Decree contains mainly clarifications and amendments of a technical nature.
Some provisions, such as the amendments regarding asset-intensive reinsurance, are also related to statutory provisions that will enter into force on Jan. 1, 2025.
Decree amends Decree on conduct of business supervision of financial undertakings Wft (BGfo), Decree on prudential rules Wft (Bpr), Decree on administrative fines in the financial sector (Bbbfs), the Decree on EU regulations Wft (BEUv);
Also Implementation Decree on Registration of Ultimate Beneficial Owners of Trusts and Similar Legal Structures, Decree on notification of control and capital interest in issuing institutions Wft and the Implementation decree Wwft 2018.
Decree is part of annual amendment cycle of legislation and regulations.
This cycle includes minor subjects that do not justify a separate decree.
Effectiveness
Majority of Decree enters into force on Jan. 1, 2025; provisions on handling of personal injury claims by insurers enter into force on Jul. 1, 2025.
