Kreditwesengesetz
The German Banking Act Kreditwesengesetz (KWG) literally means "law of the banking system", is the primary legally implementation of the Basel Accords. It is binding for banks and other institutes providing financial services (German: "e und e") in Germany and effective since January 1935, but updated in 1962. Purpose. The main goals of the KWG are: The Kreditwesengesetz imposes restriction on risk-related business activities and extends the duty of disclosure. It ensures competences of regulators and is the legal justification of the German Solvability Directive (SolvV) and MaRisk, the corresponding regulation with more detailed definitions and requirements. Kreditwesengesetz