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Banking Business in Germany - A practical guide for foreign banks establishing a subsidiary or a branch in Germany
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Banking Business in Germany - A practical guide for foreign banks establishing a subsidiary or a branch in Germany
von: PwC AG, Associoation of Foreign Banks in Germany, Fachverlag Moderne Wirtschaft GmbH
Fachverlag Moderne Wirtschaft GmbH, 2016
ISBN: 9783934803749
431 Seiten, Download: 1932 KB
 
Format:  PDF
geeignet für: Apple iPad, Android Tablet PC's Online-Lesen PC, MAC, Laptop

Typ: B (paralleler Zugriff)

 

 
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Inhaltsverzeichnis

  Preface 5  
  Table of Contents 8  
  Figures 19  
  Tables 22  
  Abbreviations 25  
  A Germany in facts and figures 33  
     1 General information 33  
     2 Population 33  
     3 Language and education 34  
     4 A very brief history 35  
     5 Political system 35  
     6 Some structural aspects of the legal system 37  
     7 Business geography and infrastructure 38  
     8 Economy 40  
     9 Currency 40  
     10 Influence of the EU 41  
     11 Further information 42  
  B The banking industry in Germany 43  
     1 Specific characteristics of the German banking system 43  
        1.1 Universal banking system 43  
        1.2 Bank based financial system 43  
        1.3 House bank principle 43  
        1.4 Fragmentation 44  
        1.5 Three pillars 44  
     2 Structure of the German banking industry 44  
        2.1 Commercial banks 45  
        2.2 Savings banks (Sparkassen) and Landesbanken 46  
        2.3 Cooperative banks (‘Volks- und Raiffeisenbanken’) 46  
        2.4 Mortgage banks 47  
        2.5 Development banks 47  
        2.6 Building and loan associations 48  
        2.7 Non-bank financial intermediaries 48  
     3 Foreign banks in Germany 48  
        3.1 Presence of foreign banks in Germany 49  
        3.2 Business model 49  
        3.3 Market shares 50  
     4 Recent developments 51  
     5 Further information 51  
  C Supervisory authorities 53  
     1 The new European supervisory environment 53  
     2 The SSM banking supervision 53  
     3 German banking supervision 55  
        3.1 The Federal Financial Supervisory Authority 56  
        3.2 The Bundesbank 57  
     4 The Resolution Agencies 58  
  D Deposit guarantee and investor compensation schemes 59  
     1 Two schemes for foreign banks 59  
     2 Access to the schemes 59  
     3 Scope of protection 60  
        3.1 Claims protected 60  
        3.2 Creditors protected 60  
        3.3 Amounts protected 61  
     4 Contributions 61  
     5 Additional obligations of banks 62  
     6 Scheme for foreign investment firms 62  
  E Market access to Germany – legal and regulatory implications 63  
     1 Subsidiary – make or buy? 64  
     1.1 Establishment of a subsidiary 64  
        1.1.1 Legal forms 64  
        1.1.2 ‘Banking’ licence 64  
           1.1.2.1 Banking business 65  
           1.1.2.2 Financial services 66  
           1.1.2.3 Payment services 67  
           1.1.2.4 E-money business 68  
           1.1.2.5 General remarks 68  
           1.1.2.6 Exceptions 68  
           1.1.2.7 Competent authorities: Federal Financial Supervisory Authority, the Bundesbank and ECB 69  
           1.1.2.8 Preconditions for granting the licence 70  
           1.1.2.9 Application for the licence 74  
           1.1.2.10 Refusing the licence by the Federal Financial Supervisory Authority 75  
           1.1.2.11 Start of business 76  
     1.2 Acquisition of an institution 76  
        1.2.1 Notification procedure 76  
        1.2.2 Possibilities available to the regulatory authorities 78  
        1.2.3 Additional notification requirements for the holders of a major participating interest 80  
        1.2.4 Breach of the notification requirements 81  
     1.3 Pros and cons 81  
     2 Branches 82  
        2.1 Concept of a branch 82  
           2.1.1 Commercial law 82  
           2.1.2 Banking Act 82  
        2.2 Under the European Passport 82  
           2.2.1 Requirements 83  
