During the research period, Hengeler Mueller continued to focus on work pertaining to the consolidation of the European banking sector, resulting in mandates on cross-border mergers between banks. The team was equally active in providing banking supervisory law advice on transactions as well as on Brexit and fintech issues. Christian Schmies is the main contact for the last-mentioned segment, advising on regulatory requirements and licence applications. The practice is also experienced in advising and representing clients in major proceedings against the SRB (Single Resolution Board) and Germany’s Federal Financial Supervisory Authority (BaFin), as well as in advising banks on money laundering issues. Dirk Bliesener is recommended for his wide-ranging regulatory expertise.
Financial services: regulatory in Germany
Linklaters utilises its regulatory expertise to advise on classic banking regulatory issues such as those concerning the MiFID II financial directive, while also advising financial institutions on the Brexit-related implementation of strategic goals, which is regularly handled in cooperation with the London office. While the team’s client portfolio includes many financial services companies, which also receive advice on M&A transactions and restructurings as well as on the implementation of money laundering processes, it also handles high-profile mandates from large companies, most notably from the energy sector. In other work, the team is becoming increasingly active in the fintech sector and in handling related blockchain issues, which is an area predominately handled by managing associate Florian Reul. Besides banking supervisory law, practice head Andreas Steck is also well versed in investment and insurance supervisory law, while Andreas Dehio is a key contact for regulatory proceedings, among other matters.
Clifford Chance's service portfolio covers the entire regulatory lifecycle, from licensing procedures and the Brexit-related relocation of business activities to Germany, to industry-specific M&A transactions and the representation in contentious banking and capital markets proceedings alongside regulatory investigations. This wide-ranging spectrum corresponds to the expertise of practice group head Marc Benzler, who complements this offering with know-how in the regulation of derivatives and financial market instruments. This particular interface was recently strengthened with the addition of counsel Johannes Rothmund, who previously led the structured finance department within Commerzbank AG’s legal department and joined the firm in April 2020. Besides his focus on regulatory issues at the interface of capital market law, he is a key contact for restructuring and settlement issues. Fintech sector work is also part of the team’s offering.
' The team has a strong foundation in terms of current regulations and their practical application. This combination has proven to be invaluable over and over again. '
' Very experienced team with practical expertise and a good overview of the market. '
' Marc Benzler: Very high technical and market knowledge and very constructive cooperation. '
' Marc Benzler combines experience, adaptability and practical relevance in an extraordinary way, which makes him invaluable for advice on the German markets. '
' Marc Benzler has outstanding experience and provides very pragmatic legal advice. '
Hogan Lovells International LLP's regulatory offering is a reflection of the interplay between its offices and practice groups, forming the basis of the firm's work on bank and financial institution restructurings as well as on financial market stabilisation measures, corporate governance and compliance projects. Similarly, Brexit-related issues are dealt with in cooperation with various other teams and offices within the firm’s network and include corporate restructuring projects, the restructuring of platforms for the issuance of financial instruments and banking licence applications in Germany. In this context, clients benefit from the firm's expertise in securities supervision law, which is regularly called upon in mandates pertaining to MiFID II/MiFIR, PRIIPs and the Benchmark Regulation. In litigation, the practice has recently been increasingly active in matters concerning the bank levy. Practice head Richard Reimer provides wide-ranging advice to domestic and foreign banks and companies on institutional and product-specific banking supervisory law and is also experienced in the fintech sector.
Deutscher Derivate Verband
Opel Vauxhall Finance Group
- Federal Republic of Germany - Finanzagentur GmbH: Advice on stabilization measures for Deutsche Lufthansa AG.
- First Data / Fiserv: Permanent advisor on regulatory aspects of financial services in the UK, continental Europe and Germany. In 2019 the team advised on a large internal corporate governance and compliance project.
- NRW.BANK: Representation in two proceedings against the Single Resolution Board (SRB) of the European Union in connection with contributions to the Single Resolution Fund (SFR).
Latham & Watkins LLP's expertise handling M&A work for banks continues to stand out as a particular strength, which is reflected not least in the team’s joint leadership consisting of corporate regulatory specialist Markus Krüger and banking and financial market supervision expert Axel Schiemann. This expertise is also regularly applied when, in close cooperation with the corporate practice, advising management boards of various financial institutions and industry associations on shareholder activism and corporate restructurings. In other work, the group advises investment banks, credit institutions and companies on MiFID II and Brexit issues as well as on regulatory investigations and sanction proceedings. This service portfolio is rounded off by expertise in transaction banking and fintech.
'' Fast and smooth organization of cooperation with partners from other areas of law. Fair play also and especially in disputes and negotiations with the other side. '
' Markus Krüger: In addition to special know-how, there is also in-depth knowledge of all banking law issues that are important to us as clients. Clear statements on the matter. Ready for discourse. '
Aareal Bank AG
Apollo Global Management, LLC
Bundesverband deutscher Banken e.V. – Einlagensicherungsfonds
Central Bank of Egypt (CBE)
Hyundai Capital Services
- Aareal Bank AG: Advising the listed bank on the shareholder activist engagement of Teleios Capital and Petrus Advisers, in particular with regard to the sale of Areaon AG, a 100% IT subsidiary of Aareal Bank AG, called for by the shareholder activists.
- Apollo Global Management, LLC: Ongoing regulatory advice in relation to Apollo's indirect investments in supervised credit institutions in Germany.
- Bank house lamp: Advice on sales to Hauck & Aufhäuser.
Banks, payment service providers and corporates rely on Noerr's comprehensive expertise in banking supervisory law and instruct the team to advise on MiFID II, PSD 2 and Brexit matters, among others. In addition to specific banking regulatory requirements, the team also advises its client base on various transactions, the conclusion of cooperation agreements and fintech issues. Key contact Jens Kunz covers a similarly broad range of matters, including those arising from investment and money laundering scenarios. In August 2019, the practice increased its capabilities to assist with investigative proceedings by adding counsel Sebastian de Schmidt, who had previously worked at the Federal Financial Supervisory Authority (BaFin). He is particularly experienced in advising listed companies on their post-admission obligations.
‘ Jens Kunz is very experienced, confident and calm. Very good quality in terms of the requirements that the regulations place on a payment institution according to ZAG. Very good response times. ‘
- Frankfurter Volksbank eG: Advice on the cooperation with Taunus Sparkasse AöR on the establishment and operation of joint offices.
- NOVENTI Group: Advice on the development of a new model of purchase finance in the pharmaceutical industry.
- Payment specialist PPRO: Advising on the takeover of the leading Latin American payment provider allpago.
Working in conjunction with various other practices and offices across its network enables White & Case LLP to advise German and international banks and other financial institutions on banking regulatory issues, including regulatory litigation before European courts, and transactions within and beyond Germany’s borders. Its regulatory transactional capabilities were further strengthened with the arrival of local partner Sebastian Pitz from Freshfields Bruckhaus Deringer in April 2020. The team’s client portfolio reflects its close cooperation with leading associations of the German banking industry, which is not least due to practice head Henning Berger’s expertise in this area. Together with his team, he advises on bank restructurings and reorganisations, including associated compliance, IT outsourcing and money laundering prevention issues. With local partner Carsten Lösing, the practice is also well positioned to handle fintech sector work.
Deutscher Sparkassen- und Giroverband (DSGV)
Landesbank Baden-Württemberg (LBBW)
Bayerische Landesbank (BayernLB)
Landesbank Hessen-Thüringen (Helaba)
Deutsche Kreditbank AG (DKB)
Kreditanstalt für Wiederaufbau (KfW)
Bundesverband deutscher Banken (BdB)
Entschädigungseinrichtung deutscher Banken (EdB)
Bundesverband der Deutschen Volks- und Raiffeisenbanken (BVR)
Deutsche Bank AG
Deutsche Börse AG
SoftBank Vision Fund, Japan/USA
Skandinaviska Enskilda Banken AB (publ) (SEB), Schweden
Nordea Bank, Finnland/Schweden
Klarna Bank AB, Schweden
Luminor Bank AS, Baltische Länder
- DSGV and the security system of the Sparkassen-Finanzgruppe and its members Helaba, BayernLB and LBBW: Advising on the recapitalization of Norddeutsche Landesbank (Nord / LB) in the amount of € 3.6 billion.
- LBBW and other leading banks: Representation in nullity actions against the European Single Resolution Board (SRB) regarding the European bank levy before the European Court in Luxembourg.
- SoftBank Vision Fund: Advising on the takeover of a significant stake in Greensill Bank including owner control proceedings.
Allen & Overy LLP
In cooperation with other offices and practice groups, Allen & Overy LLP regularly advises banks and financial services companies on reorganisations and takeovers as well as on licence applications, which regularly include Brexit and cross-border elements. Practice head Alexander Behrens typically takes the lead in this space, while mandates on product-related regulatory law are frequently handled in cooperation with colleagues from the capital markets practice. This interface segment includes assistance with the implementation of the PRIIPS regulation and with regulatory requirements under the EU derivatives regulation EMIR.
' Dynamic, ambitious team with great transaction power. '
' Alexander Behrens acts very cleverly and strategically. '
Bank of America
Bank of New York Mellon
Landesbank Hessen-Thüringen Girozentrale (Helaba)
Single Resolution Board (SRB)
SMBC Nikko Capital Markets
Volkswagen Financial Services
- International financial service provider: Advising on his cross-border reorganization within the group through the merger of his two Spanish and French regulated securities firms into a German credit institution.
- Volkswagen AG: Advice on general supervisory law issues relating to payment services (ZAG).
- International Banks: Advising on the transfer of EEA business activities to Germany and on various Brexit-related matters.
During the reporting period, CMS increasingly assisted financial and payment service providers with licensing procedures and the introduction of new business models, with clients benefiting from Andrea München's expertise in Luxembourg financial supervisory law. This area of expertise also leads to regular instructions from fintechs and established financial services providers on registration procedures and the establishment of e-money models. In addition to providing product-related support and assistance with the introduction of money laundering prevention programmes and internal investigations, where Joachim Kaetzler regularly takes the lead, the team is also experienced in supervisory proceedings.
Gleiss Lutz’s regulatory focus is twofold: On one hand, it lies on issues at the interface with M&A and corporate law, which the team regularly handles in cooperation with its respective colleagues for national and international financial institutions and securities service providers, and, on the other hand, on classic regulatory and payment services regulatory matters (ZAG, KWG, PSD 2, MiFID II, WpHG) as well as Brexit-related and non-Brexit-related relocations and market entries, including associated permission and passport procedures. Handling matters at the intersection with the Remuneration Ordinance for Institutions (Institutsvergütungsverordnung) emerged as another key are of strength, which is not least due to the team’s close cooperation with colleagues from the employment law practice. Kai Arne Birke heads the banking & finance department, which includes key contact for regulatory issues Maximilian von Rom.
Other key lawyers:
HETA Asset Resolution AG
Nippon Life Insurance
Union Asset Management Holding GmbH
- BAWAG: Advice on numerous transactions; including the acquisition of BFL Leasing GmbH, the acquisition of the factoring division from Lipke & Lipke, the acquisition of a private bank including its subsidiaries. In addition, advice on banking supervisory law and representation in the owner control proceedings vis-à-vis BaFin and the ECB. In addition, comprehensive legal support during the integration phase.
- KfW: Legal and tax advice on structuring and setting up a German capital pool (with the German state as the sole investor) for investing in catastrophe swaps and similar derivatives in cooperation with a fund of the British development aid ministry DFID and with the participation of Hannover RE.
- Ride GmbH: Advice on regulatory and investment law issues relating to a platform for tokenized investments in real estate; Coordination of the business model with BaFin.
GSK Stockmann has significantly strengthened its regulatory capabilities by adding banking and investment law expert Volker Baas from Taylor Wessing in January 2020, who also has fintech sector expertise, and Okko Hendrik Behrends from DLA Piper in November 2019, who is experienced in representing institutions before the European Central Bank (ECB) and the Single Resolution Board (SRB) as well as in proceedings before the courts of the European Union. As well as handling regulatory proceedings and various fintech topics, the practice regularly advises banks and corporates on MiFID II, PSD 2 and CRR as well as on a wide range of compliance issues, including money laundering prevention matters. Key contacts include Robert Kramer, who frequently acts at the intersection with the funds sector, Timo Bernau, who advises on innovative financial services and financial products in the fintech space, and Andreas Heinzmann at the Luxembourg office. The close cooperation with the Luxembourg office is an integral part of the team's work.
