Stronger protection for customer funds: ZAG reform brings clarity
German government plans to clarify insolvency protection for payment service providers’ fiduciary accounts: ZAG reform in ZuFinG II…
The taxation of carried interest – where do we stand?
What is carried interest anyway? Carried interest (or carry) is a performance fee to which the fund initiators…
Proposed changes to the Investment Ordinance
On June 27, 2024, the draft bill for the 2nd Company Pension Strengthening Act (2. Betriebsrentenstärkungsgesetz) was published.…
ESA’s Final Report: SFDR RTS 2.0
Introduction The European Union wants to achieve net-zero CO2 emissions by 2050 – among other things with the…
ECJ Judgment – Non-Material Damages under GDPR
Since the General Data Protection Regulation (GDPR) came into force in May 2018, the question has arisen for…
Here it is: German Law on the Introduction of Electronic Shares
The German Federal Ministry of Finance and the Federal Ministry of Justice recently published the draft of the…
ESMA Consultation Paper: Guidelines on funds’ names using ESG or sustainability-related terms
On 18 November 2022, the European Securities and Markets Authority (ESMA) issued for consultation draft guidelines on funds’…
Whitepaper | Digital assets and tokenisation as future trends for the fund industry
The multi-layered benefits of blockchain technology and digitalisation of value creation processes are possible solutions to the increasing…
Sustainability preferences and risks
A major player in the fight against climate change is the capital market. The transformation to a low-carbon,…
Crowdfunding Regulation (ECSPR) and tied agent: does it fit together and if so, how?
The Crowdfunding Regulation (ECSPR – European Crowdfunding Service Provider Regulation) has now been in force since November 2021,…
BaFin’s latest adjustments to the MiFID conduct of business obligations
According to the newly amended FAQ of the German Federal Financial Supervisory Authority (BaFin) on the MiFID II…
BMF draft: amendment of the VAT Application Decree (Umsatzsteueranwendungserlass – UstAE) regarding the management of venture capital funds
In July 2021, the Fund Jurisdiction Act (Fondsstandortgesetz) extended the VAT exemption in section 4 No. 8 lit.…
Cross-border distribution of funds | ESMA guidelines on marketing communications
On 27 September 2021, BaFin announced that it is applying the guidelines on marketing communications published by ESMA…
Act to Further Strengthen Investor Protection
The legislator has once again taken up the cause of investor protection; this time with a law to…