Regulatory Alerts2020-01-23
Guidelines for the reporting of financial information pursuant to Section 25(1) sentence 1 of the German Banking Act (Gesetz über das Kreditwesen – KWG) by financial services institutions and securities trading banks
The Deutsche Bundesbank's Regional Office in Bavaria issued these guidelines for financial services institutions and securities trading banks, detailing their obligation to report financial information quarterly under Section 25(1) sentence 1 of the German Banking Act (KWG). These guidelines specify the nature and scope of required financial information, including statements of assets and liabilities, profit and loss accounts, and for certain institutions, own funds reports, as mandated by the Financial and Internal Capital Adequacy Information Regulation. Institutions must submit these reports electronically to the relevant Bundesbank Regional Office by specific quarterly deadlines, with non-compliance potentially leading to administrative fines up to €100,000 or even revocation of authorization.