BaFin calls for equal treatment of index licensing
Germany's financial watchdog, Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) today called for uniformity of index licensing rules. Indexes created and managed by issuers for portfolio management purposes should, like other indexes, be submitted to BaFin for regulatory licensing procedures, according to Bafin's Joachim du Buisson who was speaking at the Structured Products Deutschland conference in Mainz this morning.
The German watchdog is currently appealing against the Frankfurt High Court's decision that indexes used for portfolio management purposes should be exempt from licensing regulations.
Du Buisson argued that there are currently discrepancies in the licensing of different indexes. For example, the DAX and the FTSE 100 Index are created for benchmarking and therefore require licenses, but those that are created by issuers for portfolio management purposes can currently bypass the licensing rules.
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