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
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
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
BaFin interpretative notice regarding eligible investments for AIFs as real-estate companies
BaFin published a new interpretative notice on 9 April 2018, regarding the requirements for alternative investment funds (AIF) in...more
BaFin Publishes Interpretative Notice Regarding the Qualification of Tokens and Cryptocurrencies Offered Through Initial Coin Offerings to Investors -
BaFin published its new interpretative notice on 20 February regarding...more
4/2/2018
/ Asset Management ,
BaFin ,
Cryptocurrency ,
EU ,
Fees ,
Germany ,
Initial Coin Offering (ICOs) ,
Investment Funds ,
MiFID II ,
Open-Ended Fund Companies (OFCs) ,
Securities Regulation ,
Token Sales ,
Transaction Costs
BaFin Decision Regarding the Duties of Management Companies in Respect to Externally Managed Investment Companies -
After a long consultation period, BaFin published its new interpretative decision on 21 December 2017...more
BaFin publishes new circular for investments of German Insurers -
As of 12 December 2017 and after a long consultation period, BaFin has published its new Circular 11/2017 (Hinweise zur Anlage des Sicherungsvermögens...more
BaFin Publishes Guidance on the Authorization of Credit Institutions -
BaFin issued a guidance notice on 20 July 2017 on the requirements for the application for a banking license in accordance with Sections 32 and 33 of...more
BaFin Publishes Guidance on Transparency Standards for German Funds -
On 4 April 2017, BaFin has published new transparency standards for funds after a BaFin investigation found that some active funds “closely” track...more
5/2/2017
/ Asset Management ,
BaFin ,
Credit Unions ,
Delays ,
EU ,
Germany ,
Insurance Industry ,
Investment Funds ,
Remuneration ,
Risk Assessment ,
Solvency II ,
Transparency ,
UCITS
BaFin Publishes Revised "MaComp" Covering Rules of Conduct, Organization and Transparency for Investment Services Enterprises -
BaFin published the revised “MaComp” on 8 March 2017. The MaComp (Governing Rules of...more
BaFin publishes circular on regulatory requirements to the business organization of insurance companies (MaGo) -
BaFin published a circular on regulatory requirements on 25 January 2017 for the business organization of...more
3/7/2017
/ AIFM ,
AIFs ,
Asset Management ,
BaFin ,
Corporate Bonds ,
EIOPA ,
Germany ,
Insurance Industry ,
Investment Funds ,
Remuneration ,
Small Credit Institutions
BaFin Publishes KAMaRisk -
BaFin published the “Minimum Requirements on Risk Management for Investment Management Companies (Mindestanforderungen an das Risikomanagement für Kapitalverwaltungsgesellschaften -...more
BaFin Publishes Circular on Solvency II -
Bafin published a revised draft circular on 7 December 2016 addressing Solvency II entities regulated by the BaFin which will enter into force on 1 January 2018. The draft...more
12/21/2016
/ Asset Management ,
BaFin ,
CFD Trading ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Germany ,
Investment Funds ,
Investment Management ,
Rules of Professional Conduct ,
Solvency II ,
Transparency
German Investment Fund Association Extends Rules of Conduct -
The general meeting of the German Investment Fund Association BVI (Deutscher Fondsverband) agreed to revised rules of conduct for the fund industry which will...more
11/29/2016
/ Asset Management ,
BaFin ,
EU ,
Germany ,
Insurance Industry ,
Investment Companies ,
Investment Funds ,
Loans ,
Regulatory Requirements ,
Risk Management ,
Rules of conduct ,
UCITS
Exception from the License Requirement for Investment Intermediaries in the Future Only in Case of a First Public Offer of Investment Assets (Vermögensanlagen) -
As of 31 December 2016, investment advisors and...more
10/19/2016
/ Amended Regulation ,
Asset Management ,
BaFin ,
Bonds ,
Financial Markets ,
Fund Management Companies ,
German Banking Act ,
Germany ,
Investment Adviser ,
Investment Funds ,
Licensing Rules ,
MiFID II ,
MiFIR ,
Public Offerings
General Administrative Act to Ensure Legal Certainty for Netting Agreements in the Scope of German Insolvency Law -
As of June 9th 2016 BaFin issued a General Administrative Act to ensure legal certainty for netting...more