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ARTICLE · 09 OCTOBER 2026

Bafin Publishes MaRisk For Small And Medium-sized Securities Firms

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The Federal Financial Supervisory Authority (BaFin) has published new Minimum Requirements for Risk Management (WpI MaRisk) specifically designed for small and medium-sized investment firms in Germany. These regulations will introduce significant changes to compliance functions and outsourcing requirements, fundamentally reshaping how these firms manage regulatory obligations and operational risks.

GermanyFinance and Banking
Michael Huertas
Michael Huertas
Maxi Wilkowski
Maxi Wilkowski
Melissa Meußer
Melissa Meußer
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EU RegCORE Client Alert | German Regulatory Developments

On 24 August 2026, the Federal Financial Supervisory Authority (‘Bafin’) published the Minimum Requirements for the Risk Management of investment firms (‘WpI MaRisk’) for small and medium-sized investment firms.1 The publication follows on from the consultation carried out in the spring/summer of this year.2

The WpI MaRisk will come into force on 1 January 2027. Until then, small and medium-sized investment firms are subject to the MaRisk for credit institutions; they may take into account the amendments contained in the 9th MaRisk amendment during the transitional period. Large investment firms must apply the MaRisk for credit institutions.3

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