           2.2.2 Obligations in Germany – Banking Act 83  
        2.3 Branches of non-EEA Member States 84  
           2.3.1 Licensing procedure 84  
           2.3.2 Supervision 85  
           2.3.3 Privileges for the USA, Japan and Australia 85  
        2.4 Specifics of the Payment Services Supervision Act 86  
     3 Cross-border activities 86  
        3.1 Under the European Passport 86  
        3.2 Third country 87  
     4 Representative office 87  
     5 Pros and cons 88  
     6 Summary 89  
  F Strategy and operations 93  
     1 The retail banking market in Germany 93  
        1.1 Framework conditions in Germany 93  
        1.2 Characteristics and recent developments of the retail banking industry in Germany 94  
        1.3 Product portfolio in retail banking 100  
     2 Business model and strategy 103  
        2.1 Bank formation and market entry approach 93  
        2.2 Mergers and acquisitions 106  
        2.3 Business model 112  
        2.4 Outsourcing 117  
     3 Organisation and process management 120  
        3.1 Trends 93  
        3.2 Business process management 123  
  G Outsourcing 125  
     1 Introduction 125  
     2 Legal sources and definition of outsourcing 126  
     3 Conditions and special requirements 127  
     4 Notification and reports 130  
     5 The German outsourcing market for financial institutes 130  
     6 Right steps towards successful outsourcing 135  
        6.1 Sourcing Requirement Assessment 135  
        6.2 Request for Information and Proposal 137  
        6.3 Setting up Service Level Agreements 138  
        6.4 Preparation for the transition 140  
        6.5 Successful management of providers 140  
  H Prudential Supervision in Germany 143  
     1 Introduction 143  
     2 Scope of application of prudential requirements and definitions 147  
        2.1 CRR Institutions 148  
        2.2 Credit institutions and financial services institutions according to the Banking Act 149  
        2.3 Financial holding companies and other relevant entities 151  
        2.4 Trading book (business) 153  
     3 The Capital Requirements Regulation (CRR) 154  
        3.1 Own funds 155  
           3.1.1 Own funds requirements for institutions and groups 155  
           3.1.2 Capital elements 161  
        3.2 Capital requirements 166  
           3.2.1 Credit risk 167  
              3.2.1.1 Standardised Approach 167  
              3.2.1.2 Internal Ratings Based Approaches 170  
              3.2.1.3 Securitisations and requirements for transferred credit risk 173  
           3.2.2 Operational risk 177  
           3.2.3 Market risk 178  
           3.2.4 CVA risk and counterparty credit risk 182  
        3.3 Large exposures 184  
           3.3.1 Excursus: EBA Guidelines on limits on exposures to shadow banking entities 186  
        3.4 Liquidity 187  
           3.4.1 EU branches 190  
           3.4.2 Non-EU branches 190  
        3.5 Leverage 190  
        3.6 Disclosure 191  
        3.7 Reporting requirements 193  
     4 The German Banking Act 194  
        4.1 Capital buffers 195  
        4.2 Loans exceeding €1 million and loans to related parties 197  
        4.3 Information required of debtors 198  
        4.4 Notifications and reporting requirements 199  
        4.5 Submission of annual accounts 200  
        4.6 Organisational duties and corporate governance 200  
        4.7 Remuneration policies 204  
     5 Outlook: Further Reforms induced by the Basel Committee 205  
  I Minimum Requirements for Risk Management (MaRisk) 207  
     1 Overview of MaRisk 207  
     2 Risk-bearing capacity 208  
     3 Strategies 209  
     4 Internal Control System 209  
     5 Special functions 210  
     6 Operational and organisational structure 211  
     7 Latest revision of MaRisk under consultation 212  
  J Prevention of money laundering, terrorist financing and other crimes 215  
     1 Laws to be observed and materials to be used 215  
     2 The role of the German supervisor 216  
     3 Scope of application 217  
     4 Internal security measures 217  
        4.1 AML officer and Central Office 217  
           4.1.1 Outsourcing 218  
