Financial Regulatory News
Financial Regulatory News

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Financial Services

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.




ESG query obligation will also apply to German investment intermediaries (Finanzanlagenvermittler)

ESG is also coming to German investment intermediaries!
On November 11, 2022, the German Federal Ministry of Economics presented a draft bill for a Regulation Amending the Trade Notification Regulation and the Financial Investment Intermediaries Regulation. As a result of the amendment, German investment intermediaries licensed under Section 34f of the German Trade Regulation Act (Gewerbeordnung – „GewO“) will have to ask their customers about their sustainability preferences in the context of investment advice and take these into account in a suitability test.

Alignment of the ESG query obligation with the European regulatory standard
Since [...]

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Amendment of the Owner Control Regulation

On December 28, 2022, the amended “Regulation on Notifications in Accordance with Section 2c of the German Banking Act (Kreditwesengesetz – KWG) and Section 104 of the German Insurance Supervision Act (Versicherungsaufsichtsgesetz – VAG)”, the Owner Control Regulation (Inhaberkontrollverordnung – InhKontrollV, also referred to as Holder Control Regulation by BaFin), became effective. The amendment expands the scope of the documents and declarations to be submitted, but at the same time contains partial relief for the party subject to the notification requirement.

Consideration of the changes to the KWG and the VAG

The amendments to the InhKontrollV take into account the [...]

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The year is drawing to a close – what’s new for 2023?

As the year draws to a close, it is worth taking a look at new regulations at the start of the year: As of January 1, the new Regulatory Technical Standards (RTS) on the EU Disclosure Regulation will apply to financial market participants and financial advisors. With the Disclosure Regulation, which already came into force in March 2021, respective companies must prove how sustainable their products are, the extent to which ESG criteria, i.e. ecological and social standards and good corporate governance, are observed and pursued and which strategies are applied here.

The Disclosure and Taxonomy Regulation applies to financial [...]

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BaFin on the new sustainability exploration in investment advice and financial portfolio management

In a publication dated August 3, 2022, BaFin referred to the now applicable obligation of investment advisors and financial portfolio managers to conduct customer exploration with regard to the sustainability preferences of customers.

  • Customer exploration now also includes sustainability factors, which is why the suitability check and declaration is expanded to include the aspect of the customer’s sustainability preference.
  • The background is the Delegated Regulation (EU) 2021/1253 of the European Commission, which regulates the inclusion of sustainability factors, risks and preferences in certain organizational requirements and conditions for the operation of securities firms.
  • [...]

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