Working Groups

If you are interested in our working groups, please do not hesitate to contact us!

Working Groups in the Legal Affairs Division

Regulation of Investment Funds

Current topics

  • Regulatory practice regarding the Capital Investment Code (KAGB)
  • Market access for foreign funds
  • Alternative Investment Funds Manager Directive (AIFMD)
  • EU management company passport
  • UCITS review and implementation (UCITS V, VI)
  • Remuneration policy

Compliance in Securities Trading

Current topics

  • Implementation of MiFID II
  • Rules of Good Conduct and Organisational Duties under the Securities Trading Act (Minimum Requirements for Compliance)
  • Regulatory framework for investment advice
  • Product information/PRIIP Regulation

Legal and Practical Aspects of Data Protection

Current topics

  • GDPR
  • German Data Protection Act-new (BDSG-neu)
  • International data transfer
  • Exchange of experiences among foreign banks

Legal and Practical Aspects of Anti Money Laundering

Current topics

  • Drafts for an EU AML regulation and for a 6th EU Anti Money Laundering Directive
  • Review of the EU Regulation on Transfer of Funds
  • BaFin’s supervisory practice – implementation guidance to the German AML Act: general part (AuA AT) and special part for credit institutions (AuA BT)
  • EBA Risk Factors Guidelines
  • Exchange of experiences among foreign banks and foreign financial sector operators
  • Embargo and Compliance with financial sanctions and dealing with embargo provisions
  • Fraud prevention (§ 25h Banking Act)
  • Criminal offence of money laundering (EU Directive on combating money laundering by criminal law)

Market Access for Global Custodians
Regulation of Depositaries

Current topics

  • AIFMD Review
  • Model agreements
  • Tasks of depositaries (Verwahrstellenrundschreiben)
  • UCITS V/VI

Regulatory Requirements for IT Infrastructure in Banks
IT and Information Security

Current topics

  • German IT Security Act/BSI Act
  • Draft of a EU regulation on IT security in financial sector operators (DORA)
  • EU Directive in security of network and information systems (NIS)
  • Supervisory requirements for IT in banks (BAIT)
  • ICT Guidelines of EBA
  • LSI IT/ICT SREP
  • Strategy on Cybersecurity – Protection of critical infrastructures (UP KRITIS)

Capital Markets and Capital Markets Supervision

Current topics

  • Markets in Review of Financial Instruments Directive (MiFID II)
  • Market Abuse Directives
  • Product preventions by BaFin
  • Disclosure of voting rights
  • European Markets Infrastructure Regulations (EMIR)
  • Packaged Retail Investment Products Regulation

Minimum Requirements for Risk Management

Current topics

  • Implementation of MaRisk amendments
  • Requirements for outsourcing
  • Risk management/risk tolerance and controlling
  • Compliance function
  • ICAAP/SREP

Labour Law
Staff Management

Current topics

  • Remuneration systems
  • International assignments
  • Current issues in labour law

Banking Supervisory Law
Contract Law

Current topics

  • EU-Banking Regulation (CRR II, CRD V, BRRD, …)
  • Large exposures/upstream loans
  • Implementation and reform of Basel II/Basel IV
  • Deposit guarantee schemes
  • Cross-border market access

Supervisory Law of Investment Firms

Current topics

  • Implementation of IFD and IFR
  • Application of the Investment Firms Act (WpIG)
  • Governance, MaRisk and Compliance
  • Reporting for Investment Firms

Working Groups in the Tax and Economic Affairs Division

Regulatory and Statistical Reporting Requirements
Disclosure Obligations
Requirements for the Internal Audit
Business Organisation

Current topics

  • Reporting acc. to the CRR and ITS on Reporting
  • Reporting of financial information to the ECB (SSM-FINREP)
  • Modernisation of national reporting requirements (German Banking Act, Large Exposure Regulation, Regulation on Financial and Risk Information)
  • Reporting regarding the financing of residential property
  • Statistical reporting to the Bundesbank (inter alia AnaCredit)
  • Reporting acc. to the Foreign Trade Regulation (AWV)
  • Notifications for supervisory purposes (CRR and German Banking Act)
  • Regulatory disclosure requirements (Pillar III)
  • Procedure for collecting the bank levy
  • Sustainability-related disclosures in the financial sector

Current Issues of Corporate Taxation in the Context of the Tax Audit

Current topics

  • Tax Compliance
  • Loss offsetting restriction
  • 146 para. 2a and 2b Fiscal Code (cross-border IT outsourcing)
  • Transfer pricing at foreign banks
  • Endowment capital for tax matters
  • VAT (agency fees)
  • Withholding tax on capital yields
  • Withholding tax according to § 50a Income Tax Act
  • Data access and digital documents
  • New concepts of tax audit
  • Joint audit

Implementation Requirements

Current topics

  • Common Reporting Standard (CRS)
  • Act for the automatic exchange of information on financial accounts for tax purposes
  • Intergovernmental FATCA Agreement Germany/USA
  • FATCA USA Implementation Regulation
  • Implementation Decree on the exchange of information for tax purposes
  • AIA contact points

Investment Funds Taxation
Audit of Fiscal Documentation of Foreign Investment Funds by the Federal Tax Office (BZSt)

Current topics

  • New Investment Tax Act 2018
  • Paying agents and Depositaries in the context of fund taxation
  • Cross-border Mergers of foreign investment funds
  • Income equalization
  • Funds subject to withholding tax
  • VAT treatment of fund administration, (sub-)transfer and outsourcing
  • Treaty entitlement of funds
  • AIFM Directive: tax treatment of AIF
  • Tax Refund (Federal Central Tax Office)
  • Foreign Transactions Tax Act

Income Tax Act (EStG)
Current Issues of Payroll Tax Audits at Foreign Institutions

Current topics

  • § 37b Income Tax Act (lump sum taxation of non-cash benefits)
  • Taxation of expatriates
  • Taxation of (company) pension schemes
  • Secondment of employees
  • Travel expenses
  • Mobile Working
  • Income tax aspects around Corona

Accounting

Current topics

  • Accounting and balance sheet management at foreign banks according to German Commercial Code (HGB/RechKredV)
  • Accounting requirements at group level: IAS/IFRS
  • Impact of IFRS 9 and regulatory interactions
  • Disclosure obligations under the Commercial Code and other external reporting

Tax Law

Current topics

  • Reporting requirements for tax arrangements
  • Limitation or loss offsetting (Income Tax Act)
  • Documentation of transfer pricing
  • Endowment capital of permanent establishments
  • Withholding tax and church tax on capital gains
  • VAT on matching fees
  • VAT for asset management
  • VAT group
  • Reporting requirements for payment service providers (VAT)
  • Limitation of loss deduction (§ 8c Corporate Tax Act)
  • Additional taxation (Foreign Transactions Tax Act)
  • Global minimum taxation
  • CCTB/CCCTB
  • Financial transaction taxes in Europe
  • US tax reform
  • TRACE and electronic tax certificate
  • Taxation of crypto assets
  • Taxation of the digital economy

National and International Processing of Payments
Issues on Cross-Border Payments

Current topics

  • Implementation of the second Payment Services Directive (PSD II)
  • Target2/Target2Securities (T2S) Consolidation
  • SEPA and EU Regulation on fees for cross-border Payments
  • Statistics on payments
  • National Payments Agreements

The Association of Foreign Banks in Germany

Weißfrauenstr. 12-16
60311 Frankfurt am Main
+49 69 975850 0
+49 69 975850 10