Under European Union law and related national implementing laws, credit institutions and investment firms must obtain authorization from their relevant supervisory authority in order to carry out regulated banking and investment service activities. The European Banking Authority (“EBA”) maintains a public register of credit institutions authorized to operate within European Economic Area (“EEA”) countries. In Germany, the Federal Financial Supervisory Authority (the “BaFin”) maintains a public register of financially regulated companies authorized to operate in Germany.
Deutsche Bank Aktiengesellschaft (“Deutsche Bank AG” or “the Bank”) is authorized to conduct banking business and to provide financial services as set forth in the German Banking Act (“Kreditwesengesetz”).
The Bank is subject to comprehensive supervision by the European Central Bank (“ECB”), by the BaFin and by the Deutsche Bundesbank (“Bundesbank”), Germany’s central bank.
Supervision of Deutsche Bank AG is carried out under the European Union’s Single Supervisory Mechanism (“SSM”), a system of financial supervision composed by the ECB and national supervisory authorities of European Union member states participating in the SSM. Within the SSM, the ECB is directly responsible for most of the Bank’s so-called prudential supervision, such as regulatory capital adequacy, leverage, liquidity, risk management and governance requirements.
The BaFin remains Deutsche Bank AG’s primary supervisor for regulatory matters falling outside the remit of the ECB, such as the rules on conduct of business in the securities markets, statutory deposit protection and the regulation of anti-money laundering and terrorist financing. In countries where the Bank operates under its European Passport (see “European Passport” section below), it will be subject to the conduct of business rules of the local “host state” regulator.
The Bundesbank supports and cooperates closely with the BaFin and the ECB. That cooperation includes the ongoing review and evaluation of reports submitted by the Bank (including its audit reports) and adequacy assessments in respect of the Bank’s capital and its risk management systems.
The ECB and the BaFin have extensive supervisory and investigatory powers with regard to the Bank, including the ability to request information and conduct investigations.
EEA banks may offer banking and investment services in other member states of the EEA (known as “host states”) without being required to obtain a separate licence from the host state under a so-called “European Passport”. This “passport”, which specifies permitted activities, is granted by the home state authority and can be exercised as follows:
Under the freedom of establishment rule, a “passported” bank can establish a permanent presence in the host state which is referred to – provided it is not a separate legal entity from the bank – as a “branch” (as defined in point (17) of Article 4(1) of the Capital Requirements Regulation (Regulation (EU) No 575/2013, “CRR”)).
Under the freedom to provide services rule, a bank can be passported for the provision of cross-border services in another EEA member state.
A host state authority will rely on the home state authority (the ECB in the case of a significant institution within the SSM, such as Deutsche Bank AG, for the purposes of prudential supervision, and the relevant national supervisory authority for other purposes) to ensure that the systems and controls of a bank are in good order and to ensure the bank’s financial adequacy.
To the extent that activities are carried out within or from its jurisdiction, the host state authority supervises the conduct of banks. This includes, for example, rules on treating clients fairly and rules governing a bank’s conduct in the securities market.
Deutsche Bank Group comprises Deutsche Bank AG together with its subsidiaries which are consolidated for European regulatory purposes. The Bank and those subsidiaries which carry out licensable activities are authorized and regulated by regulatory authorities in their country of incorporation as well as, in some instances, by regulatory authorities in other jurisdictions.
The following links will take you to corporate and regulatory disclosures relating to selected Deutsche Bank Group subsidiaries registered and/or incorporated in the European Union:
Deutsche Bank, Sociedad Anónima Española,
Paseo de la Castellana, 18, 28046, Madrid.
Registered in the Madrid Commercial Registry, tomo 28100, libro 0, folio 1, sección 8, hoja M-506294, inscripción 2.
Tax Identification Number (Certificado de Identificación Fiscal): A08000614
Deutsche Bank Aktiengesellschaft (Sucursal en España),
Paseo de la Castellana 18, 28046, Madrid.
Registered in the Madrid Commercial Registry, tomo 5097, libro 4247, folio 129, sección 3, hoja M-40.393.
Tax Identification Number (Certificado de Identificación Fiscal): W0041027D
DB Operaciones y Servicios Interactivos, A.I.E.,
Via Augusta 252-260, 08071, Barcelona.
Registered in Barcelona Commercial Registry, tomo 27.335, folio 179, sección 8, hoja B-116.616, inscripción 1
Tax Identification Number (Certificado de Identificación Fiscal): G60526852
DWS Investments (Spain), S.G.I.I.C., S.A.
Paseo de la Castellana, 18, 28046, Madrid.
Registered in the Madrid Commercial Registry, tomo 1056, libro 0, folio 88, sección 8, hoja M-10.301, inscripción 38
Tax Identification Number (Certificado de Identificación Fiscal): A80017403