Kleine und mittlere Wertpapierinstitute in Deutschland, Einführung der MaRisk nach WpIG ab 1. Januar 2027; Einheitliche Aufsicht ab 2027
Investment institutions and financial services institutions | Deutsche Bundesbank
Investment institutions and financial services institutions
Since 1998, enterprises that provide financial services on a commercial basis or to an extent that requires a commercially established business operation (financial services institutions) have also been subject to supervision under the same rules as credit institutions and require authorisation pursuant to § 32 (1) Banking Act (Kreditwesengesetz, KWG ). On 25 December 2019, two new EU legal acts entered into force to create a new European supervisory framework specifically for investment firms. This is a package consisting of the Investment Firms Directive ( IFD ) and the Investment Firms Regulation ( IFR ), which will be applicable in all EU Member States as of 26 June 2021.
The new rules will be transposed into German supervisory law through the creation of three categories of investment institutions (WpI) in the Investment Institutions Act (Wertpapierinstitutsgesetz, WpIG ), the Large Investment Institution, the Medium-sized Investment Institution and the Small Investment Institution. For each of these categories, a different level of prudential requirements is defined that an investment institution must meet once it is assigned to a category.
It is therefore now always necessary to distinguish between investment services under the Investment Institutions Act ( WpIG ) and financial services under the Banking Act ( KWG ).
Investment services according to WpIG include:
Placement business on a firm commitment basis
The operation of a multilateral trading system
The operation of an organised trading system
Placement business without a firm commitment basis
Financial services under the Banking Act include:
The management of a crypto-asset register
In order to better monitor of the “grey capital market”
Non- EEA deposit broking and
are treated as financial services in addition.
Anyone who, in addition to providing financial services within the meaning of § 1 (1a) sentence 2 numbers 1 to 5, 11 and 12 of the KWG as well as §2 (2) number 1 to 10 of the WpIG , also wishes to purchase or sell financial instruments for their own account without fulfilling the conditions for proprietary trading also requires a written permission for this.
Minimum requirements for risk management of investment institutions ( WpI MaRisk )
A flexible and compact set of rules has been developed to specify the proper business organization under WpIG . These rules are intended for small and medium-sized investment institutions and will enter into force on 1 January 2027. Large investment institutions must continue to apply MaRisk for credit and financial services institutions, as amended.
Anschreiben zu den WpI MaRisk 24.08.2026 | 42 KB, PDF
2026 (WA): Mindestanforderungen an das Risikomanagement von Wertpapierinstituten – WpI MaRisk 24.08.2026 | 363 KB, PDF
Konsultation: Mindestanforderungen an das Risikomanagement von Wertpapierinstituten (WpI MaRisk) 06.05.2026 | Bundesanstalt für Finanzdienstleistungsaufsicht bafin.de
Institutssystematik für Wertpapierinstitute und Finanzdienstleistungsinstitute 01.03.2023 | 125 KB, PDF
Notice on the granting of authorisation to provide financial services pursuant to section 32 (1) of the German Banking Act 18.11.2016 | 395 KB, PDF
Merkblatt über die Erteilung einer Erlaubnis zum Erbringen von Wertpapierdienstleistungen gemäß § 15 WpIG 27.01.2025 | 438 KB, PDF
Übersicht über die Anzeige- und Meldevorschriften für Kleine und Mittlere Wertpapierinstitute 26.05.2026 | 609 KB, PDF
Overview of the main notification and reporting requirements for financial services institutions and securities trading banks 01.01.2018 | 149 KB, PDF
Leitfaden zur Erstellung der Eigenmittel- und Liquiditätsmeldung nach Art. 54 IFR IFRKL – Meldungen für kleine Wertpapierinstitute 19.12.2024 | 553 KB, PDF
Guidelines for the reporting of financial information pursuant to Section 25(1) sentence 1 of the German Banking Act (Gesetz über das Kreditwesen – KWG) by financial services institutions and securities trading banks 23.01.2020 | 372 KB, PDF
