Financial Regulatory News
Financial Regulatory News

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ESG

Compliance in focus: duties, challenges and competencies of the Management Board and Supervisory Board

by on Mar 15, 2024
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The webinar with our partner Renate Prinz focuses on the latest compliance challenges for executives and supervisory boards. It delves into essential topics that are highly relevant today, both for C-level executives and non-executives on governing bodies. We begin with a thorough introduction to current compliance requirements and the organization of compliance within the company.

Explore key themes, including whistleblowing, anti-money laundering, the Supply Chain Due Diligence Act, and ESG. A central focus of the Passion for People webinar is understanding the specific responsibilities that board members and supervisory boards bear in this context, as well as effective ways to [...]

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

by on Jul 29, 2023
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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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ESG, home office and real estate transactions – BaFin publishes 7th MaRisk amendment

by on Jul 6, 2023
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The German Federal Financial Supervisory Authority (“BaFin“) published the seventh amendment to the Minimum Requirements for Risk Management of Banks (“MaRisk“) on June 29, 2023.
The MaRisk codify BaFin’s administrative practice on risk management for German banks, in particular with respect to business organization and outsourcing, and in doing so substantiates the statutory requirements of Section 25a of the German Banking Act (“KWG“).
The amendments range from requirements of the European Banking Authority (“EBA“) for lending and monitoring to exceptions for securities trading in the home office and the managing of ESG and real estate risks.



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

by on Feb 3, 2023
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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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The year is drawing to a close – what’s new for 2023?

by on Dec 19, 2022
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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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ESG risks & Co. in the 7th MaRisk update

by on Oct 14, 2022
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On September 26, 2022, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin“) published an amended draft of its circular “Minimum Requirements for Risk Management” (Mindestanforderungen an das Risikomanagement – “MaRisk“), which is now open for consultation.

MaRisk codifies BaFin’s administrative practice on risk management for German banks, particularly with regard to business organization and outsourcing, and in doing so specifies the statutory requirements of Section 25a of the German Banking Act (Kreditwesengesetz – „KWG“).

The draft of the 7th MaRisk amendment includes, among other things



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AUTOREN

Renate Prinz​

Frank Müller

Annabelle Rau

Kai Grandpierre

Dr. Frederic Peine

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