Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Federal Financial Supervisory Authority
The Federal Financial Supervisory Authority (founded in 2002) unites the supervision of banks and financial service providers, insurers and securities trading. BaFin is an independent institution under public law and is subject to the legal and technical supervision of the Federal Ministry of Finance.
What BaFin consists of
BaFin, based in Frankfurt, is to control all areas of finance in Germany. By combining different authorities, the national and international capital markets and the associated risks are to be better understood. The authority consists of the subdivisions, Banking Supervision, Securities Supervision, Insurance Supervision, Internal Administration - Legal and the Settlement Division.
The tasks
BaFin's main task is to supervise banks, insurance companies and securities trading in Germany. This is to ensure the functionality and stability of the financial system. Consumer protection, i.e. the transparency of financial and insurance products and financial services, is another of BaFin's tasks. All banks, financial service providers, investment companies, insurers and pension funds are listed in the publicly accessible company database.