2020/05/13

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) published an article which summarises some of its most important adjustments concerning the COVID-19 crisis listed on its website. These include the postponement of the amendment of its minimum requirements for risk management (Mindestanforderungen an das Risikomanagement - MaRisk) originally planned for the end of 2020 until the first quarter of 2021. The amended requirements will therefore not be relevant for audits as of the reporting date of 31 December 2020. BaFin also envisages transition periods. The BaFin will also accommodate institutions by not imposing sanctions if certain reports are received after the deadline. This also applies to the disclosure of financial accounts in accordance with Section 26 of the German Banking Act (Kreditwesengesetz - KWG). The BaFin will not pursue violations of the reporting deadline before 30 June 2020.

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