Regulatory Alerts2026-08-24
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Circular 09/2026 (WA): Minimum Requirements for Risk Management of Securities Firms - WpI MaRisk
This circular establishes the minimum requirements for risk management for Medium and Small Securities Firms under German law, effective January 1, 2027. It mandates the implementation of flexible risk management frameworks, including risk inventories, capital planning, and stress tests, while explicitly excluding Large Securities Firms which remain subject to KWG regulations. The document requires institutions to identify material risks, including ESG and ICT risks, and to maintain specific internal control mechanisms and reporting structures.
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