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MiCA Phase 1: ARTs and EMTs (Incl. Stablecoins) Need EU Authorization

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

AIFMD - Review: Geplante Änderungen der AIFM-Richtlinie – Auswirkungen auf Kreditfonds

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

MiCA: Making Progress

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

German Federal Fiscal Court confirms Taxation of Income from Cryptocurrencies

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

Germany – New Regulation (KryptoFAV) Enables Issuance of Digital Fund Units on the Blockchain

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

Countdown to MiCA: The EU’s cryptoassets regulation

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

ATAD 3 (Shell Companies) – Potential Implications for Fund Structures

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

New Pre-marketing Rules for Alternative Investment Funds in Germany

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

An Overview of German Legislative Initiatives Impacting Asset Managers and Financial Service Providers in Germany and Abroad

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

Proposed six month extension of the DAC6 reporting deadlines

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

EU Commission proposes extension of the DAC6 reporting deadlines

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

COVID-19 Coronavirus Business Impact: German Tax Administration Provides COVID-19 Coronavirus Temporary Relief for Investment...

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

COVID-19 Coronavirus: German Government Stimulus Package for Private Equity and Venture Capital-financed Companies

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

COVID-19 Coronavirus: Global Tax Update

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

AMLD5 in Germany: Implementation provides far-reaching licensing requirements for crypto-asset service providers

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

Reforms of the German Capital Investment Act (Vermögensanlagengesetz) and Implementation of German Provisions of the EU Prospectus...

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

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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

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