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KWG (EN) 🇩🇪

KWG-EN · 222 sections

Section 1Definitions; power to issue a statutory instrument Section 1aApplication of Directive 2013/36/EU and of Regulations (EU) No 575/2013, (EC) No 1060/2009, (EU) 2015/534, and (EU) 2017/2402 to credit and financial services institutions Section 1bUnreliability of sanctioned persons Section 2Exemptions Section 2aExemptions for institutions belonging to a group and institutions belonging to institutional protection schemes Section 2bLegal form Section 2cHolders of significant holdings Section 2dManagement bodies of financial holding companies and mixed financial holding companies Section 2eExemptions for mixed financial holding companies Section 2fApproval of financial holding companies and mixed financial holding companies; power to issue a statutory instrument Section 2gEstablishment of an intermediate EU parent undertaking for parent undertakings with a registered office in a third country; power to issue a statutory instrument Section 2hAcquisition of a material participation Section 2iMergers and divisions Section 3Prohibited transactions Section 4Decision of the Federal Institute for Financial Services Supervision Section 5Electronic communication; power to issue a statutory instrument Section 6Tasks Section 6aSpecial tasks Section 6bSupervisory review and evaluation Section 6cAdditional own funds requirements Section 6dOwn funds recommendation Section 7Cooperation with the Deutsche Bundesbank Section 7aCooperation with the European Commission Section 7bCooperation with the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority Section 7cSection 7c Section 7dCooperation with the European Systemic Risk Board Section 8Cooperation with other authorities Section 8aSpecial tasks in supervision on a consolidated basis Section 8bResponsibility for supervision on a consolidated basis Section 8cTransfer of responsibility for the supervision of institutional groups, financial holding groups, mixed financial holding groups, and institutions belonging to a group Section 8dSection 8d Section 8eSupervisory colleges Section 8fCooperation in the supervision of significant branches Section 8gCooperation in the supervision of branches and credit institutions belonging to the same third-country group Section 8hCooperation with resolution authorities Section 9Duty of confidentiality Section 10Supplementary requirements for the own funds resources of institutions, institutional groups, financial holding groups, and mixed financial holding groups; power to issue a statutory instrument Section 10aDetermination of the own funds resources of institutional groups, financial holding groups, and mixed financial holding groups; power to issue a statutory instrument Section 10bRelationship of the capital buffer requirements to other capital requirements and to the own funds recommendation Section 10cCapital conservation buffer Section 10dCountercyclical capital buffer Section 10eSystemic risk buffer Section 10fBuffer for global systemically important institutions Section 10gBuffer for other systemically important institutions Section 10hInteraction of the systemic risk buffer, the buffer for global systemically important institutions, and the buffer for other systemically important institutions Section 10iCombined capital buffer requirement Section 10jLeverage ratio buffer requirement Section 11Liquidity; power to issue a statutory instrument Section 12Potentially systemically important institutions Section 12aEstablishing business relationships Section 13Large exposures; power to issue a statutory instrument Section 13cIntra-group transactions with mixed holding companies Section 13dSection 13d Section 14Loans of one million or more Section 15Related-party transactions Section 16Section 16 Section 17Liability provision Section 18Loan documents Section 18aConsumer loan agreements and financing assistance for consideration; power to issue a statutory instrument Section 19Definition of loan for the purposes of section 14, and of borrower for the purposes of sections 14, 15, and 18 Section 20Exceptions to the duties under section 14 Section 21Definition of loan for the purposes of sections 15 to 18 Section 22Power to issue a statutory instrument for loans of one million or more Section 22aUndertaking maintaining the register Section 22bMaintaining the refinancing register for third parties Section 22cRefinancing intermediaries Section 22dRefinancing register; power to issue a statutory instrument Section 22eAppointment of the administrator Section 22fRelationship of the administrator to the Federal Institute Section 22gDuties of the administrator Section 22hRelationship of the administrator to the undertaking maintaining the register and to the refinancing undertaking Section 22iRemuneration of the administrator Section 22jEffects of entry in the refinancing register Section 22kEnding and transferring maintenance of the register Section 22lAppointment of the receiver on the opening of insolvency