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ESMA updates its Q&A on prospectuses

The European Securities and Markets Authority (ESMA) has published an updated version of its Q&As document on prospectuses. The purpose of the Q&As is to promote common supervisory approaches and practices in the application of the Prospectus Directive (PD) and its implementing measures. It does this by providing responses to questions posed by the general … Continue Reading

Commission publishes a report on the SFTR

Regulation (EU) 2015/2365 on the transparency of securities financing transactions and of reuse (SFTR) aims to get a better understanding of the effects of shadow banking (non-bank credit intermediation) and to address the risks posed by securities financing transactions (SFTs). The European Commission (Commission) has now published a report that it is mandated to produce … Continue Reading

IOSCO final report on thematic review of implementation of client asset protection

The International Organization of Securities Commissions (IOSCO) has published a final report that sets out the findings from its thematic review into the progress jurisdictions have made in adopting legislation, regulation and other policies in relation to IOSCO’s Recommendations Regarding the Protection of Client Assets (the Principles). The review found that a majority of jurisdictions … Continue Reading

ESMA proposes simplifications for prospectuses

The European Securities and Markets Authority (ESMA) has published three consultation papers on the Prospectus Regulation: consultation paper on the format and content of the prospectus. On 28 February 2017, ESMA received a request for technical advice from the European Commission (Commission), including in relation to the format and content of the prospectus, base prospectus … Continue Reading

Brexit workshop for foreign issuers of securities organized by BaFin

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 … Continue Reading

Council adopts new rules on prospectuses

The Council of the EU has adopted the proposed Regulation that repeals and replaces the Prospectus Directive and the Prospectus Regulation.  The new Regulation on prospectuses enters into force on the 20th day after its publication in the Official Journal of the European Union. The majority of its provisions apply from 24 months after the … Continue Reading

ESMA advises Commission on fees for trade repositories

On 15 January 2016, the European Securities and Markets Authority (ESMA) received a formal request from the European Commission (Commission) to provide technical advice to assist the Commission in formulating an EU Regulation on fees for trade repositories (TRs) under the Regulation on transparency of securities financing transactions and of reuse (the SFTR). The technical … Continue Reading

ESMA provides implementing details for SFTR

The European Securities and Markets Authority (ESMA) has published a final report on standards implementing the Securities Financing Transaction Regulation (SFTR) and certain amendments to the European Markets Infrastructure Regulation (EMIR). The final report includes: a summary of feedback on ESMA’s proposals on the procedure and criteria for registration or extension of registration as a … Continue Reading

Comments on Capital Markets Union Mid-term Review

The German Banking Industry Committee (Die Deutsche Kreditwirtschaft), which represents approximately 1,700 banks in Germany has published comments on the European Commission’s Capital Markets Union (Kapitalmarktunion) mid-term review. In principle, the German Banking Industry Committee welcomes the Commission’s intention to update and complete the Action Plan on Building a Capital Markets Union. It recommends a review … Continue Reading

BREXIT: Prospectus Workshop for Foreign Issuer of Securities

On 23 May 2017 the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) will host a workshop in which it will provide information about the possible consequences of Brexit for issuers as well as the main legal and practical aspects of BaFin’s prospectus approval process. The workshop will also explain the particular features of … Continue Reading

Transparency Directive: ESMA guide to EEA national rules on major holdings notifications

The European Securities and Markets Authority (ESMA) has published a practical guide that summarises the main rules and practices applicable across the EEA in relation to notifications of major holdings under national law in accordance with the Transparency Directive. Part I of the guide contains a fact sheet for each EEA state, setting out the national requirements … Continue Reading

IOSCO consultation report on order routing incentives

The International Organization of Securities Commissions (IOSCO) has published a consultation report on order routing incentives. In the report IOSCO surveys regulatory conduct requirements on brokers to manage conflicts of interest associated with order routing and obtaining best execution, where applicable, and assesses how this interacts with market practices around order routing incentives. It does … Continue Reading

ESMA Q&As on the application of the Prospectus Directive

The European Securities and Markets Authority (ESMA) has published updated Q&As on the application of the Prospectuses Directive. The Q&As include one new question and answer on the application of the ESMA guidelines on alternative performance measures to prospectuses. View Prospectuses: ESMA Q&As version 26, 20 December 2016… 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

Delegated Regulation on European Electronic Access Point

There has been published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2016/1437 of 19 May 2016 supplementing the Transparency Directive with regard to regulatory technical standards on access to regulated information at the Union level. The Delegated Regulation  enters into force on 20 September 2016, but Article 1 (unique identifier … Continue Reading
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