The German Financial Regulator, ("BaFin"), published guidance ("Guidance") on 5 September 2022, that provides some further clarity on various questions on the Sustainable Finance Disclosure Regulation ("SFDR"). BaFin has...more
10/5/2022
/ BaFin ,
Data Collection ,
Environmental Social & Governance (ESG) ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Financial Markets ,
Financial Products ,
Financial Regulatory Agencies ,
Germany ,
MiFID ,
New Guidance ,
SFDR ,
Sustainable Finance ,
Taxonomy
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 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
Whilst to date no formal announcement has been made by the European Commission, in a letter to two trade associations (the German Bundesverband Investment und Asset Management (BVI) and the Italian Assogestioni) the...more
Germany’s cabinet has approved draft legislation designed to tighten the country’s foreign investment control (“FDI”) regime. The draft bill pre-dates the coronavirus crisis but comes amid growing fears that non-EU investors...more
An Overview of Measures Enacted or Envisaged by the German Government -
The current outbreak of COVID-19 coronavirus, recognized by the World Health Organization as a global pandemic, has already had a material impact on...more
3/21/2020
/ Business Taxes ,
Compensation ,
Coronavirus/COVID-19 ,
Deregulation ,
Financial Crisis ,
Germany ,
Infectious Diseases ,
Insolvency ,
Layoffs ,
Liquidity ,
Part-Time Employees ,
Reduction in Hours ,
Relief Measures ,
Remote Working ,
Small Business Loans ,
Tax Deferral
BaFin, the German financial regulator, has recently begun to review performance fee calculation clauses in fund documents filed by non-German UCITS for marketing in Germany in a more systematic manner. In a number of...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
Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more
10/7/2017
/ BaFin ,
Banking Restrictions ,
Banks ,
China ,
Corporate Counsel ,
Corporate Issuers ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Germany ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Initial Coin Offering (ICOs) ,
Investors ,
Monetary Authority of Singapore ,
People's Bank of China ,
Securities and Exchange Commission (SEC) ,
Singapore ,
Token Sales ,
UK ,
Unregistered Securities ,
Young Lawyers
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 Restricts CFD Trading to Retail Clients -
BaFin issued a General Administrative Act pursuant to section 4b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) on 8 May 2017. The General...more
6/27/2017
/ Audits ,
BaFin ,
CFD Trading ,
Germany ,
Investment Firms ,
Investment Funds ,
MiFID II ,
MiFIR ,
Notice Requirements ,
Retail Investors ,
Securities
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