Germany:
Financial Institutions' IT Systems Receives New Regulatory Requirements from BaFin
10 November 2017
Reed Smith (Worldwide)
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On 3 November 2017, the German regulator for the financial
sector, the Federal Financial Supervisory Authority
("BaFin"), published a new circular
titled Rundschreiben 10/2017 (BA) vom 3. November 2017
– Bankaufsichtliche Anforderungen an die IT (in English:
Circular 10/2017 – Regulatory Requirements for
IT-Systems – "BAIT"). The BAIT is
available in German language at the BaFin's website. The final
version of the BAIT incorporates a number of revisions that result
from the submissions made by stakeholders in the course of a prior
public consultation. Read the full report on our sister site, the
Technology Law Dispatch.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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