments

254

3.1.1 General reporting obligations

254

3.1.2 Exemption from reporting obligations

255

3.1.3 Reporting forms

255

3.1.4 Special reporting obligations for institutions

256

3.2 Reporting of positions of claims and liabilities

257

3.2.1 Monthly reporting of positions of claims and liabilities

257

3.2.2 Quarterly reporting of positions of claims and liabilities

258

3.3 Annual reporting of direct investment stocks

258

3.3.1 Residents’ assets in foreign economic territories

258

3.3.2 Non-residents’ assets in the economic territory

259

3.4 Submission of reports and reporting deadline

259

4 Further reporting obligations

260

5 Penalties

261

M Accounting Requirements

262

1 Overview of the legal framework

262

2 Financial statements

266

2.1 Components of financial statements

266

2.2 Recognition regulations

268

2.2.1 General remarks

268

2.2.2 Special requirements for banks

268

2.3 Valuation

269

2.3.1 General remarks

269

2.3.2 Special requirements for banks

271

2.4 Notes

273

2.5 Management report

274

2.6 Disclosure requirements

275

3 Consolidated financial statements

277

3.1 Overview

277

3.2 Exemption from the preparation of consolidated financial statements

279

3.3 Reporting entity (Commercial Code i.e. non-listed bank)

279

3.4 Components of the consolidated financial statements

280

4 Interim financial reporting

280

5 Disclosure requirements pursuant to the Commercial Code for foreign credit institutions

281

5.1 Subsidiaries of foreign credit institutions

281

5.2 Branches of foreign credit institutions

281

5.2.1 Documents required

282

5.2.2 Language requirements

282

5.2.3 Deadline for disclosure

283

5.2.4 Recipient of the data

284

5.2.5 Responsibility for the disclosure

284

5.2.6 Costs and Penalties

284

N Audit

286

1 Overview

286

1.1 Annual audit requirements

286

1.2 Branches of banks domiciled outside the European Economic Area

286

1.3 Branches of banks domiciled in another State of the European Economic Area

287

1.4 Timeframe

287

1.5 Legal framework

288

1.6 Audit subject

288

1.6.1 Economic condition

289

1.6.2 Audit of the reporting system

289

1.6.3 Audit of the equity situation and regulatory capital

290

1.6.4 Disclosure of financial situation of debtors

290

1.6.5 Implementation of a risk management system

290

1.6.6 Auditor specific reporting requirements

291

1.6.7 Regulatory reporting requirements

291

1.6.8 Special audit focus as defined by the Federal Financial Supervisory Authority

292

1.7 Reporting and communication

293

1.7.1 Auditor’s long form report

293

1.7.2 Specific reporting obligations for auditors

296

2 Custodian business and investment services audit

296

2.1 Custodian business audit

296

2.2 Investment services audit

297

2.3 Branches of banks domiciled in another State of the European Economic Area

299

3 Special audits

299

3.1 Special audits for regulatory purposes

299

3.2 Special audits initiated by the deposit guarantee scheme

300

3.3 Special audits of commercial transactions or corporate actions

301

4 Auditors

301

O Taxation on corporations

304

1 Sources of tax law

304

2 Principal taxes

306

2.1 Corporation Tax Act

306

2.1.1 General income determination

306

2.1.2 Thin capitalisation rules (interest deduction ceiling/interest barrier)

308

2.1.3 Income from dividends and capital gains

309

2.1.4 Loss deduction

310

2.2 Trade Tax Act

311

2.2.1 Tax liability and assessment procedure

311

2.2.2 Trade tax income

312

2.3 Tax group

315

2.4 Overall tax burden on income

317

3 Value Added Tax Act

317

3.1 Tax liability

317

3.2 Value Added Tax group

319

3.3 Place of supply of services

320

3.4 Invoice requirements

321

3.5 Obligation to file VAT returns

321

3.6 Electronic input VAT refund procedure (EU)

323

4 Withholding taxes

323

4.1 Withholding tax for capital investments

323

4.2 Other withholding taxes

325

5 Transfer pricing

325

6 Specials features of permanent establishments

327

6.1 Obligation to keep records

328

6.2 Income determination

328

6.3 Endowment capital

330

6.4 VAT

332

7 Tax procedure

333

7.1 Disclosure requirements

333

7.2 Competence

333

7.3 Additional charges

335

7.4 Appeals

335

7.5 Tax audit

335

8 Taxation of partnerships

336

9 Bank levy (Bankenabgabe)

336

10 Tax compliance

339

P Taxation on individuals and the social security system

340

1 Income tax

340

1.1 Basis of taxation

341

1.1.1 Sum of net income

341

1.1.2 Dependent personal services (Employment)

342

1.1.3 Investment of capital

343

1.1.4 Other earnings

344

1.1.5 Loss offsetting

345

1.2 Special deductions

345

1.2.1 Overview

345

1.2.2 Children

346

1.2.3 Personal allowances for extraordinary financial burdens

347

1.2.4 Tax reduction for household related employment as well as tradesman’s and other services

348

1.3 Income tax calculation

348

2 Ancillary taxes on income

349

3 Tax procedures

350

3.1 Income tax returns

350

3.2 Payment of income tax

351

3.2.1 Wage tax

351

3.2.2 Quarterly prepayments

354

3.2.3 Definitive withholding tax (Abgeltungsteuer)

354

3.3 Interest on tax payments

356

4 Gift and inheritance tax

356

5 Other taxes

357

6 Expatriates

358

7 Social security system

359

7.1 Overview

359

7.2 Pensions

360

7.3 Health insurance

361

7.4 Statutory nursing care insurance

363

7.5 Unemployment insurance

363

7.6 Occupational accident insurance

364

7.7 Foreign employees

364

7.8 Employer’s obligations and costs

366

Q Employment relations

368

1 Principles of employment law

368

1.1 Players

368

1.1.1 Employees and employers

368

1.1.1.1 Full time and part time employees

368

1.1.1.2 Freelancers

369

1.1.1.3 Temporary employees

369

1.1.2 Works council

370

1.1.3 Trade unions

371

1.1.4 Employers’ association

371

1.1.5 Supervisory board

371

1.2 Legal sources

372

1.3 Impact of the number of employees

375

1.4 Hiring employees

377

1.4.1 Application and selection

377

1.4.2 Prohibition of discrimination

378

1.4.3 CV and references

378

1.4.4 Form and content of employment agreements

379

1.5 Dismissals

380

1.6 Minimum working conditions

384

1.6.1 Minimum salaries, fixed salaries

384

1.6.2 Additional benefits

386

1.6.3 Sick pay

386

1.6.4 Working hours

386

1.6.5 Vacation entitlement

387

1.7 Specific provisions for managing directors

388

1.7.1 Statutory personnel requirements concerning the position

388

1.7.2 Legal limitations for bonuses and disclosure obligations

389

2 Work and residence permits for foreigners

391

2.1 Citizens from EU Member States

391

2.2 Third country nationals

392

2.3 Blue Card EU

393

3 Mergers and acquisitions of a bank or a business unit – employment law aspects

394

3.1 Share deal/asset deal

394

3.2 Transfer of business undertakings

394

3.2.1 Precondition

395

3.2.2 Passing of the employment relationships as a legal consequence

396

3.2.3 Information requirements and right of the employee to object

396

3.2.4 Liability of the seller and the acquirer

397

3.2.5 Impact on the works council and works council agreements

397

3.2.6 Impact on collective bargaining agreements

398

3.3 Transformations

398

References

400

Index

406

Glossary

416

Authors and contacts

426

1 PwC

426

2 Association of Foreign Banks in Germany

428