On May 2017, the German Federal supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) organized a workshop for foreign issuers of securities. BaFin representatives held various presentations on the possible consequences of Brexit. Three major questions were discussed taking into account various Brexit scenarios:
- Which issuers of securities prospectuses are concerned?
- What are the effects on prospectuses for public offers?
- What are the effects on listing prospectuses?
Moreover, BaFin has explained in which circumstances (e.g. prospectus submission or notifications) it is legally admitted for issuers to communicate with BaFin in English instead of German. BaFin also explained how the prospectus approval process works within the regulator and how documents can be submitted to BaFin electronically.
The presentations’ slides can be found here in English.
On 27 June 2017, BaFin will organize another workshop in Frankfurt. Asset managers and investment funds considering relocating to Germany can find out more about BaFin’s administrative and supervisory practice. The workshop will focus on issues including the authorisation procedure, delegation issues and the marketing notification procedure.
Details can be found here.