Front Matter

Front Matter Page

© 2011 International Monetary Fund

September 2011

IMF Country Report No. 11/274

This Report on the Detailed Assessment of Observance on IOSCO Objectives and Principles of Securities Regulations for Germany was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in July, 2011. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Germany or the Executive Board of the IMF.

The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.

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Front Matter Page

Financial Sector Assessment Program Update

Germany

IOSCO Objectives and Principles of Securities Regulation

Detailed Assessment of Observance

July 2011

International Monetary Fund

Monetary and Capital Markets Department

Contents

  • Glossary

  • I. Summary, Key Findings, and Recommendations

    • A. Introduction

    • B. Information and Methodology Used for Assessment

    • C. Institutional Structure—Overview

    • D. Market Structure and Activity

    • E. Exchange and Other Regulated Markets (MTFs)

    • F. Recent Developments

    • G. Preconditions for Effective Securities Regulation

    • H. Main Findings

    • I. Recommended Action Plan and Authorities’ Response

  • II. Detailed Assessment

  • Tables

  • 1. Summary Implementation of the IOSCO Principles—ROSCs

  • 2. Recommended Action Plan to Improve Compliance with the IOSCO Objectives and Principles for Securities Regulation

  • 3. Detailed Assessment of Implementation of the IOSCO Principles

  • Appendixes

  • 1. New IOSCO Principles

Glossary

AktG

Stock Corporation Act (Aktiengesetz)

AOC

Auditor Oversight Commission (Abschlussprüferaufsichtskommission—APAK)

BaFin

German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht)

BörsG

Exchange Act (Börsengesetz)

BMF

Federal Ministry of Finance (Bundesministerium der Finanzen)

BörsG

Exchange Act (Börsengesetz)

BörsO

Exchange Rules (Börsenordnung)

Bundesbank

Deutsche Bundesbank

CRA

Credit Rating Agency

DepotG

Custody Act (Depotgesetz)

DerivateV

Ordinance on Derivatives (Verordnung über Risikomanagement und Risikomessung beim Einsatz von Derivaten in Sondervermögen nach dem Investmentgesetz—Derivateverordnung)

DPR

Financial Reporting Enforcement Panel (FREP) (Deutsche Prüfstelle für Rechnungslegung)

DRSC

German Accounting Standards Committee (GASC) (DeutschesRechnungslegungs Standards Committee)

DSR

German Accounting Standards Board (GASB) (Deutscher Standardisierungsrat)

EAEG

Deposit Guarantee and Investor Compensation Act (Einlagensicherungs- und Anlegerentschadigungsgesetz)

EdW

Compensation Fund of Securities Trading Companies (Entschädigungseinrichtung der Wertpapierhandelsunternehmen)

ESA

Exchange Supervisory Authority (Börsenaufsichtsbehörde)

ESMA

European Securities Markets Authority

FinDAG

Finanzdienstleistungsaufsichtsgesetz

FSAP

Financial Stability Assessment Program

GwG

Anti Money Laundering Act (Geldwaschegesetz)

HGB

Commercial Code (Handelsgesetzbuch)

IDW

Institute of German Certified Public Accountants (Institut derivative Wirtschaftsprüfer in Deutschland e.V.)

IFRS

International Financial Reporting Standards

InhKontrollV

Inhaberkontroll verordnung

IOSCO

International Organization of Securities Commissions

ISA

International Standards on Auditing

KAGG

Investment Companies Act (Gesetz über Kapitalanlagegesellschaften)

KWG

German Banking Act (Kreditwesengesetz)

MaComp

Minimum Requirements for Compliance (Mindestanforderungen an die Compliance-Funktion und die weiteren Verhaltens-, Organisations- und Transparenzpflichten nach §§ 31 ff. WpHG für Wertpapierdienstleistungsunternehmen

MaRisk

Minimum Requirements for Risk Management (Mindestandforderungen an das Risikomanagement)

MTF

Multilateral Trading Facility

SolvV

Solvency Ordinance (Solvabilitätsverordnung)

TSO

Trading Surveillance Office (Handelsüberwachungsstelle - HÜSt)

UCITS

Undertakings for Collective Investment in Transferable Securities

VerkProspG

Act on the Prospectus for Securities Offered for Sale

(Verkaufsprospektgesetz)

VermVerkProspV

Investment Prospectus Ordinance (Vermögensanlagen-Verkaufsprospektverordnung)

WpHG

Securities Trading Act (Wertpapierhandelsgesetz)

WPK

Chamber of Auditors (Wirtschaftsprüferkammer)

WPO

Public Auditors’ Act (Gesetz über eine Berufsordnung der Wirtschaftsprüfer—Wirtschaftsprüferordnung)

WpPG

Securities Prospectus Act (Wertpapierprospektgesetz)

WpÜG

Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz)

Germany: Financial Sector Assessment Program: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulations
Author: International Monetary Fund