BVI criticises BaFin circular on risk management for investment firms

The BVI has published a statement on the BaFin draft circular on minimum requirements for risk management for investment firms. In it, the association criticises the fact that the draft fails to deliver on the promised reduction in regulatory red tape and instead creates considerable additional implementation and bureaucratic costs for small and medium-sized investment firms.

The additional expenditure cannot be derived from any legal basis or new risk situation affecting the respective investment firms, which have already been implementing the complex new requirements of the Investment Firm Act (Wertpapierinstitutsgesetzes) based on EU requirements for over four years.

Read full article