Financial markets Joint Statement on Libra
At the meeting of eurozone finance ministers in Helsinki on 13 September 2019, Germany and France issued a joint statement on the digital currency Libra. Former Federal Minister of Finance Olaf Scholz and his French counterpart Bruno Le Maire oppose Facebook’s digital currency. They consider that the Libra project fails to convince that risks will be properly addressed.
Financial markets New measures to further enhance investor protection
The Federal Ministry of Finance and the Federal Ministry of Justice and Consumer Protection have agreed on a package of measures to enhance investor protection. The measures expand the scope of BaFin’s powers for the supervision of financial products and their distribution. Capital investments are now subject to even stricter requirements.
The high-level working group proposed jointly in May by Germany, the Netherlands and France is now taking shape. On 12 June 2019, the first members of the high-level working group were announced. The group’s analysis and recommendations – which will flow into the CMU roadmap – are to be delivered no later than 30 September 2019.
Former Federal Minister of Finance Olaf Scholz has teamed up with Wopke Hoekstra and Bruno Le Maire, the finance ministers of the Netherlands and France, to launch an initiative to advance the Capital Markets Union, a step that will durably strengthen the EU internal market. The three finance ministers want to set up a high-level group of experts that will formulate specific milestones this year …
Financial markets Germany contributes to global financial stability
During a recent visit to Washington, D.C., former State Secretary Wolfgang Schmidt confirmed German financial support for two thematic technical assistance funds at the International Monetary Fund (IMF). The funds help IMF member countries to improve their statistics systems and to make their financial markets more resilient against crises.
Financial markets Key-issues paper on the regulatory treatment of electronic securities and crypto tokens
The Federal Ministry of Finance and the Federal Ministry of Justice and Consumer Protection have jointly published a key-issues paper discussing the possible introduction of electronic securities and the regulation of public offers of certain crypto tokens. The paper forms part of efforts to strengthen Germany’s role as one of the world’s leading digital technology and fintech locations.
Public Finances Stability Council Act (Stabilitätsratsgesetz)
Act on the Establishment of a Stability Council and on the Avoidance of Budgetary Emergencies (Stability Council Act)
Date of signature: 10 August 2009
Financial markets Financial Account Information Exchange Act (Finanzkonteninformationsaustauschgesetz – FKAustG)
Act on the Automatic Exchange of Financial Account Information in Tax Matters (Financial Account Information Exchange Act)
Date of signature: 21 December 2015
Financial markets Act on the Monitoring of Financial Stability (Finanzstabilitätsgesetz)
Date of signature: 28 November 2012
Public Finances Article 115 Ordinance (Artikel 115-Verordnung)
Ordinance on the Procedure for Determining the Cyclical Component under Section 5 of the Article 115 Act
Date of signature: 9 June 2010