Changes of Reporting Duties (Part 1)

Extended Reporting Requirements based on the ‘Financial Information Regulation’

Within the context of the establishment of a credit or financial institution the proper compliance with the German reporting regulations has to derive already from the respective application documentation. That means, one should deal with the German reporting duties at a very early stage. Even EU-Branches pursuant to Sect. 53b German Banking Act should be aware of German reporting requirements since they are also obligated to submit regulatory reports to a certain extent.

Due to the introduction/implementation of the CRD IV package there will be extensive changes regarding the regulatory reporting duties. For example the so-called monthly reports (in future financial information) which have to be submitted quarterly pursuant to Sect. 25 German Banking Act will change.

That means, based on the draft Financial Information Regulation (Finanzinformationenverordnung) there will be additional requirements for credit institutions. According to the current legislation credit institutions which already submit monthly reports for statistical reasons are exempt from the quarterly reports. However, it is planned that also these institutions shall submit quarterly profit and loss statements. Furthermore so-called planned profit and loss figures as well as additional information will be required.

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