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ARTICLE · 20 SEPTEMBER 2024

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BaFin Publishes Expectations On Minimum Number Of Directors Under German Securities Institutions Act (WpIG)

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On 11 September 2024, Germany's Federal Financial Supervisory Authority published an Information Sheet (01/2024 (WA)) specifying its expectations when a securities institution must appoint at least two people as its management i.e. as managing directors.

GermanyFinance and Banking
Michael Huertas
Michael Huertas
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RegCORE – Client Alert | German Regulatory Developments

QuickTake

On 11 September 2024, Germany's Federal Financial Supervisory Authority (BaFin) published an Information Sheet (Merkblatt) (01/2024 (WA))1 specifying its expectations when a securities institution (WpIG Firm) must appoint at least two people as its management i.e. as managing directors (Geschäftsführer).

The Information Sheet, which is applicable and in force from the date of its publication, is addressed to all WpIG Firms that hold a WpIG license as well as to WpIG Firm license applicants or those seeking an application for an extension of a license from the date of publication of this Information Sheet. The Information Sheet was previously consulted on between 17 January 2024 to 18 March 2024 and subtle yet important changes have been made between the consultation and final versions.

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