Regulatory Alerts2025-10-22 | Circular 11-2025(BA)Added
Circular on the Members of the Management Body and of Administrative and Supervisory Bodies in accordance with the German Banking Act
This Circular consolidates previous Guidance Notices and incorporates adopted EBA/ESMA Guidelines, applying to institutions under the German Banking Act (KWG), including those engaging in qualified crypto custody or maintaining crypto securities registers, but not to qualified crypto custodians also subject to MiCAR. It details notification requirements for institutions to BaFin and the Deutsche Bundesbank regarding the intention to appoint, implement, terminate, or change appointments of members of management bodies and administrative or supervisory bodies. The document specifies necessary accompanying documents, such as CVs and certificates of good conduct, and outlines requirements for members concerning theoretical and practical knowledge, reliability, availability, and mandate restrictions. It also establishes general obligations for these members regarding suitability, diversity, onboarding, training, and conflict of interest policies, with administrative fines for breaches of notification obligations.