proceedings Section 22mPublication of the appointment of the receiver Section 22nDuties and legal position of the receiver Section 22oAppointment of the receiver where insolvency threatens Section 22p(repealed) Section 23Advertising Section 23aProtection scheme Section 24Notifications; power to issue a statutory instrument Section 24aEstablishment of a branch and provision of cross-border services in other states of the European Economic Area Section 24bParticipation in payment systems, securities settlement systems, and interoperable systems Section 24cAutomated retrieval of account information Section 25Financial information, information on risk-bearing capacity and liquidity management, refinancing plans; power to issue a statutory instrument Section 25aSpecial organisational duties; provisions for risk takers; power to issue a statutory instrument Section 25bOutsourcing of activities and processes; power to issue a statutory instrument Section 25cManagers Section 25dAdministrative or supervisory body Section 25eRequirements for holders of key functions and tied agents Section 25fSpecial requirements for the proper business organisation of CRR credit institutions and of institutional groups, financial holding groups, and mixed financial holding groups to which a CRR credit institution belongs; power to issue a statutory instrument Section 25gCompliance with the special organisational duties in cashless payment transactions Section 25hInternal safeguards Section 25iGeneral duties of care in relation to e-money Section 25jPoint in time of identity verification Section 25kEnhanced duties of care Section 25lAnti-money-laundering duties for financial holding companies Section 25mProhibited transactions Section 26Submission of annual financial statements, management reports, and audit reports Section 26aDisclosure by institutions Section 26bSegregation of assets Section 26cESG risks in risk management Section 26dESG risk plan Section 27Section 27 Section 28Appointment of the auditor in special cases Section 29Special duties of the auditor Section 30Determination of the content of the audit Section 31Exemptions; power to issue a statutory instrument Section 32Licence Section 33Refusal of the licence Section 33aSuspension or restriction of the licence for undertakings with their registered office outside the European Union Section 33bConsulting the competent bodies of another state of the European Economic Area Section 34Representation and continuation of business on death Section 35Expiry and revocation of the licence Section 36Measures against managers and members of the administrative or supervisory body Section 36aProhibition of activity for natural persons Section 37Intervention against unauthorised or prohibited business Section 38Consequences of the revocation and expiry of the licence, measures during winding-up Section 39Designations "Bank" and "Bankier" Section 40Designation "Sparkasse" Section 41Exceptions Section 42Decision of the Federal Institute Section 43Register provisions Section 44Information and inspections of institutions, providers of ancillary services, financial holding companies, mixed financial holding companies, and other undertakings Section 44aCross-border information and inspections Section 44bInformation and inspections concerning holders of significant holdings Section 44cPursuit of unauthorised banking business and financial services Section 45Measures to ensure the lasting fulfilment of regulatory requirements Section 45aMeasures against financial holding companies and mixed financial holding companies Section 45bMeasures in the case of organisational deficiencies Section 45cSpecial representative Section 46Measures in the event of danger Section 46aPower to prohibit and order in the case of use of external ratings Section 46bInsolvency application Section 46cTime limits under insolvency law and questions of liability Section 46dInforming the other states of the European Economic Area of reorganisation measures Section 46eInsolvency proceedings in the states of the European Economic Area Section 46fInforming creditors in insolvency proceedings and order of priority in insolvency Section 46gMoratorium, suspension of banking and stock exchange dealings Section 46hResumption of banking and stock exchange dealings Section 46iAllocation of custodied cryptographic instruments; costs of separation Section 47Power to make orders under Regulation (EU) No 1286/2014 Section 47aSpecial powers under Regulation (EU) 2022/2554 Section 48Measures in the case of breaches of Regulation (EU) 2017/2402 Section 48aMeasures in the event of a risk of excessive concentration of exposures to a central counterparty Section 48tMeasures to limit macroprudential or systemic risks Section 48uMeasures to limit macroprudential risks in the granting of loans for the construction or acquisition of residential immovable property; authorisation to issue statutory instruments Section 49Immediate enforceability Section 50Periodic penalty payments Section 51Levy and costs