BaFin issues MaBewertung circular

2021/02/23

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) issued a circular on the minimum requirements for information systems for the provision of information for valuations in the context of a resolution (MaBewertung), which was the subject of a public consultation in September 2020. The circular is addressed to all institutions within the meaning of Art. 2(1) of the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz - SAG) and entities within the meaning of Art. 1(3) SAG in Germany that do not fall under the jurisdiction of the Single Resolution Board (SRB) pursuant to Art. 7(2), (4b) or (5) of the Single Resolution Mechanism Regulation (SRMR) and for which no insolvency scenario has been defined as a resolution strategy. The circular contains requirements for institutions to have appropriate systems and processes in place to provide material information for effective and efficient resolution on an ad-hoc basis and within 24 hours of a request from the resolution authority. Material information is defined as information required for an assessment within the meaning of Art. 20(1) SRMR, Section 69(16) SRMR, and Section 146(1) SAG.