With the promulgation of the Location Promotion Act (Standortförderungsgesetz – StOFöG) on 9 February 2026, an initial step towards relieving banks and investment firms from regulatory burdens has been implemented.
Notification of Employees and Complaints Abolished
The obligation to notify BaFin of client advisers, sales representatives and compliance officers pursuant to section 87 of the German Securities Trading Act (WpHG) ceased to apply upon the promulgation of the Location Promotion Act on 9 February 2026.
The same applies to the obligation to report customer complaints.
The former Regulation on the Notification of Employees under the WpHG (WpHGMaAnzV) has been repealed.
Requirements for Staff Remain Unchanged
The requirements regarding the professional qualification and reliability of employees engaged in investment advice, distribution or portfolio management, or acting as sales or compliance officers, remain fully in place.
The detailed requirements are now set out in sections 14 to 21 of the new Securities Institutions Conduct and Organisational Regulation (WpDVerOV).
Complaint Report under MaComp Gains Importance
The annual complaint report pursuant to the Minimum Requirements for the Compliance Function (MaComp) remains unaffected by the legislative changes.
With the abolition of ad hoc complaint notifications, its importance in the supervision of banks and investment firms is likely to increase significantly.
Obligation to Name Responsible Employee Abolished
With the deletion of the former section 87(1) sentence 4 WpHG, the obligation to name the employee whose conduct gave rise to a complaint has also been removed.
The complaint report under MaComp does not provide for such a notification.
