Certainly it will also be a little due to the summer break that this Monthly Information contains less articles than usual. Nevertheless, we do not draw the conclusion from this that less rules and regulations need to be implemented by the member institutions and the entire financial industry.
In addition to the preparations for Brexit and the licensing procedures underway at some institutions, numerous projects are still underway that require a considerable use of resources – be it reporting, money laundering prevention or the innovations in data protection, to name but a few. In this respect, however, it is worth welcoming that ten years after the beginning of the financial crisis, somewhat conciliatory voices from German politics can once again be heard with signals that the concerns and interests of the financial industry are once again increasingly being taken into account. The Financial Times even headlined: “Berlin falls in love with finance sector”. Even if this is more likely to correspond to the somewhat exaggerated style of headlines, a strongly growing interest of federal politics in the topics of the financial centre and the improvement of its framework conditions can be observed in recent weeks. We at the VAB expressly welcome this, as it is particularly helpful for the financial centre in the current phase of setting up new institutions and businesses. Other Member States have been much more proactive in this area in recent months – with which success will be seen.
As in the past, the VAB will continue to support these efforts constructively, not only as an end in itself, but also out of interest in an attractive and above all stable financial centre.
Dr. Oliver Wagner