德国保理业监管及发展情况.doc

德国保理业监管及发展情况 文章来源： 驻德国经商参处一、德国政府对保理业的监管情况德国对保理业的监管经历了从无到有的过程。长期以来，德国政府对保理业没有专门进行监管，直至近几年才将其明确纳入金融监管范围。（一）监管阶段。1.无专门监管期。2009年以前，德国保理业发展环境相对松散，没有专门机构对其进行监管，其经营行为主要靠一般性法律、法规、国际公约以及行业自律等进行约束。从事保理业务的主体如果是银行等金融机构，其整体经营活动受金融方面的法律法规监管，但保理业务并没有被单独列入金融监管。2.金融监管期。2008年11月，德国税收法新修订本放宽了对保理业的征税规定，即保理业可享受同银行业同等的一项贸易税收优惠，但前提是保理企业要纳入德国金融监管体系。为与该法匹配，2008年12月25日通过的德国银行法（TheBankingAct2009年修订本，德文名称：dasKreditwesengesetz）将保理与融资租赁纳入金融监管范围。（二）监管机构。按照德国银行法2009年修订本的规定，从2009年开始，德国联邦金融服务监管局（BaFin）作为主要监管部门对保理业实施监管。联邦金融服务监管局成立于2002年5月，由原来的联邦金融监管局联邦保险业监管局和联邦证券交易监管局合并而成。该局隶属于联邦财政部法律和专业监管局，其董事会直接向联邦政府负责。（三）监管内容。尽管2009年起德国保理业监管方式发生了转变，但监管要求仍较为宽松，监管内容也并不复杂。对从业者而言，被监管前后主要只发生了两项变化：一是各机构从事保理业务必须向联邦金融管理局提出经营许可申请；二是保理业从业者必须定期向金融监管机构提交各类经营状况报告等，并接受审计(详见下文)。德国将保理业纳入金融监管，主要是保理业经过几十年发展在金融服务领域发挥的作用日益增强，其监管需求增加使然。政府将保理业作为一项金融服务业纳入统一监管范畴，不仅使保理业的监管更规范、更明晰、更主动，而且也使其金融监管体系更为完善。但由于银行法中对其他金融机构的很多约束性条款对保理业并无要求，而且从事保理的企业多为金融机构的分支或者下属机构，在保理业纳入监管前已经在间接的接受银行体系的监管，所以实际上德国保理业发展的法律监管环境基本没有大的改变。二、相关法律规定（一）主要法律依据。德国银行法2009年修订本。该修订本是目前保理业最主要的法律监管依据。该法将保理业务界定为：在标准协议基础上持续购买应收账款的一类金融服务，对应收账款出让方可以有追索权，也可以无追索权。（详见银行法第1条第9款。）其中涉及保理业务的规定主要包括：准入申请、经营活动监管、免责条例等。1.准入申请。从2008年12月25日起，若在德国开展保理业务或其它任何一项银行法第1条规定的银行业务，必须按照银行法规定，向德国联邦金融监管局（BaFin）递交营业许可申请。申请时需提交以下资料：从事这类业务所必需的财力证明（该条不适用于保理业）；申请者的可信度评估材料；经营者专业水准证明；一份包括商业计划、组织结构和内部管理的可行性计划书；如果有主要参股者控股拟设立的企业，还要提交股东相关资料；对是否有利益相关方持有公司权益的说明等。在收到申请者递交全套材料起半年内，金融监管局必须做出批准或拒绝许可的反馈。该局有权对符合各项规定的申请发放许可，并在联邦公告上进行发布；但也可能对一些特定的银行业务或金融服务采取限制措施，不予发放。（详见银行法第32条第1款和第33条）。此前已经运营的保理机构需按照规定时间提交相关材料备案，包括管理董事的姓名、商业注册的最新信息、以往年度的年报以及是否有利益相关方持有公司权益等。(详见银行法第32条及64J条)如果申请许可发放后一年内未被使用，则该许可自动失效。在取得许可后半年内没有开展相关业务，或者开展业务时经常性违反银行法或者与之相关的条例规定等情况下，金融监管局有权取消其经营许可（详见银行法第35条）。2经营活动监管。在获得经营许可后，保理业从业者还要在此后的经营活动中接受德国联邦金融服务监管局（BaFin）和德国央行（Bundesbank）的持续监管。保理企业需要在新的财政年度开始后三个月内，向金融监管局和德国央行递交上年财务报告。年度财务报告中要有审计证明，或者是对没有审计证明的解释说明，待年度审计报告完成后，仍需要提交至金融监管局和央行（详见银行法第26条）。保理企业在指定好审计方后需报告金融监管局和央行，金融监管局在一个月内做出反馈，在必要情况下，有权要求企业更换审计方（详见银行法第28条）。反洗钱法也适用于保理业。金融监管局对保理业发生的监管成本由保理企业共同承担，每个企业按照其营业规模不同缴纳各自承担的费用。（详见银行法2009年修订本第51条）3.违规行为约束。依据银行法第6条规定，如果出现金融机构的不当行为危及客户财产安全等情况时，金融监管局有权并有义务加以阻止。如果未经许可就开始经营包括保理在内的金融服务业务，或者是经营主体从事银行法禁止的业务，金融监管局有权要求经营者立即停止业务并进行合理清算（详见银行法第37条），经营者将被处以一年期以下监禁或者罚款（详见银行法第54条）。4.免责条款。尽管新的法律规定将保理业列入金融监管，但是也给保理业提供了其他金融业不具备的一些宽松条件。最主要的是没有最低资本金要求。另外，德国银行法案中对银行等金融机构作出了涉及清偿能力和流动性以及定期披露资金及风险管控状况等相关要求，但对保理企业无此类要求，仅要求要有一位可靠的资深经理。（详见银行法2009年修订本第10条至第22条及第26a条）5.对跨境保理业务的规定。如果是德国以外的欧盟国家的金融机构在德国境内设立分支机构并提供跨国保理业务，不需要向德国联邦金融监管局申请营业许可。但如果是欧盟区以外的机构，或者是虽然在欧盟国家，但其母公司非金融机构，在德国从事保理业务时则需要办理营业许可申请（详见银行法2009年修订本第33a、33b条及第53条）。（二）联邦金融服务监管局法（GesetzueberdieBundesanstaltfuerFianzdienstleistungsaufsicht）及税费征收条例（VerordnuungueberdieErhebungvonGebuehrenundderUmlegungvonKostennachdemFianzdienstleistungsaufsichtsgesetz）。按照联邦金融服务监管局税费条例规定，金融机构包括保理企业每年需向联邦金融服务监管局缴纳数额不等（按营业额大小计算）的税收。另外，取得营业许可证也要缴纳相应的费用。（三）德国税收法2009年修订本。根据该法规定，保理企业作为德国金融监管局监管下的金融机构，有权同其他一些信用机构一样，获得银行已经取得的同等交易税收优惠待遇，即保理企业需缴纳的保理业务所得交易税降至25%。该条款的实施是促进德国保理业发展的一项重要转变。（四）保理业立法基础依据。德国民法典。保理的核心内涵为应收账款债权转让，德国涉及债权转让的法律依据主要是德国民法典。该法第398条规定，债权人可以与第三方订立合同将债权转让与第三方。该合同是一种准物权合同，即原债权人不但负有转让债务的义务，而且在转让合同成立时还发生债权现实转移的效力。按此规定，保理商与出口商转让应收账款要求有合意，合意必须以转让债权为意思表示，这种让与不一定是书面形式，只要双方合意，保理协议成立就发生债权的转让效力，其有效性也不以债务人是否被通知或是否同意为要件。三、德国保理业发展现状（一）德国保理业发展简况。德国现代保理业务从1959年开始，是欧洲最早开展保理业务的国家之一。19世纪70年代后，由于银行开始介入保理业以及一批保理公司陆续成立，德国保理业取得实质性发展。19世纪80年代以后，保理的融资功能开始受到重视和发展，保理在德国逐渐成为集融资、服务、信用保险于一体的金融服务工具。2011年，德国保理业营业额仅次于美国、意大利和法国，位居第四，占全球份额约9。1.德国保理业特征及主要类别。德国保理业务以无追索权融资为特征。保理业务进入德国后，无追索权保理发展较快，有追索权的保理在其成文法和判例中都被认为是一种债权抵押借贷，被称为应收账款融资（AccountsReceivableFinancing），在德国保理业务中所占比重不到5。