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Germany's implementation of the EU AI Regulation assigns BaFin as the market surveillance authority for AI systems in financial services, while new guidance clarifies investment product classifications under PRIIPs and establishes transitional rules for ESG rating providers. BaFin also provides supervisory guidance on the Payment for Order Flow ban affecting investment firms and neo-banks.

On 14 March 2025, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) published a draft Guidance Note...

On 30 December 2023 the Secondary Credit Market Act (Kreditzweitmarktgesetz , "KrZwMG") was enacted implementing the EU directive 2021/2167 from 24 November 2021.

As of January 1, 2018, AIFM registered under § 2 (4) of the German Capital Investment Code or the EuVECA Regulation are obliged to create a standardized three-page information sheet...

Existing funds which no longer invest after July 22, 2013 are not required to comply with the provisions of the KAGB, even if the manager of such funds also manages funds which still make investments.

The European Commission's proposed Affordable Housing Act connects local housing intervention with asset use, cash flow, valuation, and prudential risk for financial institutions and real estate investors. This analysis examines how housing stress could become a new geographic underwriting variable and explores the capital-stack implications of EUR 150 billion in annual investment requirements over the next decade.

As part of an intended comprehensive amendment of German insolvency law, the German Federal Ministry of Justice has prepared a draft of a new law to facilitate the reorganization of enterprises ("Reorganization Facilitation Act").

The German Federal Court of Justice has issued a landmark ruling on management equity incentive programs, addressing the validity of call options and expulsion clauses when managers depart from private equity-backed companies.

In Germany, with the largest real estate market in Europe, the introduction of REITs has generated significant controversy. On 2 November 2006 the German government approved the draft law on German Real Estate Investment Trusts (G-REITs). On 15 December 2006 the German Lower House (Bundesrat) rendered a list of many suggestions for amendments.

The Bundesrat has accepted the Tax Amendment Bill 2003, the least controversial of the tax bills presently in the legislative pipeline. Its entry into force for 2004 is now certain.

On August 22, 2024, Germany's Federal Fiscal Court (Bundesfinanzhof) published a decision that refocuses attention on the complexities of cross-border taxation...

The Markets in Crypto-Assets Regulation (MiCAR) was designed to bring crypto-assets within a common EU regulatory perimeter, but recent developments reveal a more complex picture. Three decisive developments in October 2026—the Council's position on the Market Integration and Supervision Package, the MiCAR review consultation responses, and ESMA's supervisory action—expose critical gaps in how digital money, tokenised financial instruments, and market infrastructure fit together.

The European Securities and Markets Authority has issued a definitive statement clarifying that the MiCAR transitional period expires on 1 July 2026, after which any entity providing crypto-asset services to EU clients without proper authorization will be in breach of EU law. This regulatory deadline represents a fundamental legal transformation of the EU crypto-asset market, affecting business models, contractual relationships, board exposure, and enforcement risk for crypto-asset service providers.

In our last blog post, we reviewed a sample of leading companies in the pharma and healthcare sector, assessing their readiness to comply with the EU Corporate Social Reporting Directive (CSRD).

On 31 March 2025, the European Central Bank (ECB) issued an opinion on the proposed regulation to amend Regulation (EU) No 909/2014...