Month: February 2024
Licence requirement for credit service providers – services for non-performing loans now require a licence
By Renate Prinz on 28. February, 2024
Posted In Banking Law, Financial Services, NPL
When the Secondary Credit Market Act (Kreditzweitmarktgesetz) came into force on 30 December 2023, services relating to non-performing loans, i.e. loans that are no longer being settled or are at risk of default, will require a licence. Companies that already provide credit services today had to register with BaFin in February and state that they will continue to provide these services and now have until April to submit a licence application. A transitional regulation will then apply to them, under which the services can initially still be provided without a licence. In addition, the sale of NPLs by credit institutions will be subject to clear rules, particularly with regard to the standardised communication of information on the NPLs sold.
BaFin has published FAQs on the new regulation.
These summarise initial information on the licensing requirement and licensing procedures. BaFin has also drawn attention to the changed submission deadlines.
Are You Ready for MiCAR? – Webinar on the Introduction to the new EU Crypto Regulation
By Annabelle Rau | Renate Prinz on 09. February, 2024
Posted In Crypto Regulation, MiCAR
We had the pleasure to host our webinar 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, specializing in Financial Regulatory Law with a focus on the current crypto regulation, engaged in discussions regarding the upcoming changes due to MiCAR in 2024.
The seminar was targeted at all those who were (or aspired to be) involved in the crypto scene or provided services in this domain, seeking insights into compliance with the new regulation.
You can view a recording of the session below:
