Erscheinung:18.04.2024 | Topic Measures Announcement
In an order dated 8 April 2024, the Federal Financial Supervisory Authority (BaFin) appointed a special commissioner to FNZ Bank SE and Fondsdepot Bank GmbH. The special commissioner will monitor the steps taken by the institutions to remedy the shortcomings in their business organisation as ordered by BaFin. The special commissioner will also monitor ongoing compliance with supervisory and consumer protection requirements during the planned process to merge the institutions’ business activities. Furthermore, BaFin has ordered Fondsdepot Bank GmbH to take measures to ensure client orders are promptly executed or transmitted to third parties in accordance with section 69 (1) sentence 1 of the German Securities Trading Act (Wertpapierhandelsgesetz –WpHG) and to ensure that complaints are promptly handled in accordance with section 80 (1) sentences 1 and 3 of the WpHG in conjunction with Article 26 of Delegated Regulation (EU) 2017/565.
The measures are the consequence of violations of the requirements for proper business organisation within the meaning of section 25a (1) of the KWG. Special inspections revealed that, in the area of information technology, outsourcing management and systems and processes did not meet the requirements of the German Banking Act (Kreditwesengesetz – KWG). There was also a backlog in the processing of client securities orders at Fondsdepot Bank GmbH, which resulted in a high number of customer complaints. The institution was not able to provide investment services and ancillary investment services without disruptions.
The orders are issued on the basis of section 45c (1) sentence 1 and subsection (2) no. 6 of the KWG, section 25a (2) sentence 2 of the KWG and section 6 (2) sentences 1 and 2 and subsection (3) of the WpHG.
The institutions promptly stated that they were in agreement with the measures by BaFin and signed waivers agreeing not to lodge an objection. The notices have been final and binding since 9 April 2024.
Publication of the orders is based on section 60b (1) of the KWG and section 126 (1) of the WpHG.