           4.1.2 Reliability verification 218  
           4.1.3 Data protection laws and conflicts of interest 218  
        4.2 Threat analysis 219  
     5 Elements of money laundering 220  
     6 Elements of terrorist financing 220  
     7 Elements of other crimes 221  
     8 Diligence requirements 221  
        8.1 General diligence requirements 221  
           8.1.1 Identifying customers 222  
           8.1.2 Identifying the purpose of the business relationship 222  
           8.1.3 Identifying beneficial owners 222  
           8.1.4 Monitoring the business relationship 223  
        8.2 Simplified diligence requirements 224  
        8.3 Enhanced diligence requirements 224  
           8.3.1 Politically exposed persons 224  
           8.3.2 Physically non-present customers 225  
           8.3.3 Other high risk scenarios 226  
     9 Documentation and record keeping 226  
     10 Suspicious activity reports 226  
  K Securities Trading Act 229  
     1 Scope of the Securities Trading Act (STA) 229  
     2 Reporting requirements 229  
     3 Rules of conduct 230  
        3.1 Client classification 230  
        3.2 Suitability and appropriateness tests 231  
        3.3 Client information 232  
        3.4 Inducements 232  
        3.5 Best execution 233  
        3.6 EEA branches and foreign service providers 234  
     4 Organisational requirements 234  
        4.1 General requirements 235  
        4.2 Managing conflicts of interest and staff transactions 235  
        4.3 EEA branches and foreign service providers 235  
     5 Other provisions 236  
        5.1 Insider Dealing and Market Abuse 236  
        5.2 Notification of shareholders’ voting rights 236  
  L Reporting requirements 237  
     1 Banking statistical reporting 237  
        1.1 Balance sheet statistics – BISTA 238  
        1.2 External positions of banks 239  
        1.3 MFI interest rate statistics 239  
        1.4 Statistics concerning the issuance of bonds 240  
        1.5 Borrowers’ statistics 240  
        1.6 Securities holdings statistics 241  
        1.7 OTC derivatives statistics 241  
        1.8 Payment statistics 242  
        1.9 Statistics on the money markets 242  
     2 Prudential supervisory reporting 243  
        2.1 Regular prudential supervisory reporting 244  
           2.1.1 Financial information 244  
              2.1.1.1 Financial information according to the CRR (FINREP) 244  
              2.1.1.2 Financial information according to the Banking Act 245  
           2.1.2 Reporting regarding the institution’s own funds 246  
           2.1.3 Leverage ratio 247  
           2.1.4 Reporting regarding the institution’s liquidity and stable funding 247  
           2.1.5 Reporting concerning loans 247  
              2.1.5.1 Reporting of large exposures 247  
              2.1.5.2 Reporting of loans of €1 million or more 248  
           2.1.6 Submission of annual accounts, management report and auditor’s reports 248  
           2.1.7 Further regular reports 249  
           2.1.8 Specifics with respect to EEA branches 250  
        2.2 Ad hoc prudential supervisory reporting 250  
           2.2.1 Notification of a qualified participating interest 250  
           2.2.2 Further notification duties 251  
        2.3 Exemptions 253  
        2.4 Prudential supervisory reporting with respect to payment service institutions and e-money institutions 253  
     3 External sector statistics reporting 254  
        3.1 Monthly reporting of incoming and outgoing payments 255  
           3.1.1 General reporting obligations 255  
           3.1.2 Exemption from reporting obligations 256  
           3.1.3 Reporting forms 256  
           3.1.4 Special reporting obligations for institutions 257  
        3.2 Reporting of positions of claims and liabilities 258  
           3.2.1 Monthly reporting of positions of claims and liabilities 258  
           3.2.2 Quarterly reporting of positions of claims and liabilities 259  
        3.3 Annual reporting of direct investment stocks 259  
           3.3.1 Residents’ assets in foreign economic territories 259  
           3.3.2 Non-residents’ assets in the economic territory 260  
