Erscheinung:29.01.2019 | Topic Recovery/resolution German Bank Separation Act: BaFin holds consultation on interpretative guidance
BaFin has launched a consultation on the 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); also known as the Bank Separation Act (Abschirmungsgesetz).
Comments can still be submitted until 28 February 2019. The draft is set to replace the previous version of the interpretative guidance, which was published on 14 December 2016.
Many additional questions have since emerged in relation to the implementation of the Bank Separation Act and the application of the interpretative guidance. To ensure that all institutions have the same information at their disposal, BaFin has now decided to make the interpretative guidance publicly available in the form of general questions and answers. In addition, the interpretative guidance is divided into modules. This makes it more user-friendly and enables BaFin to make subsequent amendments more easily if required.
The English translation of the consultation version of the interpretative guidance has also been published. This is intended to give institutions further support for the consultation. However, only the original version of the interpretative guidance in German is binding for the consultation.
