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Entertainment BaFin employees are no longer allowed to trade certain shares privately

11:45  02 october  2020
11:45  02 october  2020 Source:   de.reuters.com

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Bundesanstalt für Finanzdienstleistungsaufsicht , - Kontaktstelle Erlaubnisanträge Wertpapierhandelsunternehmen – Marie-Curie-Straße It is no longer the case that no specific format is required for the submission of a written application. If the prescribed forms are not used, then BaFin

BaFin will provide confirmation of receipt in written form. BaFin then assesses whether the the account holder no longer fulfils the criteria for concluding a contract for a basic payment account Banks are allowed to stipulate reasonable charges for the management of basic payment accounts


- by Christian Krämer

The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside of an office building of the BaFin in Bonn © Reuters / WOLFGANG RATTAY The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) is pictured outside of an office building of the BaFin in Bonn

Berlin (Reuters) - The financial supervisory authority BaFin, which was criticized after the Wirecard balance sheet scandal, bans its employees from certain private share transactions until further notice.

The success because of the tightening of internal regulations already announced by Federal Finance Minister Olaf Scholz (SPD), the news agency Reuters learned from the ministry on Thursday evening. The ban is based on the code of conduct for the BaFin board of directors and the Bundesbank.

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For certain senior employees , Trading Windows are the only times that they are permitted to buy or sell stock in their company. Therefore, most companies have strict policies governing when and how employees are allowed to trade to try to ensure that any such trades cannot be viewed – after the

the self- employment ; employers. employment ; employers. employer; employee .

Finance State Secretary Jörg Kukies confirmed the changes at BaFin - a consequence of conspicuous transactions with Wirecard papers before the payment processor became insolvent. "This is a good and necessary step that BaFin is already taking in anticipation of our reform plans," said Kukies. "It is imperative that even the appearance of a conflict of interest is avoided as quickly as possible."

Specifically, bans will apply in future to financial instruments, i.e. shares, bonds and derivatives of companies that are supervised by the Bonn authorities. The responsibility for one subsidiary is sufficient. The ban also applies to all EU financial companies, even if they are not controlled by BaFin. Investments in funds - including ETFs that track certain indices on the stock exchange - are still possible, but must be disclosed. BaFin employees should continue to have the opportunity to accumulate assets and make provision for old age.

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When a public company issues new shares , the total number of shares traded in a secondary market goes up. Assuming there is no change in the fundamentals of the company and the profitability, I would expect that the share price of the existing shareholders would fall. However, this does not always

These comfortable conditions no longer exist, and business must be prepared to respond to 2. What do you think facilitated the development of international trade ? 3. W hat are the reasons for A type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign

Wirecard went bankrupt in June after air bookings worth billions became known. The public prosecutor's office is investigating, among other things, falsification of accounts, fraud, market manipulation and money laundering. It is one of the biggest financial scandals of the post-war period. Many experts accuse BaFin of having largely failed in terms of supervision. The authority itself has admitted omissions, but also referred to a lack of powers.

MANY STOCK TRANSACTIONS BEFORE THE WIRECARD BREAKDOWN

According to earlier information from the Federal Ministry of Finance, BaFin employees increasingly traded in Wirecard paper in the months before the bankruptcy. In the first half of 2020, 2.4 percent of all reported private financial transactions were transactions with Wirecard shares or share derivatives. In 2018 as a whole, the share was 1.2 percent, and 1.7 percent in 2019. The Ministry of Finance, to which BaFin is subordinate, initially saw nothing unusual in this. In the meantime, however, it is also revising the rules for doing business with its own employees.

The private Wirecard business of BaFin employees became known in August through a parliamentary request from the Greens. "Stricter compliance rules for BaFin employees are the right measure," said the Green finance politician Danyal Bayaz now to Reuters. "Finally, Finance Minister Scholz sees a mistake - and corrects it. Without our persistent inquiries, he would still claim today that everything was in perfect order."

BaFin's ban on its own employees is one of the consequences of the accounting scandal. Scholz has presented a package of measures with further proposals that are currently still being agreed within the federal government. Among other things, it provides for more rights of intervention for BaFin and a more frequent rotation of auditors.

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