Regulatory Alerts2009-07-07
Added · Updated
Joint Information Sheet of BaFin and Deutsche Bundesbank on the Million Credit Reporting Procedure for Factoring and Financial Leasing Institutes
BaFin and the Deutsche Bundesbank mandate that factoring and financial leasing institutes submit quarterly electronic million credit reports to the Bundesbank's evidence center starting July 15, 2009. To ease the transition burden, regulators will not penalize non-reporting until January 15, 2010, although early voluntary submissions are permitted. The reports must reflect book values as defined by the Large Credit and Million Credit Ordinance, excluding institutions already subject to similar reporting obligations.
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