        3.4 Submission of reports and reporting deadline 260  
     4 Further reporting obligations 261  
     5 Penalties 262  
  M Accounting Requirements 263  
     1 Overview of the legal framework 263  
     2 Financial statements 267  
        2.1 Components of financial statements 267  
        2.2 Recognition regulations 269  
           2.2.1 General remarks 269  
           2.2.2 Special requirements for banks 269  
        2.3 Valuation 270  
           2.3.1 General remarks 269  
           2.3.2 Special requirements for banks 272  
        2.4 Notes 274  
        2.5 Management report 275  
        2.6 Disclosure requirements 276  
     3 Consolidated financial statements 278  
        3.1 Overview 278  
        3.2 Exemption from the preparation of consolidated financial statements 280  
        3.3 Reporting entity (Commercial Code i.e. non-listed bank) 280  
        3.4 Components of the consolidated financial statements 281  
     4 Interim financial reporting 281  
     5 Disclosure requirements pursuant to the Commercial Code for foreign credit institutions 282  
        5.1 Subsidiaries of foreign credit institutions 282  
        5.2 Branches of foreign credit institutions 282  
           5.2.1 Documents required 283  
           5.2.2 Language requirements 283  
           5.2.3 Deadline for disclosure 284  
           5.2.4 Recipient of the data 285  
           5.2.5 Responsibility for the disclosure 285  
           5.2.6 Costs and Penalties 285  
  N Audit 287  
     1 Overview 287  
        1.1 Annual audit requirements 287  
        1.2 Branches of banks domiciled outside the European Economic Area 287  
        1.3 Branches of banks domiciled in another State of the European Economic Area 288  
        1.4 Timeframe 288  
        1.5 Legal framework 289  
        1.6 Audit subject 289  
           1.6.1 Economic condition 290  
           1.6.2 Audit of the reporting system 290  
           1.6.3 Audit of the equity situation and regulatory capital 291  
           1.6.4 Disclosure of financial situation of debtors 291  
           1.6.5 Implementation of a risk management system 291  
           1.6.6 Auditor specific reporting requirements 292  
           1.6.7 Regulatory reporting requirements 292  
           1.6.8 Special audit focus as defined by the Federal Financial Supervisory Authority 293  
        1.7 Reporting and communication 294  
           1.7.1 Auditor’s long form report 294  
           1.7.2 Specific reporting obligations for auditors 297  
     2 Custodian business and investment services audit 297  
        2.1 Custodian business audit 297  
        2.2 Investment services audit 298  
        2.3 Branches of banks domiciled in another State of the European Economic Area 300  
     3 Special audits 300  
        3.1 Special audits for regulatory purposes 300  
        3.2 Special audits initiated by the deposit guarantee scheme 301  
        3.3 Special audits of commercial transactions or corporate actions 302  
     4 Auditors 302  
  O Taxation on corporations 305  
     1 Sources of tax law 305  
     2 Principal taxes 307  
        2.1 Corporation Tax Act 307  
           2.1.1 General income determination 307  
           2.1.2 Thin capitalisation rules (interest deduction ceiling/interest barrier) 309  
           2.1.3 Income from dividends and capital gains 310  
           2.1.4 Loss deduction 311  
        2.2 Trade Tax Act 312  
           2.2.1 Tax liability and assessment procedure 307  
           2.2.2 Trade tax income 313  
        2.3 Tax group 316  
        2.4 Overall tax burden on income 318  
     3 Value Added Tax Act 318  
        3.1 Tax liability 307  
        3.2 Value Added Tax group 320  
        3.3 Place of supply of services 321  
        3.4 Invoice requirements 322  
        3.5 Obligation to file VAT returns 322  
        3.6 Electronic input VAT refund procedure (EU) 324  
     4 Withholding taxes 324  
        4.1 Withholding tax for capital investments 307  
        4.2 Other withholding taxes 326  
     5 Transfer pricing 326  
     6 Specials features of permanent establishments 328  
