BaFin(Germany) Registered forex brokers
- About BaFin
- Formed on 1 May 2002 with the passing of the Financial Services and integration Act (German: Gesetz über die integrierte Finanzaufsicht (FinDAG)) on 22 April 2002.
- The Federal Financial Supervisory Authority ( BaFin German: Bundesanstalt für Finanzdienstleistungsaufsicht) is the financial regulatory authority for Germany.
- It is supervised by the Federal Ministry of Finance (Germany).
- BaFin supervises about 2,700 banks, 800 financial services institutions and over 700 insurance undertakings.
- How is BaFin funded?
- It is funded by fees and contributions from the institutions and undertakings under its supervision. BaFin must cover its expenditure entirely out of its own income. It receives no funding from the Federal budget. BaFin raises the funds required to cover its costs from the undertakings it supervises instead. The legal foundation for this is the Act Establishing the Federal Financial Supervisory Authority (Finanzdienstleistungsaufsichtsgesetz – FinDAG).
- Any undertaking wishing to conduct investment business or e-money business or to provide financial services or payment services in Germany requires written authorisation from BaFin.
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