根据客户不同需求，保理业务细分为很多种类，目前德国保理市场上主要以批量保理（InhouseFactoring，BulkFactoring,)i、综合保理（FullServiceFactoring）ii和到期保理（MaturityFactoring）iii三种方式为主。据德国保理业协会统计，近几年来，批量保理业务占据主流，约占保理业总营业额的70%-80%；综合保理约占15%-20%；到期保理约占4%。另外，从业务范围看，目前德国保理业务仍以国内为主，2011年其国际保理业务营业额占总营业额比重约24%。2.经营主体情况。德国从事保理业的主体主要是银行的下设机构、分支机构以及其他独立的金融机构，银行下设机构或分支机构占从业企业70以上。多数保理企业都是德国保理业协会的会员单位，截至2011年底，保理业协会有26家会员企业，占德国保理业市场份额约85。德国保理业市场集中度相对较高，包括德国保理银行（DeutscheFactoringBank）、通用金融(GECapital)、欧洲保理公司(Eurofactor)、ABC金融公司（ABCFinance）等在内的排名前十位的保理公司占市场份额约90。3.相关行业分布。目前德国已有来自30多个不同行业的各类企业使用保理业务。据德国保理业协会统计，主要行业有贸易，食品和营养品业，金属及五金器具制造业，机械制造业，电子及电气设备制造业，服务业，化工业，金属制品加工业，造纸业，出版印刷业，其他制造业及健康卫生服务业等。近两年，值得关注的新增行业有化学制品，橡胶和塑料制品业，木材加工和其他加工贸易领域的保理业务有所减少。（二）德国保理业市场现状。过去十年中，德国保理业总营业额以年均20的速度持续增长。仅2009年受金融危机影响营业额出现下滑，但2010年迅速反弹，同比增长37%。2011年，总营业额继续增长18.9，达1572.6亿欧元；保理客户数增长20以上，总数达14600家。得益于2011年德国出口的强劲增长，2011年德国国际保理业务也显著增长：出口保理额344.9亿欧元，增长15.9；进口保理额36.5亿欧元，增长33.2。同时，保理率（保理营业额占GDP比重）同比增长0.82至6.12，实现连续第三年增长。这表明保理业在德国国民经济中地位日趋重要。值得一提的是，本次金融危机给德国保理业发展带来的不只是负面影响。尽管受全球金融危机冲击，但是保理业需求却在近几年迅速增长。2009年一年中，保理业协会会员企业的客户数从2008年的5450家激增至2009年的8840家，同比增长62。主要原因是：在不稳定的经济环境下，越来越多中型企业由于银行收紧信贷，转而寻找其他融资途径，保理作为一种非常灵活的融资工具，既可以缓解资金压力，又可以规避呆坏账风险，优势尤为突出。可以预计，未来德国保理业仍将保持良好增长态势。-i保理商向供应商提供关于融资等服务并承担100的债务风险，但是保理商不提供债务管理服务。ii又称OldLineFactoring,是无追索权的保理，保理商承担100%的债务风险，并提供整套债务管理服务，包括销货帐、托收、追讨债务等。iii这种保理方式下，保理商通常也没有追索权，要承担100的债务风险，并提供债务管理服务，但是保理业客户不需要保理商提前支付。待应收账款到期，保理人再以一定价格承购该应收账款。德国银行法 Banking Act (Kreditwesengesetz, KWG )Long title: Gesetz ber das KreditwesenIn the amended text of the Announcement of September 9, 1998 (Federal Law Gazette I, page 2776), as last amended by Article 3 of the Act amending insolvency and banking law provisions (Gesetz zur nderung insolvenzrechtlicher und kreditwesenrechtlicher Vorschriften*) of December 8, 1999 (Federal Law Gazette I No. 54, page 2384).* This Act serves to implement Directive 98/26/EC of the European Parliament and Council of May 19, 1998 on settlement finality in payment and securities settlement systems (Official Journal of the European Communities No. L 166 page 45)Translation provided by the Deutsche Bundesbank and reproduced with kind permission. Table of ContentsPart I General ProvisionsDivision 1. Credit institutions, financial services institutions, financial holding companies and financial enterprises Section 1DefinitionsSection 2ExceptionsSection 2aLegal formSection 2bHolders of qualified participating interestsSection 3Prohibited businessSection 4Decision by the Federal Banking Supervisory OfficeDivision 2. Federal Banking Supervisory Office Section 5OrganisationSection 6FunctionsSection 7Cooperation with the Deutsche BundesbankSection 8Cooperation with other bodiesSection 8aResponsibility for supervision on a consolidated basisSection 9SecrecyPart IIProvisions for Institutions Division 1. Own funds and liquidity Section 10Provision with own fundsSection 10aOwn funds of groups of institutions and financial holding groupsSection 11LiquiditySection 12Limitation of qualified participating interestsSection 12aEstablishment of corporate tiesDivision 2. Lending business Section 13Large exposures of non-trading book institutionsSection 13aLarge exposures of trading book institutionsSection 13bLarge exposures of groups of institutions and financial holding groupsSection 14Loans of three million Deutsche Mark or moreSection 15Loans to managers, etc.Section 16(Rescinded)Section 17LiabilitySection 18Information required of borrowersSection 19The concepts of exposure in sections 13 to 14, and of borrowerSection 20Exceptions to the