” High level of competence with the ability to network the different topics of a KWG-monitored institute. In addition to technical competence, in particular the ability to accompany business decisions in terms of content. ‘
‘ Extensive specialist knowledge, respectful and very pleasant business relationship. ‘
‘ Markus Escher: Excellent knowledge of payment law and regulation.’
3Red Partners LLC.
Deutscher Sparkassen- und Giroverband (DSGV)
aescuvest GmbH / aescuvest International GmbH
Allianz Capital Partners
Bankhaus von der Heydt
Commerzbank AG/Siemens AG/Continental AG
Deutsche Finance Group
Deutsche Interessengemeinschaft Kreditkartengeschäft
Hansen & Heinrich AG
Hauck & Aufhäuser Privatbankiers AG
Nürnberger Asset Management GmbH
Tesla Financial Services
Westdeutsche Lotterie GmbH & Co. OHG
Five Quarters Real Estate AG
MFM Investment GmbH
TBF Global Asset Management GmbH
Tishman Speyer Investment Management GmbH
Verifort Capital Group GmbH
- Commerzbank AG, Siemens AG and Continental AG: Advice on the first securities issue originally carried out as a blockchain transaction in Germany.
- Eight different banks and their shareholders: Advising on several proceedings before the General Court of the European Communities and the European Court of Justice. This includes in particular the first disputed finding of a failure or Likely To Fail Assessment, the legal nature of which is currently being examined by the European Court of Justice in a second instance.
- Advising 3 Red Partners LLC in various stock exchange law proceedings (mainly in the court of appeal).
SERNETZ • SCHÄFER stands out for its litigation capabilities, which are frequently called upon by credit institutions, financial services institutions, capital management companies and industrial businesses alongside private equity funds, stock exchanges and family offices. In other work, the practice is increasingly active in the transactional and compliance space. Frank Schäfer, who maintains close contacts with BaFin, is the key contact.
'' Proven and sought-after specialists in banking law, in all known areas of law as well as in new problem areas that arise through legislation or case law. '
' A top team with individual specialist areas on a broad basis. '
Hamburg Commercial Bank AG (früher: HSH Nordbank AG)
- Tochter-Bank einer großen deutschen Bank: Advice on clarifying the requirements for (indirect) clearing in accordance with European requirements.
- Investmentfonds: Advice on the enforcement of securities established in the USA.
- Insolvenzverwalter: Representing the BaFin in response to a request for information from the Hong Kong Financial Supervisory Authority due to a market abuse case there.
Annerton Rechtsanwaltsgesellschaft mbH
Since January 2020, Aderhold Rechtsanwaltsgesellschaft mbH's banking and financial services group has been operating under the name Annerton Rechtsanwaltsgesellschaft mbH with offices in Berlin and Munich. In June of the same year, the firm opened another office in Frankfurt, headed by banking regulatory and investment law expert Anna Izzo-Wagner, who joined the firm from Taylor Wessing at the time of the office opening. In cooperation with various other locations, including the Luxembourg office, the team advises banks, payment service providers, digital marketplaces and fintechs on payment transactions alongside regulatory and money laundering issues as well as on the development of new banking products.
Other key lawyers:
Penta FinTech GmbH
Prepaid Verband Deutschland e.V.
Business Service Solution GmbH
- Ongoing advice to PAYONE GmbH on various civil and regulatory issues.
- Advice on (banking) supervision, payment transactions and money laundering law for Penta FinTech GmbH as well as support in developing innovative banking products.
- Ongoing advice to Business Service Solution GmbH on (banking) regulatory, payment and money laundering issues. In addition, support with the application for a permit according to § 10 ZAG.
Deloitte Legal Rechtsanwaltsgesellschaft mbH's regulatory advice is tailored to the needs of banks, financial services providers and capital management companies as well as large corporations, which retain the team to assist with licensing and ownership control procedures, the implementation of governance structures and restructuring measures alongside matters at the interface between employment and regulatory law (such as remuneration structures). As part of this offering, the team covers MiFID II, ZAG, KAGB and Brexit-related issues as well as compliance and money laundering prevention matters. This is topped off with fintech sector expertise; an area which was given additional weight by the counsel appointment of Osman Sacarcelik in June 2019. Besides fintechs, he advises credit and financial services institutions alongside investment companies on the full range of financial supervisory law and thus covers a similarly broad range of topics as practice head Mathias Hanten.
