Erscheinung:29.05.2024 | Topic Measures Announcement regarding Oldenburgische Landesbank AG: BaFin imposes higher own funds requirements and orders bank to remedy shortcomings
On 30 January 2024, BaFin issued an order to Oldenburgische Landesbank AG in accordance with section 10 (3) sentence 1 in conjunction with sentence 2 no. 2 of the German Banking Act (Kreditwesengesetz – KWG) requiring it to hold additional own funds. Furthermore, the bank must remedy shortcomings in its business organisation in accordance with section 25a (2) sentence 2 of the KWG as well as additional shortcomings in the organisation of its securities business.
The institution had violated the requirements for proper business organisation within the meaning of section 25a (1) of the KWG. A special inspection in 2023 concluded that the business organisation within the meaning of section 25a (1) of the KWG could not be deemed proper in all inspected areas at Oldenburgische Landesbank AG. Another special inspection conducted in 2022 and 2023 under section 88 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) revealed additional violations of the organisational requirements set out in sections 80 and 81 of the WpHG as well as in Articles 21, 22 and 25 of Delegated Regulation (EU) 2017/565.
The measures have been final and binding since 15 March 2024.
Publication of these orders is based on section 60b of the KWG and section 126 of the WpHG.
