Merger of the former Federal Banking Supervisory Office (banking supervision sector), Federal Insurance Supervisory Office (insurance supervision sector) as well as the Federal Supervisory Office for Securities Trading (securities supervision/asset management sector).
The Federal Financial Services Authority (BaFin) was established on 1 May 2002. The tasks of the former federal supervisory offices for banking (BAKred), insurance (BAV) and securities trading (BAWe) have been amalgamated under the umbrella of the new authority. Thus there is now only one state supervisory authority in Germany for banks, financial services institutes and insurance companies which covers the entire financial market. The establishment of BaFin has merged the central tasks of customer protection and solvency supervision.
BaFin is a federal, legally responsible public institution in the business area of the Federal Ministry for Finance. It has registered offices in Bonn and Frankfurt am Main. BaFin supervises about 2,700 banks, 800 financial services institutes and more than 700 insurance companies.
