FISG

On July 1, 2021, the Finan­cial Market Inte­grity Streng­thening Act (FISG) came into force (reason: Wire­card) and addres­ses three regu­la­tory comple­xes: corpo­rate gover­nance, the balance sheet control proce­dure (enforce­ment) and the audit of finan­cial state­ments. The new regu­la­ti­ons parti­cu­larly affect the manage­ment boards and super­vi­sory boards of capi­tal market-orien­­ted compa­nies. Central to this: Incre­asing importance of manage­ment and control systems (espe­ci­ally ICS & RMS), quali­fi­ca­tion and duties of the (future manda­tory) audit commit­tee and reor­ga­niza­tion of the balance sheet control proce­dure under the sole respon­si­bi­lity of BaFin.