Since 25.12.2008 the rules of the Banking Act also apply to leasing companies in slimmed-down version. As a result leasing companies just like banks are monitored by the BaFin. In many cases are labeled KWG light - while in fact there is a number of new rules that still need clarification by the BaFin. In addition to a registration, usually till the end of January, the rules require the companies to report loans exceeding EUR 1 million to the supervision as well as the observance of minimum requirements for risk management. (MaRisk). MaRisk requires leasing companies to idenitify relevant risks and lay down a risk strategy on how to limit and monitor these risks.
To assist in implementing the statutory provisions S&N AG offers a MaRisk quick check. Our industry-experienced consultant will determine the appropriate actions using a questionnaire. This means, for a fixed price you will get a prioritized list of specific recommendations to bring your company up to speed.
During the implementaiton of the KWG requirements many legal issues have to be resolved. S&N is proud to announce the partnership with Dr Gerhard Siegfried and Joachim Francke. Dr Siegfried is the former Head of the Legal Department of a large german object financing institute. Taking care of leasing as well as banking business he has extensive experience in leasing and banking oversight. Both lawyers have a year-long membership in the Legal Affairs Comittee of the Federal Association of Leasing Companies (BDL) in common. Attorney Francke has been advising and representing bank-indpendent leasing companies for over 26 years.
The S&N AG has been supporting and advising leasing companies for a long time that have always been under the terms of the KWG due to their focus on banking. This means S&N is best prepared for the new regulations for the leasing and factoring industry regarding MaRisk and has the necessary know-how to evaluate the measures to implement the new requirements as well as assist with the implementation. Due to our cooperation with attorneys Dr. Siegfried and Francke we can make sure you get competent information regarding the respective legal requirements on a short-term basis.
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