What is BAFIN?
Belonging to the BAWe that was in charge of supervising all the security of the financial negotiations and of the German federal insurance offices (BAV for its acronym in German), all this based on the laws of integrated supervision of financial services known as FinDAG.
Currently BaFIN is the German federal financial supervisory authority and also a federal institution like BAKred, which is governed under the laws of public law for which it belongs to the list of the Federal Ministry of Finance having likewise personality legal. Currently BaFin has two offices in the German territory, one is in the city of Bonn while its headquarters are located in Frankfurt.
To date, this regulatory entity supervises approximately 2,700 banks, 700 companies in charge of providing insurance services, 800 institutions that provide financial services and to date employs around 1,000 workers in its facilities. By making a single institution that supervises all banking entities, a completely uniform national supervision begins for everything that refers to financial activities, that is, BaFin maintains absolute control of everything it has to do. do with financial affairs in Germany.
But its scope in terms of financial regulation is not only an issue that seeks to regulate banks but also all credit entities and institutes, to those who provide financial services, as well as regulate insurance companies, among others.
The purpose of creating the BaFin is to be able to control from a single institution everything that has to do with capital markets as well as the associated risks so that they can become fully perceptible and managed in a better way. For all this, what is intended in summary is that this institution meets all the requirements that all the other previous institutions needed in one so that it can establish stability, but even more importantly, stability, as well as the competitiveness of the great financial market. in that country.
