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Federal Financial Supervisory Authority

Year 2002Regulated by Government

Prior to 2002, in Germany the regulation of the financial industry was undertaken by three separate agencies. In May 2002 BaFin was formed, following the passing of the Financial Services and Integration Act. The aim of the Act and the merging of the three agencies was to create one integrated financial regulator that would be able to cover all financial markets. The agencies that merged together were the Federal Banking Supervisory Office, the Federal Supervisory Office for Securities Trading, and the Federal Insurance Supervisory Office.BaFin was given further responsibility following the passing of the Banking Act in 2003 with the aim of increasing customer protection and improving the reputation of the German financial system. The extra powers included monitoring the credit-worthiness of financial institutions and collecting detailed information about them. This particular area of responsibility was shared with the Bundesbank. Currently, BaFin is experiencing a kind of transition, as the responsibility for banking supervision is being taken over by the European Central Bank.

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Danger Unauthorized

Dynexion Trade

Disclosure summary

Disclosure matching Website matching
Disclosure time 2022-10-13
Reason for punishment The company is not supervised by BaFin.

Disclosure details

dynexiontrade.com: BaFin investigates Heba Tech LLC

13.10.2022 | Topic Consumer protection, Unauthorised business dynexiontrade.com: BaFin investigates Heba Tech LLC In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) would like to make clear that Heba Tech LLC does not have authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin. The information provided on the company’s website, dynexiontrade.com gives reasonable grounds to suspect that Heba Tech LLC is conducting banking business and providing financial services in Germany without the required authorisation. Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies. BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand to avoid becoming the victim of fraud.

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Sanction

2024-02-05

大展證券股份有限公司Cases of punishment for violating securities management laws and regulations by its employees. (Financial Securities Regulatory Commission No. 11203549191)