        6.1 Obligation to keep records 329  
        6.2 Income determination 329  
        6.3 Endowment capital 331  
        6.4 VAT 333  
     7 Tax procedure 334  
        7.1 Disclosure requirements 329  
        7.2 Competence 334  
        7.3 Additional charges 336  
        7.4 Appeals 336  
        7.5 Tax audit 336  
     8 Taxation of partnerships 337  
     9 Bank levy (Bankenabgabe) 337  
     10 Tax compliance 340  
  P Taxation on individuals and the social security system 341  
     1 Income tax 341  
        1.1 Basis of taxation 342  
           1.1.1 Sum of net income 342  
           1.1.2 Dependent personal services (Employment) 343  
           1.1.3 Investment of capital 344  
           1.1.4 Other earnings 345  
           1.1.5 Loss offsetting 346  
        1.2 Special deductions 346  
           1.2.1 Overview 346  
           1.2.2 Children 347  
           1.2.3 Personal allowances for extraordinary financial burdens 348  
           1.2.4 Tax reduction for household related employment as well as tradesman’s and other services 349  
        1.3 Income tax calculation 349  
     2 Ancillary taxes on income 350  
     3 Tax procedures 351  
        3.1 Income tax returns 352  
        3.2 Payment of income tax 352  
           3.2.1 Wage tax 352  
           3.2.2 Quarterly prepayments 355  
           3.2.3 Definitive withholding tax (Abgeltungsteuer) 355  
        3.3 Interest on tax payments 357  
     4 Gift and inheritance tax 357  
     5 Other taxes 358  
     6 Expatriates 359  
     7 Social security system 360  
        7.1 Overview 360  
        7.2 Pensions 361  
        7.3 Health insurance 362  
        7.4 Statutory nursing care insurance 364  
        7.5 Unemployment insurance 364  
        7.6 Occupational accident insurance 365  
        7.7 Foreign employees 365  
        7.8 Employer’s obligations and costs 367  
  Q Employment relations 369  
     1 Principles of employment law 369  
        1.1 Players 369  
           1.1.1 Employees and employers 369  
              1.1.1.1 Full time and part time employees 369  
              1.1.1.2 Freelancers 370  
              1.1.1.3 Temporary employees 370  
           1.1.2 Works council 371  
           1.1.3 Trade unions 372  
           1.1.4 Employers’ association 372  
           1.1.5 Supervisory board 372  
        1.2 Legal sources 373  
        1.3 Impact of the number of employees 376  
        1.4 Hiring employees 378  
           1.4.1 Application and selection 378  
           1.4.2 Prohibition of discrimination 379  
           1.4.3 CV and references 379  
           1.4.4 Form and content of employment agreements 380  
        1.5 Dismissals 381  
        1.6 Minimum working conditions 385  
           1.6.1 Minimum salaries, fixed salaries 385  
           1.6.2 Additional benefits 387  
           1.6.3 Sick pay 387  
           1.6.4 Working hours 387  
           1.6.5 Vacation entitlement 388  
        1.7 Specific provisions for managing directors 389  
           1.7.1 Statutory personnel requirements concerning the position 385  
           1.7.2 Legal limitations for bonuses and disclosure obligations 390  
     2 Work and residence permits for foreigners 392  
        2.1 Citizens from EU Member States 392  
        2.2 Third country nationals 393  
        2.3 Blue Card EU 394  
     3 Mergers and acquisitions of a bank or a business unit – employment law aspects 395  
        3.1 Share deal/asset deal 393  
        3.2 Transfer of business undertakings 395  
           3.2.1 Precondition 396  
           3.2.2 Passing of the employment relationships as a legal consequence 397  
           3.2.3 Information requirements and right of the employee to object 397  
           3.2.4 Liability of the seller and the acquirer 398  
           3.2.5 Impact on the works council and works council agreements 398  
           3.2.6 Impact on collective bargaining agreements 399  
        3.3 Transformations 399  
  References 401  
  Index 407  
  Glossary 417  
  Authors and contacts 427  
     1 PwC 427  
     2 Association of Foreign Banks in Germany 429  


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