Germany: Act on Ringfencing and Recovery and Resolution Planning for Credit Institutions and Financial Groups

Earlier this year the Act on Ringfencing and Recovery and Resolution Planning for Credit Institutions and Financial Groups (Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von Kreditinstituten und Finanzgruppen) was passed by the Bundesrat: see here (pdf). An overview, in English, is available here. The Act has, amongst other things, introduced a new criminal offence in respect of the failure of senior managers to meet certain diligence requirements: see here.