requirements of sections 13 to 14Section 21The concept of exposure in sections 15 to 18Section 22Authority to issue regulations on exposuresDivision 3. (Repealed) Division 4. Advertising, and information requirements of institutionsSection 23AdvertisingSection 23aGuarantee schemeDivision 5. Special duties of institutions, their managers, financial holding companies and mixed-activity holding companies Section 24ReportsSection 24aEstablishment of a branch and provision of cross-border services in other states of the European Economic AreaSection 24bParticipation in payment and securities transfer and settlement systemsSection 25Monthly returns and other particularsSection 25aParticular organisational duties of institutionsDivision 5a. Submission of accounting records Section 26Submission of annual accounts, management report and auditors reportsDivision 6. Audits and the appointment of auditors Section 27(Rescinded)Section 28Appointment of the auditor in special casesSection 29Special duties of the auditorSection 30(Rescinded)Division 7. Exemptions Section 31ExemptionsPart III Provisions on the Supervisions of Institutions Division 1. Licence to conduct business Section 32Granting the licenceSection 33Refusing the licenceSection 33aDeferring or qualifying the licence in the case of enterprises domiciled outside the European CommunitiesSection 33bConsultation of the appropriate authorities of another state of the European Economic AreaSection 34Substitution and continuation in the event of deathSection 35Expiry and revocation of the licenceSection 36Dismissal of managersSection 37Action to stop unlawful businessSection 38Consequences of the revocation and expiry of the licence; measures in the event of liquidationDivision 2. Protection of certain designations Section 39The terms bank and bankerSection 40The term savings bankSection 41ExceptionsSection 42Decision by the Federal Banking Supervisory OfficeSection 43Registration provisionsDivision 3. Information and audits Section 44Information from and audits of institutions, ancillary banking services enterprises, financial holding companies and enterprises included in supervision on a consolidated basisSection 44aCross-border information and auditsSection 44bInformation from and audits of the holders of qualified participating interestsSection 44cProsecution of unauthorised banking business and financial servicesDivision 4. Measures in special cases Section 45Measures in cases of inadequate own funds or inadequate liquiditySection 45aMeasures relating to financial holding companiesSection 46Measures in cases of dangerSection 46aMeasures in cases of a danger of insolvency; appointment of persons authorised to represent the institutionSection 46bInsolvency petitionSection 46cCalculation of prescribed periodsSection 47Moratorium, suspension of banking and stock market businessSection 48Resumption of banking and stock market businessDivision 5. Enforceability, sanctions, costs and charges Section 49Immediate enforceabilitySection 50SanctionsSection 51Costs and chargesPart IV Special Provisions Section 52Special supervisionSection 53Branches of enterprises domiciled abroadSection 53aRepresentative offices of institutions domiciled abroadSection 53bEnterprises domiciled in another state of the European Economic AreaSection 53cEnterprises domiciled in a non-EEA stateSection 53dReports to the Commission of the European CommunitiesPart V Provisions on Penalties and Fines Section 54Prohibited business, operating