The first phase of the Markets in Crypto-Assets Regulation (MiCA) applies from 30 June 2024.
Issuers of asset-reference tokens (ARTs) must be authorized in the EU, which includes submitting a detailed application and...more
Der aktuelle Stand im EU-Normgebungsverfahren -
Der Europäische Rat hat am 6. November 2023 seine mit Spannung erwartete finale Fassung des Beschlusstextes zur Änderung der AIFMD- und der OGAW-Richtlinie (AIFMD II) in...more
The European Council (Council) and the European Parliament (Parliament) announced on 30 June 2022 that they had reached a provisional agreement on the proposal for regulation on markets in cryptoassets (MiCA). The text of...more
10/6/2023
/ Cross-Border ,
Cryptoassets ,
Disclosure Requirements ,
E-money tokens ,
European Banking Authority (EBA) ,
European Council ,
European Parliament ,
European Securities and Markets Authority (ESMA) ,
Financial Instruments ,
Financial Services Industry ,
MiFID ,
Public Disclosure ,
Recordkeeping Requirements ,
Sustainability ,
Transparency ,
UK ,
Utility Tokens
In a landmark decision, the German Fiscal Court (Bundesfinanzhof – BFH) confirmed that capital gains from the sale of cryptocurrencies are subject to income tax.
The BFH considers cryptocurrencies to be ‘other assets’...more
The new German Regulation on Crypto Fund Units (Verordnung über Kryptofondsanteile – KryptoFAV) introduces the possibility to issue units of German investment funds digitally as so-called Crypto Fund Units. ...more
On 30 June 2022, the European Council (Council) and the European Parliament (Parliament), announced that they had reached a provisional agreement on the proposal for regulation on markets in cryptoassets (MiCA), which covers...more
7/15/2022
/ Asset Management ,
Blockchain ,
Corporate Counsel ,
Cryptoassets ,
Distributed Ledger Technology (DLT) ,
EU ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment Opportunities ,
Investor Protection ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Regulatory Agenda ,
Regulatory Standards ,
Stablecoins ,
Token Sales
A draft EU Council directive, known as ATAD 3, was issued by the European Commission as a proposal at the end of last year. The directive is aimed at countering the misuse of 'shell' entities and could impose adverse tax and...more
On August 2, 2021, a new pre-marketing regime for alternative investment funds (AIFs) promoted and distributed in Germany will come into force with the Fund Domicile Act making changes to the German Capital Investment Code....more
In this OnPoint we will look at some of the upcoming German legislative initiatives that will impact asset managers and financial services providers in Germany and abroad. We will cover the following items: Fund Domicile...more
Political Agreement -
Following the recent European Commission proposal to postpone the initial reporting deadlines for “DAC6” by three months, EU Commission proposes extension of the DAC6 reporting deadlines, a political...more
On Friday 8 May 2020, the European Commission announced a proposal to postpone by three months the initial reporting deadlines for “DAC6”, the incoming mandatory disclosure regime for potentially aggressive tax arrangements....more
5/15/2020
/ Coronavirus/COVID-19 ,
Cross-Border Transactions ,
Deferred Action ,
EU ,
European Commission ,
Filing Deadlines ,
Financial Institutions ,
Mandatory Disclosure Rules ,
Member State ,
Reporting Requirements ,
Time Extensions ,
UK
The recent volatility in capital markets during the COVID-19 pandemic has created the risk that investment funds may be passively breaching investment restrictions that apply to them under the German Investment Tax Act....more
Both the German Federal Government and the German Federal States have enacted a variety of new financial support programs aimed at mitigating the economic consequences that the COVID-19 pandemic has on the German economy....more
4/21/2020
/ Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Germany ,
Loan Applications ,
Private Equity ,
Private Equity Funds ,
Relief Measures ,
Startups ,
State of Emergency ,
Supporting Memorandum ,
Venture Capital
Below please find a list of global tax measures in response to COVID-19.
