RRegulatory
Turbo-Zertifikate mit Beißkorb Turbo Certificates on a Leash
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  • 2 minute read

Turbo Certificates on a Leash

On 16 June 2026, BaFin’s general administrative order restricting the marketing, distribution and sale of turbo certificates enters into force. It establishes strict requirements for all distribution activities relating to turbo certificates directed at retail investors.
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AAnti Money Laundering & Sanctions
AMLA konsultiert Leitlinien zur laufenden Überwachung von Geschäftsbeziehungen – Was auf Verpflichtete zukommt AMLA Consults on Guidelines for the Ongoing Monitoring of Business Relationships – What You Should Expect
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  • 5 minute read

AMLA Consults on Guidelines for the Ongoing Monitoring of Business Relationships – What You Should Expect

Continuous monitoring is already one of the core obligations in anti-money laundering compliance today. However, the AMLR elevates this principle to a new level. Obliged entities must not only review individual transactions but continuously analyse and assess the entire business relationship throughout its lifecycle.
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DData Protection
Datenschutz im Zahlungsverkehr – Rechtliche Grundlagen und Besonderheiten Data Protection in Payment Services – Legal Framework and Key Particularities
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  • 10 minute read

Data Protection in Payment Services – Legal Framework and Key Particularities

Data protection in payment services operates within the complex interplay of the GDPR, PSD2 and the German ZAG. A key challenge lies in the legal classification of payment data, as transaction data may reveal highly sensitive insights into individuals’ private lives. This article analyses the principal legal bases for data processing as well as the allocation of data protection responsibilities among payment service providers, PISPs and AISPs.
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RRegulatory
Der Bafin-Jahresbericht 2025: Zwischen Cyber-Resilienz, Geldwäscheprävention und dem Blick nach Europa The BaFin Annual Report 2025: Between Cyber Resilience, Anti-Money Laundering and a European Perspective
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  • 5 minute read

The BaFin Annual Report 2025: Between Cyber Resilience, Anti-Money Laundering and a European Perspective

The BaFin Annual Report 2025 highlights a profound transformation of financial supervision. Alongside cyber resilience, DORA and ESG regulation, data-driven supervision, anti-money laundering and stronger European harmonisation are moving centre stage. At the same time, requirements for governance, IT structures and management accountability are increasing significantly.
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PPayment
Ist bei E-Geld ein Vertrag zwischen dem E-Geld-Herausgeber und der Akzeptanzstelle erforderlich? Is a contract between the e-money issuer and the merchant required for e-money?
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  • 9 minute read

Is a contract between the e-money issuer and the merchant required for e-money?

This article examines the European Commission’s controversial interpretation of Article 11(7) EMD2 regarding the definition of electronic money. It focuses on whether a contractual relationship between the e-money issuer and the accepting merchant is required for electronic money acceptance. The article concludes that Article 11(7) EMD2 does not establish a general contractual requirement for the acceptance of e-money.
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BBanking
Governance under the 9th MaRisk Amendment 1
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  • 4 minute read

Governance under the 9th MaRisk Amendment

Mit der 9. MaRisk-Novelle rückt das Thema Governance erneut in den Fokus der Aufsicht. Im Vordergrund steht jedoch keine grundlegende Neuregulierung, sondern eine gezielte Weiterentwicklung des bestehenden Rahmens. Die BaFin reduziert punktuell Detailtiefe und verlagert den Schwerpunkt auf Prinzipienorientierung, tatsächliche Wirksamkeit und institutsspezifische Ausgestaltung.
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FFinTech
EUDI Wallet in the Draft Digital Identity Act (DIdG): Overview and Assessment from a Financial Sector Perspective 4
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  • 5 minute read

EUDI Wallet in the Draft Digital Identity Act (DIdG): Overview and Assessment from a Financial Sector Perspective

On 26 March 2026, the German Federal Ministry for Digital Affairs and State Modernisation published a draft bill for a Digital Identity Act (DIdG). The draft serves to implement the eIDAS Regulation at national level, as amended by Regulation, thereby further specifying the legal framework for the introduction of the EUDI Wallet in Germany.
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BBanking
Elektronisches Gerichtspostfach für Kreditinstitute Electronic Court Mailbox for All Credit Institutions: The Bundestag Digitises Enforcement – And This Time, It Means Business
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  • 4 minute read

Electronic Court Mailbox for All Credit Institutions: The Bundestag Digitises Enforcement – And This Time, It Means Business

Today, 19 March 2026, the Bundestag is voting on the Act on the Further Digitalisation of Enforcement Proceedings. And this Act contains a short-notice amendment with significant impact – one that was not even remotely envisaged in the original government draft, but was only introduced yesterday via an amendment by the coalition parliamentary groups in committee.
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FFinTech
The EU’s Market Integration Package: an ambitious attempt to turn Europe’s savings into Europe’s growth
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  • 8 minute read

The EU’s Market Integration Package: an ambitious attempt to turn Europe’s savings into Europe’s growth

The EU aims to channel Europe’s large savings into productive investment. With the Market Integration Package, the European Commission seeks to deepen capital market integration, facilitate cross-border activities and strengthen ESMA’s role. The article outlines the key legislative proposals and discusses the debate around more centralised financial supervision in the EU.
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