Section 51aRequirements for the capital adequacy of housing enterprises with savings facilities Section 51bRequirements for the liquidity of housing enterprises with savings facilities Section 51cOther special provisions for housing enterprises with savings facilities Section 52Special supervision Section 52aLimitation of claims against members of governing bodies of credit institutions Section 53Branches of undertakings with their registered office abroad; authorisation to issue statutory instruments Section 53aRepresentative offices of institutions with their registered office abroad Section 53bUndertakings with their registered office in another state of the European Economic Area Section 53cSpecial requirements for CRD third-country branches Section 53dParent undertakings with their registered office in a third country Section 53eHolders of significant participating interests Section 53fSupervisory colleges Section 53gFinancial resources endowment of central counterparties Section 53hLiquidity Section 53iGranting access under Articles 7 and 8 of Regulation (EU) No 648/2012 Section 53jNotifications; authorisation to issue statutory instruments Section 53kOutsourcing of activities and processes Section 53lPower to issue orders; measures in the event of organisational deficiencies Section 53mContent of the authorisation application; requesting documents; dispensing with the hearing Section 53nMeasures to improve the financial resources and liquidity of a central counterparty authorised under Regulation (EU) No 648/2012 Section 53oApplications under Regulation (EU) No 909/2014; duty of confidentiality Section 53pPower to issue orders for supervision under Regulation (EU) No 909/2014 Section 53qOwnership rights in central securities depositories Section 53rCompetence Section 53sExemptions from the licensing requirement under section 32 Section 53tDLT settlement systems and DLT trading and settlement systems Section 53uDocuments and applications under Regulation (EU) 2022/858 Section 53vOperators of organised markets Section 54Prohibited business, acting without authorisation Section 54aPenal provisions Section 55Breach of the duty to notify insolvency or over-indebtedness Section 55aUnauthorised use of information on large loans Section 55bUnauthorised disclosure of information on large loans Section 56Provisions on regulatory fines Section 57Provisions on regulatory fines Section 58Section 58 Section 59Fines against undertakings Section 60Competent administrative authority Section 60aParticipation of the Federal Institute and communications in criminal matters Section 60bPublication of measures Section 60cPublication of measures and sanctions for infringements of Regulation (EU) No 909/2014, Regulation (EU) 2015/2365, Regulation (EU) 2016/1011, Regulation (EU) 2017/2402, or Regulation (EU) 2022/2554 Section 60dPublication of measures and sanctions against investment firms Section 61Authorisation for existing credit institutions Section 62Transitional provisions Section 63Section 63 Section 63aSpecial provisions for the territory named in Article 3 of the Unification Treaty Section 64Successor undertakings of the Deutsche Bundespost Section 64aTransitional provision on the Risk Reduction Act Section 64bTransitional provision on section 24(1d) Section 64cTransitional provisions on the Banking Directive Implementation and Bureaucracy Relief Act Section 64dSection 64d Section 64eTransitional provisions on the Sixth Act Amending the Banking Act Section 64fTransitional provisions on the Fourth Financial Market Promotion Act Section 64gTransitional provisions on the Financial Conglomerates Directive Implementation Act Section 64hTransitional provisions on the Act Implementing the Recast Banking Directive and the Recast Capital Adequacy Directive Section 64iTransitional provisions on the Financial Markets Directive Implementation Act Section 64jTransitional provisions on the 2009 Annual Tax Act Section 64kTransitional provision on the Act Implementing the Acquisitions Directive Section 64lTransitional provision on authorisation for investment management Section 64mTransitional provision on the Brexit Tax Accompanying Act Section 64nTransitional provision on the Act Amending the Law on Financial Intermediaries and Investment Products Section 64oTransitional provisions on the EMIR Implementing Act Section 64pTransitional provision on the High-Frequency Trading Act Section 64qTransitional provision on the AIFM Implementation Act Section 64rTransitional provisions on the CRD IV Implementation Act Section 64vTransitional provisions on the First Financial Markets Amendment Act Section 64wSection 64w Section 64xTransitional provision on the Second Financial Markets Amendment Act Section 64ySection 64y Section 65Transitional provision on the Act Introducing Electronic Securities Section 65aTransitional provision on the Financial Market Digitalisation Act

Section 63

Section 63

(Repeal and amendment of legal provisions)

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