BaFin Consults 9th MaRisk Amendment - On 1 April 2026, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) submitted a draft of a 9th amendment to the “Minimum...more
A Q&A guide to capital markets law in Germany. The Q&A provides a high-level overview of the main equity and debt markets/exchanges, and the main regulators and legislation that govern them. The prospectus/main offering...more
Our monthly regulatory newsletter monitors all relevant developments regarding German and European regulatory law in English language. Furthermore, we produce detailed briefings to cover key developments in the field of...more
On 19 February 2026, the European Securities and Markets Authority (ESMA) published a consultation proposing amendments to the guidelines on delays in the disclosure of inside information under the Market Abuse Regulation...more
The ESRB published a report on financial stability risks from linkages between banks and the non-bank financial intermediation (NBFI) sector. The report focuses on bank funding from NBFI entities and credit exposure to NBFI...more
On 9 February 2026, the Location Promotion Act (Standortfördergesetz, StoFöG) was published in the Federal Law Gazette (Bundesgesetzblatt). The Act is meant to strengthen Germany as a business location by, among other things,...more
The implementation of the new EU Consumer Credit Directive (Directive (EU) 2023/2225, CCD 2) significantly expands the scope of consumer credit regulation. The German government’s draft bill (Regierungsentwurf) implementing...more
BaFin published its yearly update on its report regarding Risks in BaFin’s Focus, accompanied by a press release. The report identifies the following six top risks for financial institutions, arising from: (i) significant...more
On 18 December 2025, the European Securities and Markets Authority (ESMA) published a report on the revised guidelines on liquidity management tools (LMTs) for UCITS and open-ended AIFs. ...more
BaFin announced that it has launched a new survey on cum/cum transactions, following surveys in 2017, 2020 and 2021. The survey is aimed at the majority of German credit institutions, selected investment institutions and...more
As the new year has begun, ESMA just published the Finfluencer factsheet with tips for responsible promotion. These are generally: be honest and clear; don’t fake or mislead; don’t advise; disclose any payments; be...more
The German Financial Supervisory Authority ("BaFin") has issued non-binding guidance ("Guidance") clarifying how financial institutions should manage Information and Communication Technology ("ICT") risks arising from...more
BaFin Consults on Draft Guidance Note on the Authorisation Procedure for AIF Capital Management Companies - On 9 September 2025, the German Federal Financial Supervisory Authority (Bundesanstalt für...more
Our monthly regulatory newsletter monitors all relevant developments regarding German and European regulatory law in English language. BaFin: Publication of Circular 10/2025 (BA) on the SNCI status (Veröffentlichung des...more
The Markets in Crypto-Assets Regulation (MiCAR) is the first standardized legal framework for the issuance and trading of crypto assets. Initial measures taken by BaFin show how regulatory requirements are already being...more
1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU EBA: Report on the exemption of third country undertakings from the requirement to set-up a branch for the provision of banking services to EU...more
Regulation 1114/2023 (the Markets in Crypto-Assets Regulation, or MiCA) became fully applicable in January 2025. Since then, many businesses have successfully received authorization from national competent authorities to...more
Die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) öffnet ihr Portal der Melde- und Veröffentlichungsplattform (MVP-Portal) zukünftig auch für geldwäscherechtliche Anzeigen. Konkret betrifft dies alle im Voraus...more
The Federal Financial Supervisory Authority has announced that it intends to restrict trading in so-called "turbo certificates", i.e. MiFID bonds that leverage the performance of an underlying asset and expire immediately...more
A welcome wind of regulatory change is noticeable in Germany. On May 20, 2025, the Federal Financial Supervisory Authority (BaFin) published a consultation on a draft ordinance to amend the ownership control ordinance and the...more
On 21 May 2025 the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) has launched a consultation (GZ: WA 35-Wp 5427/00001#00554; available here (in German only)) prior to...more
While financial institutions, on the one hand, are in the process of implementing and preparing to apply the fundamental amendments and changes that will take place in upcoming years by the EU AML Package—entering into force...more
1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) Germany - Bundesbank: Updated directories of credit institutions and their associations in Germany on banking related information (Aktualisiertes...more
This practical note was originally published by Practical Law Capital Markets. A practice note setting out top tips from German counsel for doing capital markets deals in Germany. It highlights issues of which lawyers from...more
1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EBA: Updated methodology on the regulatory and supervisory equivalence of non-EU countries - Status: Final - The EBA has published its updated...more