The international law firm Milbank LLP advised Joh. Berenberg, Gossler & Co. KG as super senior lender on the financing of Biotest AG.

Each year we prepare a publication focussed on providing practical insights for Boards and GCs, and also for Financial Sponsors and their Portfolio Companies, on emerging and perennial issues which we expect to be topical in the coming months.

In a judgement released on December 17, 2014 (1 BvL 21/12), the Federal Constitutional Court (Bundesverfassungsgericht – "BVerfG") declared the applicable Inheritance and Gift Tax law partly (especially the exemption regulations for business assets) unconstitutional.

The German Ministry of Finance issued on 15 April 2010 a Tax Circular ("Tax Circular") clarifying the tax reporting obligations of German investors holding shares or similar interests in non-German partnerships and in other (corporate) entities.

Anyone responsible for company financing could have been forgiven for simply targeting "survival" through the pandemic and the extraordinary events between 2020 and 2022.

On 15 April 2025, the European Securities and Markets Authority (ESMA) published its final reports on the Regulatory Technical Standards (RTS) and the Guidelines on Liquidity Management Tools (Guidelines).

European asset managers are excited about the revised European long-term investment funds (ELTIF) regime and hope that the greater flexibility...

On 9 February 2026, the Location Promotion Act (Standortfördergesetz, StoFöG) was published in the Federal Law Gazette (Bundesgesetzblatt).

On 29 October 2025, the Federal Cabinet adopted the draft of the Fund Risk Limitation Act (Fondsrisikobegrenzungsgesetz). The planned law is intended primarily to implement the amendments concerning the AIFM Directive

Due to an amendment of the German foreign transactions tax act, new tax rules for foreign trusts and family foundations will come into force as of January 1, 2013.

On 19 February 2026, the European Securities and Markets Authority (ESMA) published a consultation proposing amendments to the guidelines on delays in the disclosure of inside information under the Market Abuse Regulation (MAR).

The German Federal Financial Supervisory Authority (BaFin) published1 on October 16, 2019, its Consultation 16/2019.

On 15 October 2025, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) presented their report with proposals for revising the Investment Firms...

The German insurance market, with €1.9 trillion in assets, represents one of Europe's largest pools of institutional capital, with allocations to alternative investments growing from 23% to 30% over the past two years.

Getting cyber-resilience right matters. In July 2018, we published our analysis1 on the European Central Bank's (ECB) first foray into setting its expectations on cyber-resilience.

On 21st October 2025, the European Securities and Markets Authority (ESMA) published its Final Report on the Draft Regulatory Technical Standards (RTS)...

Every year, usually during the fourth quarter, the Banking Union relevant supervisory authorities, comprised of the European Central Bank (ECB), acting at the helm of the Single Supervisory Mechanism (SSM)...