Since its establishment in May 2002, BaFin has been carrying out the supervision of most financial undertakings in the country such as banks, insurance ventures and providers of all kinds of financial services functioning under the same roof. The Federal Ministry of Finance exercises control over BaFin.
Being an independent public-law regulatory body, this organization is financed by dues and payments contributed by the supervised institutions and ventures. So thanks to this fee system, BaFin doesn’t depend on the Federal Budget.
As for BaFin’s main goal it’s, first of all, to operate in the public interest assuring due functioning, unity and stability of the financial system in Germany. BaFin’s solvency supervision consists in controlling financial institutions ability to meet their engagements concerning all kinds of payments. Preventing illegal business and enforcing professional behavior standards are other objectives of BaFin.