Organization
BaFin is run by a Board consisting of the President Jochen Sanio and four executive directors Karl-Burkhard Caspari (securities division), Sabine Lautenschläger Peiter (area supervision), Thomas Steffen (insurance supervision) and Michael Sell (cross-functional areas and internal administration).
In addition to these divisions, the so-called "operational pillars", there are the a number of departments that have cross-organizational or perform administrative tasks, such as "risk modeling", "money laundering" and "international responsibilities".
BaFin employs roughly 1,700 at its two offices and is fully funded by fees and levies of the supervised institutions and companies and so is independent of the federal budget. The levy amounts depend on the scope and authorization of total assets. An appeal to the Constitutional Court regarding the unconstitutionality of this (forced) levy in 2009 was rejected as unfounded. In the opinion of the court the levy is 'intended to strengthen the investor confidence and the soundness and integrity of these companies. These are a necessary condition for a functioning financial framework'.
As of September 2006, BaFin regulated approximately 2,100 banks, 700 financial services institutions, 630 insurance companies, 25 pension funds and 80 investment companies with 6,000 funds.
Read more about this topic: Federal Financial Supervisory Authority
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