Growing liberalization in nearly all branches of economy during the last years has reached also those financial fields which are subject to special supervision. Nevertheless for the protection of a functioning financial system and of the end customer the state supervisory institutions, without whose consent no enterprising activities are possible, still exist.

The second and third Financial Market Promotion Act (Zweite und Dritte Finanzmarktförderungsgesetz) comprise regulations relevant for banks and other financial institutions and just as the German Banking Law they define the competence of the federal supervisory authority for the banking sector.

For insurance companies there are often completely different dispositions: the Law on the Supervision of Insurance Companies comprises the important points; the responsibility lies with the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht). In order to avoid displeasing surprises and delays it is crucial to be acquainted with the underlying legal principles, the (possibly quite contrary) views of the supervising authorities and of the persons representing them. By the same token it is essential to address the authorities early in case subsequent questions should occur.

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