Germany

Topic: MiFID II

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MiFID suitability requirements peer review: ESMA publishes follow-up report

On 24 July 2018, ESMA published a follow-up report to its peer review on suitability requirements under MiFID. The report looks at the actions taken by National Competent Authorities (NCAs) since April 2016, when ESMA published its previous peer review report. Follow-up work was commenced in December 2017. The key points from the follow-up report … Continue Reading

MiFID II: BaFin publishes revised draft version of MaComp

On 2 November 2017 BaFin published an updated version of the MaComp Circular. The MaComp (Minimum Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency pursuant to Sections 31 et seq. of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) for Investment Services Enterprises) comprise all publications concerning the conduct … Continue Reading

BaFin: MiFID II Conference on conduct of business requirements

The German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has organised a Conference on the implementation of the conduct of business requirements pursuant to MIFID II, which will take place on 27 October 2017. The Conference will be held at the German National Library in Frankfurt am Main. The agenda includes presentations on (i) transparency … Continue Reading

BaFin issues updated drafts of WpHGMaAnzV and WpDPV

On 24 July, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published updated drafts of the Ordinance on the Examination of Investment Services Enterprises (Wertpapierdienstleistungs-Prüfungsverordnung – WpDPV) and of the Securities Trading Act Employee Notification Regulation (WpHG-Mitarbeiteranzeigeverordnung – WpHGMaAnzV). A consolidated Version of the WpHGMaAnzV can be viewed here. Main content of the … Continue Reading

MiFID II: 2nd Financial Markets Amendment Act published in Federal Law Gazette

The Second Financial Markets Amendment Act (Zweites Finanzmarktnovellierungsgesetz, 2. FiMaNoG) has been published in the Federal Law Gazette. Most parts of this amending act will enter into force on 3 January 2018. Individual provisions, however, such as the possibility to use standardised product information sheets for shares traded on an organised market, enter into effect … Continue Reading

BaFin issues drafts of WpHGMaAnzV and WpDPV for consultation

On 30 May, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published the drafts of the Ordinance on the Examination of Investment Services Enterprises (Wertpapierdienstleistungs-Prüfungsverordnung – WpDPV) and of the Securities Trading Act Employee Notification Regulation (WpHG-Mitarbeiteranzeigeverordnung – WpHGMaAnzV). Main content of the WpDPV draft The draft of the WpDPV contains the … Continue Reading

German regulators work on proposals for “Small Banking Box” regulation

The German Federal Financial Supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) and the German Central Bank (Deutsche Bundesbank) are currently working on a draft proposal for the so-called “Small Banking Box” regulation. The aim of the “Small Banking Box” is to specify the principle of proportionality in banking regulation. The new proposal suggests that small and … Continue Reading

Draft Applications for data reporting services providers

With the entry into force of the European Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR), the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) will assume new duties in relation to the authorisation and supervision of data reporting services providers from 3 January 2018. However, … Continue Reading

Brexit: BaFin has launched new web pages for foreign companies in the financial sector

The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has launched new pages on its website for foreign companies in the financial sector. On these new web pages, BaFin provides information regarding: communication; procedures; internal risk models; outsourcing and securities prospectus. The web pages also contain a new Brexit FAQ catalogue in which BaFin … Continue Reading

BaFin plans to amend MaComp

The German Federal Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) plans to amend its circular regarding the Minimum Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency pursuant to sections 31 et seq. of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) for Investment Services Enterprises (MaComp). Bafin has commenced … Continue Reading

Third country regulatory regime in the Second Financial Markets Amendment Act

The Second Financial Markets Amendment Act (Zweites Finanzmarktnovellierungsgesetz – 2. FiMaNoG) alters the financial market access rules for firms in third countries. In the context of the 2. FiMaNoG, the definition of “third country” refers to jurisdictions outside the EU and “third country firms” refers to entities incorporated outside the EU which seek to do … Continue Reading

Draft of Second Act on the Reform of Financial Markets Provisions (Second Financial Markets Amendment Act (Zweites Finanzmarktnovellierungsgesetz – 2. FiMaNoG))

On 29 September 2016, the German Federal Ministry of Finance started the consultation process on the Second Financial Markets Amendment Act by sending a consultation draft to the Federal States and Associations. The Second Financial Markets Amendment Act transposes the revised requirements of the Markets in Financial Instruments Directive (MiFID II), the accompanying Markets in … Continue Reading
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