Germany has the second largest financial services market in the EU. BaFIN and the Deutsche Bundesbank regulate 2,346 MiFID investment firms (25% of the European market). (ESMA Investment Firm Register)

BaFin monitors whether companies and market participants comply with the requirements and prohibitions of the directly applicable Market Abuse Regulation (MAR) and various delegated and implementing regulations at a European level (e.g. MiFIR and EMIR). (BaFIN, Jan 18)

Supervision of listed companies should not be confused with supervision of exchanges. Supervision of the individual stock exchanges in Germany is the responsibility of the stock exchange supervisory offices of the federal states. These supervisory offices oversee whether trading on the exchanges is conducted in a proper manner in accordance with the German Stock Exchange Act (Börsengesetz – BörsG). (BaFIN, Jan 18)

However, multilateral trading facilities that are operated by credit or financial services institutions, are subject to supervision by BaFin. (BaFIN, Jan 18)