The German Federal Financial Supervisory Authority (BaFin) published a new guidance note (Merkblatt) on the authorization procedure for credit institutions. The guidance note provides details on the regulatory requirements for the licensing of credit institutions (e.g. information about the intended business and the applicant, business plan, governance structure, management pursuant, holders of significant participation, capital requirements etc.) to sections 32 and 33 of the German Banking Act (Kreditwesengesetz – KWG) in conjunction with the section… Continue Reading