United States -
On March 25 and March 27 the U.S. Senate and House of Representatives, respectively, passed the Coronavirus Aid, Relief and...more
German draft bill for the implementation of the 5th EU Anti-Money Laundering Directive provides for licensing requirements and an expansion of the address of the anti-money laundering obligations with regard to crypto-asset...more
New provisions of the German Capital Investment Act (Vermögensanlagengesetz – VermAnlG) (the “Act”) relating to crowdfunding will become effective on 21 July 2019. The amendments will have a significant impact on the...more
No-deal Brexit preparations: BaFin criticizes financial entities for missing Brexit preparation with regard to license requirements -
As of March 2019, Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt...more
4/11/2019
/ AIFs ,
Anti-Money Laundering ,
Asset Management ,
BaFin ,
Cryptocurrency ,
EU ,
Germany ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
Investment Management ,
Licensing Rules ,
No-Deal Brexit ,
Public Offerings ,
Securities Regulation ,
Securities Tokens ,
UCITS ,
UK Brexit
German Parliament adopts Brexit Transitional Act -
The German Parliament (“Bundestag”) adopted by a large majority the so-called Brexit Transitional Act (“Brexit-Übergangsgesetz”) submitted by the Federal Government on...more
3/12/2019
/ Asset Management ,
Bank Recovery and Resolution Directive (BRRD) ,
Banks ,
Capital Requirements Regulation (CRR) ,
CDS ,
Central Counterparties ,
Credit Default Swaps ,
CRR II ,
EU ,
Germany ,
Investment Funds ,
ISDA ,
Single Resolution Mechanism Regulation (SRMR) ,
Transitional Arrangements ,
UK Brexit ,
Unsecured Debt
Law amending Financial Market Laws to Regulation (EU) 2017/2402 and Regulation (EU) No 575/2013 as amended by Regulation (EU) 2017/2401 published in the Federal Law Gazette -
The Law amending Financial Market Laws to...more
2/6/2019
/ Amended Rules ,
Asset Management ,
BaFin ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Germany ,
Investment Funds ,
Marketing ,
MiFID II ,
MiFIR ,
Popular ,
Retail Investors
German Federal Ministry for Economic Affairs and Energy publishes draft bill implementing MiFID II requirements for investment brokers and advisers regulated under the German Industrial Code -
The German Federal Ministry...more
12/8/2018
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Brokers ,
EU ,
Germany ,
Investment Adviser ,
Investment Funds ,
MiFID II ,
Statistical Analysis ,
UCITS
German Federal Ministry of Justice and Consumer Protection published draft bill implementing the Directive (EU) 2017/828 as regards the encouragement of long-term shareholder engagement (“ARUG II”) -
The Directive (EU)...more
11/9/2018
/ Asset Management ,
BaFin ,
EU ,
European Securities and Markets Authority (ESMA) ,
Executive Compensation ,
Germany ,
Investment Funds ,
Investment Management ,
MiFID II ,
MiFIR ,
Portfolio Managers ,
Say-on-Pay ,
Second Shareholder Rights Directive (ARUG II) ,
Shareholder Rights ,
Shareholders ,
UCITS
Half-year figures for Germany: Investment funds raise €51 billion by August -
The German Investment Fund Association BVI issued its half-year figures report on 9 August 2018. The first half of 2018 saw investment funds in...more
BMF starts consultation of tax circular on investment tax act with associations -
The BMF (Federal Ministry of Finance) sent an updated draft tax circular on 15 June 2018 to industry associations. The updated draft...more
8/6/2018
/ Asset Management ,
EU ,
German Investment Tax Act (GITA) ,
Germany ,
Income Taxes ,
Investment Funds ,
Misleading Impressions ,
Pending Legislation ,
Premium Listed Issuers ,
Private Equity Funds ,
Rating Agencies ,
Remedies
European banking and securities authorities published guidelines on the assessment of the suitability of members of the management body and key function holders -
ESMA and EBA published joint guidelines regarding the...more
7/6/2018
/ Asset Management ,
BaFin ,
CRD IV Directive ,
EU ,
European Securities and Markets Authority (ESMA) ,
Germany ,
Investment Funds ,
Legal Entity Identifiers ,
MiFID II ,
MiFIR ,
New Guidance
European Commission Publishes Legislative Proposals on Sustainable Finance Which Impacts Asset Managers -
The EU Commission presented a package of measures on 24 May 2018, as a follow-up to its action plan on financing...more