WpI MaRisk – BaFin Publishes Consultation Paper

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BaFin has released a second consultation draft of the WpI MaRisk circular, introducing more proportionate risk management requirements specifically tailored for small and medium-sized investment firms. The revised framework aims to reduce regulatory complexity while maintaining alignment with MiFID II and related EU regulations, with stakeholder comments due by June 17, 2026.

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Short overview

On 6 May 2026, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) published the second draft of the circular “Minimum Requirements for the Risk Management of Investment Firms (“WpI MaRisk”)” for consultation.¹

The second consultation draft of the WpI MaRisk² is even more closely tailored to the needs and risk profile of small and medium-sized investment firms, with a focus on proportionate regulation. The aim is to reduce complexity and ensure that the requirements are principle-based.

This draft is less extensive than the prior version; it clarifies the legal requirements of Sections 38 et seq. of the Investment Firms Act (WpIG) in line with Directive 2014/65/EU (MiFID II)⁴ and Delegated Regulation (EU) 2017/565,³ and aims to provide greater transparency regarding supervisory expectations.

The revision also served to bring the wording into line with the MaRisk (Circular 07/2024 (BA)), for which the consultation on the 9th amendment remained open until 8 May 2026.⁵

The deadline for submitting comments on the draft is 17 June 2026.

Footnotes

1. Press release available here.

2. Consultation draft available here.

3. Available here.

4. Available here.

5. Press release available here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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WpI MaRisk – BaFin Publishes Consultation Paper

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