Financial Regulatory News
Financial Regulatory News

Short, hands-on, up to date

Are You Ready for MiCAR? – Webinar on the Introduction to the new EU Crypto Regulation

We are pleased to invite you to our webinar on March 5 on the new regulation of crypto-assets in the EU (Markets in Crypto-Assets Regulation (MiCAR)), with a focus on the scope of MiCAR, licensing requirements and procedures, and obligations for crypto-asset service providers in the EU. Our experts who concentrate on Financial Regulatory Law with a focus on the current crypto regulation want to discuss with you the upcoming changes due to MiCAR in 2024.

The seminar is aimed at all those who are (or are aiming for) doing business in the crypto scene or offer any services in [...]

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FinmadiG and KMAG – Implementation of European crypto-financial market regulation in Germany

The German legislator has responded to the harmonization of European financial market regulations: In October 2023, the Federal Ministry of Finance published the draft bill for the Act on the Digitization of the Financial Market (Finanzmarktdigitalisierungsgesetz – “FinmadiG“), followed by the publication of the government draft of the FinmadiG just one month later.

MiCAR, DORA and money transfers – what does the FinmadiG implement?

The FinmadiG is intended to implement the following EU regulations on digital financial market regulation:

  • Markets in Crypto-Assets Regulation (“MiCAR”): The first EU-wide uniform set of rules for markets in crypto assets (we provided information here, for [...]

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Update for securities institutions: German Securities Institutions Owner Control Ordi-nance published

On January 15, 2024, the German Securities Institutions Owner Control Ordinance was published in the Federal Law Gazette and thus entered into force today, January 16, 2024.

Owner control procedures for securities institutions

The Securities Institutions Owner Control Ordinance regulates the material and formal requirements for the acquisition of a significant shareholding in a regulated securities institution (so-called owner control procedure).

A significant or qualified shareholding is defined as the direct or indirect holding of shares in a company that represents at least 10% of the capital or voting rights of this company or that otherwise enables the exercise of [...]

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SEC approval for crypto ETF

Yesterday, on January 10, 2024, the US Securities and Exchange Commission (“SEC”) made the long-awaited decision by the crypto scene to allow the listing and distribution of exchange-traded funds (“ETFs”) that track the price of the cryptocurrency Bitcoin, so-called Bitcoin spot ETFs. Specifically, 11 of these Bitcoin spot ETFs were approved by SEC, including those from major market players such as BlackRock, Ark Investments and Fidelity. The approval decision was preceded by a false report shortly before the SEC decision, which once again led to considerable market distortions. The approval took a year-long coordination process between the parties involved and [...]

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What To Expect From The EU’s New PSD3, PSR AND FIDA Regulations

The Payment Services Directive II (PSD2) has changed the payment services industry in Europe. However, many details remain open and impractical and the implementation of the directive and the administrative practices of local financial supervisory authorities differ greatly in some cases. A reform is now pending with PSD3, which aims for a higher degree of harmonization and will bring with it many new requirements for payment service providers.What are the most important changes and challenges facing the industry? How can payment service providers prepare? Read the article by Renate Prinz and Annabelle Rau to find out how the planned PSD [...]

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ELTIF 2.0 – Alternative to the Open-Ended Real Estate Mutual Fund?

The European Long-Term Investment Fund (ELTIF) is a European investment vehicle that was introduced for economic policy considerations, to provide additional financing opportunities to certain industries and companies. Although the European Commission launched the ELTIF in 2015, relatively few ELTIFs have been authorised since then. As of July 2023, only 95 ELTIFs existed according to ESMA’s public register. Most of these were issued in Luxembourg, France, Spain and Italy.
This year, however, the ELTIF has been subject of much discussion, especially in Germany. Why? The ELTIF Regulation has been fundamentally revised recently. The new regulations will come [...]

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Distribution of closed-end funds – On the necessity of revocation instructions under the German Civil Code (BGB)

When distributing investment funds and designing the fund documentation, information on revocation rights must be observed. This applies not only to mutual funds, but also to special funds if they are sold to “consumers” as defined by the German Civil Code. In addition to small investors, this may also include semi-professional investors. While the KAGB contains a special regulation in the area of open-end funds, the general regulations of the BGB apply to closed-end funds – which, however, do not apply to investments in closed-end funds.

Frank Müller and Tobias Koch outline which special features have to be [...]

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McDermott is nominated in the Financial Times Innovative Lawyers Awards in Europe

We are very pleased to announce that our firm has been nominated in the categories Innovation in Digital Solutions and Innovative Lawyers in Impact and ESG in the Financial Times Innovative Lawyers Awards Europe.

The German legal tech team, led by Dr Thomas Hauss, was nominated for the Check of Regulatory Authorizations (CORA) tool in the Innovation in Digital Solutions category. The tool supports users in navigating the highly complex landscape of German and European financial supervisory law.

Learn more about CORA here.
Click here for the shortlist.

Our CORA team: Dr. Thomas [...]

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McDermott Funds Academy: GP-led secondaries and the launch of continuation funds

The McDermott Funds Academy online seminar took place on 6 July. We spoke with our experts Dr. Kian Tauser, Frank Müller and Tobias Koch about GP-led secondaries and the launch of continuation funds.

The online seminar was aimed at employees of fund initiators and sponsors, institutional investors, asset managers, capital management companies, custodians, banks and others with a connection to investment funds and their transactions.

Click here to view the full recording.

United Kingdom’s digital pound meets public backlash – Why?

It’s not only the EU with its plans for a digital Euro that’s addressing the matter of Central Bank Digital Currency (“CBDC“). The UK has also unveiled an ambitious roadmap for the introduction of a ‘Britcoin’ by 2030. In a conversation with Cointelegraph, Annabelle Rau sheds light on the impacts of CBDCs on privacy, financial inclusion, and the risks of bank runs.

Follow this link to the full version of the article on Cointelegraph.