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3 - The liberalisation of financial markets: the regulatory response in Germany

Published online by Cambridge University Press:  08 July 2009

Rainer Grote
Affiliation:
Senior Reasearcher Max Planck Institute
Rainer Grote
Affiliation:
Max-Planck-Institut für ausländisches öffentliches Recht und Völkerrecht, Germany
Thilo Marauhn
Affiliation:
Justus-Liebig-Universität Giessen, Germany
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Summary

Introduction

Financial market regulation in Germany has been subject to profound changes during the last decade. The far-reaching reform measures, which have resulted so far in the enactment of four Financial Market Promotion Acts, were introduced with the aim of preserving the attractiveness of the domestic capital market in the era of globalisation of investment and finance. Driven by renewed efforts at the European level to create an integrated European capital market, the reforms have sought to bring the German law into line with the relevant EU market directives and to create the institutional framework necessary for an effective market supervision. The recently enacted Law on the establishment of an integrated financial services supervision has created a unified institutional structure in the supervision of the market activities of financial firms by merging the three main regulatory bodies which had previously existed – the Federal Banking Supervisory Office, the Federal Insurance Supervisory Office and the Federal Securities Supervisory Office – into a single body, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – FFSA). It did not create, however, a unified regulatory framework for the financial services industry as a whole. The substantive law of market regulation still consists of several regulatory regimes which reflect the basic distinction between the banking, insurance and securities sectors. The relevant regulatory concepts are laid down in the Banking Act (Gesetz über das Kreditwesen), the Insurance Supervision Law (Gesetz über die Versicherungsaufsicht) and the Securities Trading Act (Wertpapierhandelsgesetz) respectively.

Type
Chapter
Information
The Regulation of International Financial Markets
Perspectives for Reform
, pp. 75 - 94
Publisher: Cambridge University Press
Print publication year: 2006

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