In Banking Regulatory, we advise German and foreign institutions, founders of institutions and buyers/sellers of institutions as well as companies that inadvertently attract the attention of the regulatory authorities.
We follow the European and German regulatory developments from the beginning, are familiar with the administrative practice of the regulatory authorities and maintain close contacts with the relevant associations.
We advise our clients and represent them before the regulatory authorities and, as a last resort, in court.
Our regulatory practice comprises the following areas, among others:
- Rules of conduct under the Securities Trading Act (Wertpapierhandelsgesetz) and associated European laws (MiFID II). We focus on the requirements of the suitability/appropriateness tests and execution only, the admissibility requirements of gratuities, the provisions on product governance and the regulatory examination of marketing materials. In this context, we also advise investment brokers (Finanzanlagenvermittler) on their duties under the Regulation on the Brokering of Financial Investments (Finanzanlagenvermittlungsverordnung).
- Regulatory requirements of remuneration systems, particularly under the Banking Act (Kreditwesengesetz), Remuneration Regulation for Institutions (Institutsvergütungsverordnung) and MiFID II. We have provided in-depth support on this issue since the draft of the first Remuneration Ordinance for Institutions was published in 2010. Together with our labor law colleagues, we provide comprehensive advice to our clients on the implementation of the increasingly complex regulatory requirements.
- AML: We advise on the duties of care and organizational duties as well as on SARs, utilizing the expertise of our colleagues specializing in criminal law matters.
- We provide comprehensive support for outsourcing projects in close cooperation with our colleagues from the corporate, labor law, IT and data protection departments.
- We provide regulatory advice to buyers and sellers of institutions, particularly in relation to the regulatory shareholder screening procedures conducted by the Federal Financial Supervisory Authority (BaFin, Bundesanstalt für Finanzdienstleistungsaufsicht) and ECB.
- We support newly founded institutions in all relevant legal areas across different departments. In terms of regulatory requirements, we advise on the authorization application (particularly the selection of suitable managing directors), the authorization procedure with the Federal Financial Supervisory Authority and the ECB and on making the business operational.
- European Passport: We advise foreign entities on their entry into the German market and on the applicable German regulatory laws on an ongoing basis.
- Avoidance of the authorization requirement: Companies often inadvertently run the risk of requiring authorization for their business model. In such cases, we advise on the avoidance of the authorization requirement under the German Banking Act (Kreditwesengesetz), Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz) and Capital Investment Code (Kapitalanlagegesetzbuch).
In our FS breakfast events and newsletters, we keep our clients up to date on the regulatory hot topics. As regards publications, we are contributors to one of the leading commentaries on the Banking Act (Kreditwesengesetz) and regularly publish regulatory articles in the juris online-practice report on banking and capital markets law (juris PraxisReport Bank- und Kapitalmarktrecht).