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Monitoring 27 and the securing of the adherence to exchange related rules and regulations. In Berlin the Exchange Supervisory Authority is part of the Senate for Economy, Technology and Research. The Federal Financial Supervisory Authority (BaFin) Supervision of the financial services sector is carried out by the Federal Financial Supervisory Authority (Bundesanstalt für Finanz- dienstleistungsaufsicht (BaFin)). BaFin supervises all areas of the financial industry including Multilateral Trading Facilities (MTFs). It is in turn subject to supervision by the Federal Ministry of Finance. It is not BaFin’s responsibility to supervise German Regulated Markets. BaFin’s central tasks in the area of supervision of securities are to pursue insider trading and market manipulation. BaFin staff members analyse all transaction reports they receive. BaFin examines the contents of ad-hoc and director dealing disclosures and their impact on the price development. If a suspicion arises that insider trading might have taken place, BaFin forwards the case to the German Prosecutor‘s Office. BaFin also serves as a representative and intermediary between the eight Exchange Supervisory Authorities of the German federal states and the European Securities and Markets Authority (ESMA). ClearingMonitoring

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