' The team is – as far as the core members are concerned – has been stable for many years. Contacts do not change constantly. Thanks to the close relationship with the auditors and tax consultants at Deloitte, questions about the market standard and the practical implementation of legal requirements in the market can be quickly included and clarified. The team is very practice-oriented and hands-on. You can quickly find a common language level. '
' Mathias Hanten: Extremely well networked. Always on the latest topics and thinking outside the box. Comprehensive coverage of regulatory issues. Very personable and simple / uncomplicated to deal with. Successful balancing act between theory and practice. '
' Hannes Bracht: Practical and based on litigation experience with a good risk-benefit assessment. Understand facts and questions quickly and can convey results in an understandable way for legal laypersons. '
GÖRG Partnerschaft von Rechtsanwälten mbB's client portfolio includes banks, companies and institutional investors, who frequently call upon the team's expertise in the course of licensing proceedings, but also regularly instruct the practice to assist with various payment law issues, including those pertaining to mobile payment products. Matthias Terlau regularly takes the lead in both segments, while the team draws on the expertise of the IT practice for product-related issues at the interface with data protection and blockchain. The team's experience in administrative fine proceedings and money laundering prevention complements this offering. Practice head Yorick Ruland is a key contact for internal investigations and is also known for his work in the savings banks sector.
Allianz Partners SAS
Arvato Payment Solutions GmbH
Computacenter AG & Co. OHG
DJE Kapital AG
Evangelische Bank eG
GENO Broker GmbH
Klarna Bank AB
Landesbank Berlin AG
N26 Bank GmbH
Parfümerie Douglas GmbH
Samsung Electronics GmbH
Sixt GmbH & Co. Autovermietung KG
Telefónica Germany GmbH & Co. OHG
WEAT Electronic Datenservice GmbH
- Advising WEAT Electronic Datenservice GmbH on the authorization process as a payment institution.
- Advising Computacenter AG & Co. OHG with regard to the development of leasing structures, their regulatory classification and the exemption from authorization requirements.
- Advising Bank-Verlag GmbH on submitting the license application as a payment institution for a subsidiary.
Mayer Brown LLP
Mayer Brown LLP has carved out a strong practice handling matters at the intersection with capital market law with particular strength in issues pertaining to market infrastructure, securities trading and the derivatives regulation (EMIR). Practice head Patrick Scholl shares this specialism, which leads to regular instructions pertaining to clearing access and clearing agreements, while also advising banks on transactional and Brexit-related matters alongside CRR and compliance investigations.
' Patrick Scholl: A high level of specialist and market knowledge and very constructive cooperation. '
Bundesverband deutscher Banken e.V.
DekaBank Deutsche Girozentrale (Deka)
Deutsche Bank AG
Deutscher Derivate Verband
Hamburg Commercial Bank AG (HCOB; ex HSH Nordbank AG)
Landesbank Baden Württemberg (LBBW)
Société Généralé Corporate & Investment
UniCredit Bank AG
- Advising Hauck & Aufhäuser Privatbankiers KGaA on the acquisition of Bankhaus Lampe KG from the Oetker Group. Advising the banking regulatory side of the transaction.
- Advising the Federal Association of German Banks (BdB) and the financial futures working group on the creation and further development of the new market standard IM collateral appendix (with further accompanying documents) for the German master contract for financial derivative transactions (DRV) for the provision of IM collateral within the scope of EMIR and others Derivatives regulations.
- Advising DekaBank Deutsche Girozentrale (Deka) on the update of its base prospectus for bonds, structured bonds and credit linked notes on the transition to the new prospectus law in 2020. Advising on Deka's entire issuing platform, including all regulatory issues (CRR II, BRRD II , BenchmarkVO etc.).
