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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").
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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.
Financial Institutions' IT Systems Receives New Regulatory Requirements from BaFin
GermanyFinance and Banking
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Reed Smith is a dynamic international law firm helping clients move their businesses forward. By delivering smart, creative legal services, we enrich clients' experiences with us and support achievement of their business goals. Our longstanding relationships and collaborative structure enable the speedy resolution of complex disputes, transactions, and regulatory matters.