without a licenceSection 55Violation of the duty to report insolvency or overindebtednessSection 55aUnauthorised use of data on loans of three million Deutsche Mark or moreSection 55bUnauthorised public disclosure of data on loans of three million Deutsche Mark or moreSection 56Provisions governing finesSection 57(Repealed)Section 58(Repealed)Section 59Fines imposed on enterprisesSection 60Appropriate administrative authoritySection 60aNotifications in cases of criminal prosecutionPart VI Transitional and Final Provisions Section 61Licence for existing credit institutionsSection 62Transitional provisionsSection 63(Legislation rescinded and amended)Section 63aSpecial provisions relating to the territory specified in Article 3 of the Unification TreatySection 64Successor enterprises to Deutsche BundespostSection 64aLimits on investments by existing credit institutionsSection 64bCapital of existing credit institutionsSection 64cTransitional arrangement for asset-side balancesSection 64dTransitional arrangement for large exposuresSection 64eTransitional provisions for the Sixth Act Amending the Banking ActEntry into force Part I General ProvisionsDivision 1. Credit institutions, financial services institutions, financial holding companies and financial enterprises1. Definitions(1) Credit institutions are enterprises which conduct banking business commercially or on a scale which requires a commercially organised business undertaking. Banking business comprises 1. the acceptance of funds from others as deposits or of other repayable funds from the public unless the claim to repayment is securitised in the form of bearer or order debt certificates, irrespective of whether or not interest is paid (deposit business), 2. the granting of money loans and acceptance credits (lending business),3. the purchase of bills of exchange and cheques (discount business),4. the purchase and sale of financial instruments in the credit institutions own name for the account of others (principal broking services),5. the safe custody and administration of securities for the account of others (safe custody business),6. the business specified in section 1 of the Act on Investment Companies (Gesetz ber Kapitalanlagegesellschaften) (investment fund business),7. the incurrence of the obligation to acquire claims in respect of loans prior to their maturity,8. the assumption of guarantees and other warranties on behalf of others (guarantee business),9. the execution of cashless payment and clearing operations (giro business),10. the purchase of financial instruments at the credit institutions own risk for placing in the market or the assumption of equivalent guarantees (underwriting business),11. the issuance of prepaid cards for payment purposes, unless the card issuer is also the service provider and hence the recipient of the payment made using the card (prepaid card business), and12. the creation and administration of units of payment in computer networks (network money business).(1a) Financial services institutions are enterprises which provide financial services to others commercially or on a scale which requires a commercially organised business undertaking, and which are not credit institutions. Financial services are 1. the brokering of business involving the purchase and sale of financial instruments or their documentation (investment broking), 2. the purchase and sale of financial instruments in the name of and for the account of others (contract broking),3. the administration of individual portfolios of financial instruments for others on a discriminatory basis (portfolio management),4. the purchase and sale of financial instruments on an own-account basis for others (own-account trading),5. the brokering of deposit business with enterprises domiciled outside the European Economic Area (non-EEA deposit broking),6. the execution of payment orders (money transmission services), and7. dealing in foreign notes and coins (foreign currency dealing).