Draft updated version of the interpretative guidance on Article 2 of the German Act on Ringfencing and Recovery and Resolution Planning for Credit Institutions and Financial Groups (Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von Kreditinstituten und Finanzgruppen) of 7 August 2013, Federal Law Gazette I p. 3090 (Bank Separation Act – Abschirmungsgesetz).

BaFin has launched a consultation regarding the draft updated version of its interpretative guidance on Article 2 of the German Act on Ringfencing and Recovery and Resolution Planning for Credit Institutions and Financial Groups (Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von Kreditinstituten und Finanzgruppen) of 7 August 2013, Federal Law Gazette I p. 3090 (Bank Separation Act – Abschirmungsgesetz). The consultation is aimed at the institutions that are subject to the Act.

Comments may be submitted in writing by 28 February 2019, including the reference (Consultation 20/2018; R 1-FR 2311-2017/0007) and the subject (Comments on Consultation 20/2018) as follows:

• by post to: Bundesanstalt für Finanzdienstleistungsaufsicht, Gruppe R, z. H. Herrn Arne Martin Buscher, Graurheindorfer Str. 108 Bonn, Deutschland,

  or

• by e-mail to: Konsultation-20-18@bafin.de.

BaFin intends to publish the submitted comments online. Please inform us if you do not consent to the publication of your comments or to them being forwarded to third parties.

Since the publication of the first version of the interpretative guidance on 14 December 2016, many additional questions have emerged in relation to the implementation of the Bank Separation Act and the application of the interpretative guidance. The amended version of the interpretative guidance deals with new issues resulting from the application of the Bank Separation Act and the interpretative guidance in practice. The interpretative guidance now takes into account supervisory practice to date. In addition, the interpretative guidance is now divided into modules. This makes it more user-friendly and allows subsequent amendments to be made more easily if required.

The consultation is carried out exclusively in writing. There are no plans for a subsequent hearing. The updated version of the interpretative guidance will be officially published following the consultation deadline on 28 February 2019 and the evaluation of the submitted comments.