Providing support in licensing proceedings under the German Banking Act (KWG) and the German Banking Supervision Act (ZAG), including those pertaining to Brexit, is becoming increasingly important for Waldeck Rechtsanwälte PartmbB's team, but it has also been increasingly active handling crypto assets and tokens-related mandates from financial services institutions. These segments complement the team's well established banking and securities law work, which includes representation in contentious proceedings, most notably against the BaFin in defence of administrative fine proceedings. Handling instructions pertaining to the German Remuneration Ordinance for Institutions (Institutsvergütungsverordnung) and outsourcing matters are also part of its service portfolio. Jan Liepe, who specialises in market integrity and compliance matters, jointly heads the practice with Hendrik Pielka, who regularly advises on issues relating to the stock exchange and the financial centre.
' Very good and very targeted arguments and strategies above average in supervisory law. Pragmatic and solution-oriented. '
' Short distances, quick response times. Clear recommendations are made. Invoicing is customer-friendly. '
' Outstanding technical know-how, short-term availability, high level of commitment. '
' The banking and finance law team has excellent expertise in their field. The good networking with BaFin and the know-how about the structure of the authority and its departments distinguish the team and reveal important connections for the processing of mandates. Even cases that were believed to be hopeless are dealt with with great commitment (as requested by the clients) and thus often lead to success. '
' Flexible, personable, professional and extremely customer-oriented. '
' Create a pleasant, but determined working atmosphere; customer-oriented solution preparation, no off-the-shelf offer as with large law firms; quick familiarization with large projects. '
' The team is characterized by a very high level of professional advice. '
' The team is small, but very powerful. It has an extremely high level of specialist knowledge and a wealth of experience. The partners are always directly involved in the mandate and show a high level of personal commitment. '
' Jan Pielka and Hendrik Liepe: Very good team, very high technical competence, quick answers and processing times. '
'' Fast, well-founded and meaningful feedback with the inclusion of side aspects on specific questions. Competent in institutional law, in particular interpretations of the KWG and related standards. Team strength through additions in the specialist areas. '
' Jan Liepe and Henrik Pielka are among the leading figures in the team. Your good cooperation is an enrichment for the mandate processing, as both colleagues complement each other perfectly . '
' Jan Liepe and Hendrik Pielka are characterized by profound legal knowledge and very pragmatic solutions. Appointments are always met. '
' Jan Liepe and Mr Pielka: quick comprehension. Creation of goal-oriented and meaningful written summaries on topics. Concrete formation of opinion without would, would, could. Presentation of possible recommendations including an assessment of these among each other in the case of various recommendations. '
' Jan Liepe: Smart, strategic, networker. Committed to every accepted mandate with the same dedication. '
' Hendrik Pielka: hard-working, meticulous, committed. '
' We are particularly enthusiastic about Hendrik Pielka, with whom we have been working very successfully and well for many years. He has a lot of knowledge in the financial markets and finance as well as at the interface to corporate, M & A / takeover law. His work is of enormous quality and accuracy. '
Alpha Wertpapierhandels GmbH
Bankhaus Scheich AG Wertpapierspezialist
BfV Bank für Vermögen
Deka Immoblien Investment GmbH
Development Company for Israel (Europe) GmbH
Haron Holding S.A.
ICF Bank AG
Lang & Schwarz AG
mwb fairtrade Wertpapierhandelsbank AG
Quirin Privatbank AG
Renell Wertpapierhandelsbank AG
SE TradeCom Finanzinvest
Standard Chartered Bank, UK
Trafalgar International GmbH
Unicâmbio – Instituição de Pagamento, S.A.
Verband der Wertpapierfirmen e.V. (bwf)
vwd TransactionSolutions AG
Walter Ludwig GmbH Wertpapierhandelsbank
- Advising and representing Haron Holding SA on the establishment of the subsidiary Athelios Vermögensatelier SE in Germany and representation in the licensing procedure at BaFin for the granting of a license to operate financial portfolio management, investment brokerage and investment advice.
- Advising Bankhaus Scheich AG securities specialist on regulatory issues in the context of various tokenization projects and clarification of the requirements for cooperation with project partners.
- Representation of domestic and foreign investment services companies as well as their board members and employees in the context of fine proceedings of the BaFin and public prosecution investigations due to alleged violations of capital market regulations as well as advice on the implementation of organizational precautions to prevent, detect and clarify corresponding rule violations in the company.