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BAFINBundesanstalt für Finanzdienstleistungsaufsicht (German: Federal Financial Supervisory Authority)
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BaFin has recently instructed banks to submit details of their long-term capital planning so that it can assess whether they will able to meet the new, more stringent Basel III requirements.
But the Journal story has proved to be a national embarrassment and the German Finance Ministry has announced that BaFin has been tasked to investigate EIH and its transactions.
WestLB is expected to pare down its fast-growing investment banking business after the BaFin report condemned its risk management, prompting Mr Sengera and board member Andreas Seibert to resign.
No official word was available from BaFin regarding the move.
This statement came in the wake of revelations made the same day by the German economic daily Handelsblatt to the effect that the Commission and the EBA were examining whether the BaFin may have limited capital transfers between banks and their subsidiaries abroad, ie outside Germany, in breach of single market rules.
"The banking oversight currently has no findings about the infringements reported, but BaFin and the Bundesbank are investigating these accusations against this bank," ministry spokesman Michael Offer told a news conference.
If a net short position exceeds 0.2 percent of the total number of shares of a company, the financial regulator BaFin has to be noticed.
According to Weber's seven-point reform outline, the present "dual banking supervision" system--under which the Bundesbank essentially performs the operational banking examination in the field and BaFin acts as the enforcing arm of the government--should be terminated.
The regulatory expansion resulted in the addition of new licenses through MEX Asset Management GmbH in Germany (regulated by BaFin), MultiBank FX International in the British Virgin Islands (regulated by the FSC) and MEX Wealth Management Limited in the Cayman Islands (registered with CIMA), making MultiBank Group one of the most regulated online financial derivatives company in the industry.
The German regulator asked for additional information on the deal, pushing the expiry date for its probe to 27 February 2014 from the initial 18 February, the buyer said, adding it had already provided BaFin with the requested information.
Other regulators have announced that they have opened investigations in connection with these rate manipulations, including the German market regulator BaFin and the Swiss federal financial market authority FINMA.
Instead, German officials responsible for financial market supervision--such as finance minister Peer Steinbrtick, BaFin head Jochen Sanio, or Bundesbank president Axel Weber--are mostly addressing two themes in their speeches and statements.