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BaFin was formed on 1 May 2002 with the passing of the Financial Services and integration Act (German: Gesetz über die integrierte Finanzaufsicht (FinDAG)) on 22 April 2002. The aim of this legislation was to create one integrated financial regulator that covered all financial markets.[2] BaFin was created by the merger of the three supervisory agencies, the Federal Banking Supervisory Office (German: Bundesaufsichtsamt für das Kreditwesen (BAKred)), the Federal Supervisory Office for the Securities Trading (German: Bundesaufsichtsamt für den Wertpapierhandel (BAWe)), and the Federal Insurance Supervisory Office (German: Bundesaufsichtsamt für das Versicherungswesen
