Wolfgang Vahldiek is Head of Legal at the Association of Foreign Banks (VAB; www.vab.de ). The VAB supports its members in setting up and organising their business operations and represents their interests vis-à-vis politicians, supervisory and tax authorities and the public. It is committed to the openness and international competitiveness of the German financial centre and its sustainable and digital further development. Members of the VAB are banks and all types of financial institutions as well as FinTechs.