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Executive Board back Overview Executive Board Professor Joachim Nagel Dr Sabine Mauderer Burkhard Balz Lutz Lienenkämper Michael Theurer Professor Fritzi Köhler-Geib
Mission Statement and Strategy of the Bundesbank
Regional Offices and branches back Overview Regional Offices and branches Baden-Württemberg back Overview Baden-Württemberg Branches President Bavaria back Overview Bavaria Branches President Berlin and Brandenburg back Overview Berlin and Brandenburg Branch President Bremen, Lower Saxony and Saxony-Anhalt back Overview Bremen, Lower Saxony and Saxony-Anhalt Branches President Hamburg, Mecklenburg-West Pomerania and Schleswig-Holstein back Overview Hamburg, Mecklenburg-West Pomerania and Schleswig-Holstein Branches President Hesse back Overview Hesse Branch President North Rhine-Westphalia back Overview North Rhine-Westphalia Branches President Rhineland-Palatinate and Saarland back Overview Rhineland-Palatinate and Saarland Branches President Saxony and Thuringia back Overview Saxony and Thuringia Branches President
Overview Regional Offices and branches
Baden-Württemberg back Overview Baden-Württemberg Branches President
Bavaria back Overview Bavaria Branches President
Berlin and Brandenburg back Overview Berlin and Brandenburg Branch President
Bremen, Lower Saxony and Saxony-Anhalt back Overview Bremen, Lower Saxony and Saxony-Anhalt Branches President
Overview Bremen, Lower Saxony and Saxony-Anhalt
Hamburg, Mecklenburg-West Pomerania and Schleswig-Holstein back Overview Hamburg, Mecklenburg-West Pomerania and Schleswig-Holstein Branches President
Overview Hamburg, Mecklenburg-West Pomerania and Schleswig-Holstein
Hesse back Overview Hesse Branch President
North Rhine-Westphalia back Overview North Rhine-Westphalia Branches President
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Research and Research Data back Overview Research and Research Data Research Centre back Overview Research Centre Research Professors, Research Council and Research Fellows Research Areas and Programme People Research Brief Discussion Papers Refereed Publications Seminars Invited Speakers Series Research Data and Service Centre back Overview Research Data and Service Centre Research Data Your research project at the RDSC About the RDSC INEXDA Publications Conferences Research Visit and Internship Panel on Household Finances (PHF) back Overview Panel on Household Finances (PHF) About the PHF Methodology User-Documentation Data access and data protection Links and documents Survey on Consumer Expectations (BOP‑HH) Survey of firms (BOP-F)
Overview Research and Research Data
Research Centre back Overview Research Centre Research Professors, Research Council and Research Fellows Research Areas and Programme People Research Brief Discussion Papers Refereed Publications Seminars Invited Speakers Series
Research Professors, Research Council and Research Fellows
Research Data and Service Centre back Overview Research Data and Service Centre Research Data Your research project at the RDSC About the RDSC INEXDA Publications
Overview Research Data and Service Centre
Your research project at the RDSC
Panel on Household Finances (PHF) back Overview Panel on Household Finances (PHF) About the PHF Methodology User-Documentation Data access and data protection Links and documents
Overview Panel on Household Finances (PHF)
Data access and data protection
Survey on Consumer Expectations (BOP‑HH)
Library and archives back Overview Library and archives Library Historical archive
Art back Overview Art Exhibitions & viewing times Paintings and works on paper Sculptures and installations Publications
Paintings and works on paper
Numismatics back Overview Numismatics Collection Selected objects Pictures archive Publications Exhibition Numismatic library Contact
Money Museum back Overview Money Museum Visitor Information Exhibitions Offers for Groups Lectures Museum discovery tours
International Central Bank Dialogue back Overview International Central Bank Dialogue About us International Central Banking Courses back Overview International Central Banking Courses Application procedure Past courses Bilateral cooperation EU-funded projects Frequently asked questions Representative network Newsletter Contact
Overview International Central Ba