The Federal Ministry of Economics and Technology is currently preparing an amendment to the Foreign Trade and Payments Act (Außenwirtschaftsgesetz) and the Foreign Trade and Payments Regulation (Außenwirtschaftsverordnung), which is scheduled to be adopted by the parliamentary committees within the current legislative period.
Since July 2013, transactions and stocks will have to be reported to the Deutsche Bundesbank in line with the new provisions.
Overview of the most important changes:
- Electronic submission of reports to become mandatory
- Submission via banks to be dropped
(abolition of Annex Z1 to the Foreign Trade and Payments Regulation)
- Extension of transaction and stock reports
Find further information of the Deutsche Bundesbank here