(1b) For the purpose of this Act, institutions are credit institutions and financial services institutions. (2) For the purposes of this Act, managers (Geschftsleiter) are those natural persons who are appointed by law, articles of association or partnership agreement to manage the business of and represent an institution organised in the form of a legal person or partnership. In exceptional cases the Federal Banking Supervisory Office may also revocably designate as manager another person entrusted with the management of an institutions business and authorised to represent it if that person is trustworthy and has the necessary professional qualifications; section 33 (2) applies. If the institution is operated by a sole proprietor, a person whom the proprietor has entrusted with the management of the institutions business and authorised to represent it may be revocably designated as manager in exceptional cases on the conditions specified in sentence 2. If a person is designated as manager by virtue of an application by the institution, the designation shall be revoked upon the application of the institution or the manager.(3) Financial enterprises are enterprises which are not institutions and whose main activities comprise1. acquiring participating interests, 2. acquiring money claims against payment,3. concluding leasing contracts,4. issuing or administering credit cards or travellers cheques,5. trading in financial instruments for their own account,6. advising others on investing in financial instruments (investment advice),7. advising enterprises on their capital structure, their industrial strategy and associated issues; advising them and offering them services in the event of corporate mergers and acquisitions, or8. arranging loans between credit institutions (money-broking business).The Federal Ministry of Finance, after having consulted the Deutsche Bundesbank, may designate by regulation other enterprises as financial enterprises, whereby the list in the appendix to Council Directive 89/646/EEC of December 15, 1989 on the coordination of laws, regulations and administrative provisions relating to the taking-up and pursuit of the business of credit institutions and amending Directive 77/780/EEC (Official Journal of the European Communities No. L 386, page 1) (Second Banking Coordination Directive) is extended. (3a) Financial holding companies are financial enterprises whose subsidiaries are exclusively or primarily institutions or financial enterprises, with at least one subsidiary being a deposit-taking credit institution or a securities trading firm.(3b) Mixed-activity holding companies are enterprises which are neither financial holding companies nor institutions, with at least one subsidiary being a deposit-taking credit institution or a securities trading firm.(3c) Ancillary banking services enterprises are enterprises which are neither institutions nor financial enterprises and whose main activity comprises administering real estate, operating compute